Altcoin.io Review 2018 - The Best Decentralized Altcoin Exchange

in #review7 years ago (edited)

In today's post, I will review altcoin.io exchange.

If you find this altcoin.io review helpful, make sure to follow me, I'm working on similar posts where I review popular bitcoin and cryptocurrency exchanges.

Altcoin.io Review

Altcoin.io is a decentralized cryptocurrency exchange that provide users the ability to trade with each other without relying on a third party to match buyers and sellers.

The idea behind altcoin.io is not something new, decentralized exchanges have existed for a while, however, they were not able to gain traction among users because they were slow, inefficient and lack the liquidity that is necessary for a succesful exchange.


Altcoin.io solves all of these problems by being the first decentralized exchange that doesn't compromise on the user experience.

Why are centralized exchanges not optimital for cryptocurrencies?


Bitcoin and other cryptocurrencies are built to be decentralized, so using a centralized exchange defeat the purpose of using these decentralized cryptocurrencies. When Satoshi Nakamoto created Bitcoin, the first decentralization digital currency, he was able to create a decentralized digital value that no one can shut down, but using a centralized exchanges means that even though these cryptocurrencies are decentralized, the whole ecosystem still relies on a central point of failure i.e. exchanges.

These exchanges control a huge amount of user's fund in a centralized system, this means that if someone managed to breach their system, all users funds will be lost. Since 2011 a total of 26 exchanges have been hacked with billion of dollars worth of cryptocurrencies stolen.


Since these centralized exchange control users funds, they can at any moment without prior notice require users to verify their account with governement IDs or even a picture of themselves holding their IDs, etc, I don't know about you but I certainly won't trust a centralized anonymous entity with my personal data.

You can go online and you'll find a lot of horror stories of users complaining about exchagnes freezing or suspending their account because of a change in TOS. With unregulated environment like it is in the case of cryptocurrencies, users are left with no options except compalining online in the hope of exchange fixing their issues.

Why are decentralized exchanges still not popular among users?



With all the stated disadvantages of using centralized exchanges, you'll be wondering why are decentralized exchange not popular yet. That's because most users care about convenience and easy of use more than they do about security.

Today's decentralized exchanges have good security but lack when it comes to the users experience part, they are usually very slow, lack liquidity, lack basic features and are not easy to use compared to established centralized exchanges, so the users are left with risking their funds on centralized exchanges because current decentralized exchanges are not polished enough to be used by ordinary users.

What does altcoin.io offer that other decentralized exchanges don't?


Altcoin.io offers the best of the two worlds. Altcoin.io takes the advantages of centralized and decentralized exchange without any compromise on security nor on user experience.

Altcoin.io relies on revolutionary new technologies such as Atomic Swaps and the Raiden Network to achieve its decentralization, so unlike other decentralized exchanges that try to achieve decentralization by making every transaction on-chain, altcoin.io relies on the Raiden Network for off-chain transactions and on Atomic Swap for exchanging native tokens of different blockchains without the need of any middleman.

Raiden Network is Ethereum's version of Bitcoin's Lightning Network, this technology allows for instantaneous transactions off-chain. Atomic Swap is another technology that altcoin.io uses, atomic here means that the trasaction is either succesful or it is canceled and all funds return to their original owners.

You don't have to worry about the above jargon, all you need to know is that using altcoin.io means that you are always in control of your funds, so hackers can't target a central point of failure to steal users funds because there is no central point of failure in altcoin.io.


Because of the new technology that altcoin.io uses to achieve its decentralization nature, the user experience is on par with other centralized exchanges. You can see from the above gif how does altcoin.io work, exchanging coins happen instantly all while being decentralized.



Benefits of Decentralized exchanges over centralized exchanges


CentralizedDecentralized
Exchange controls fundsUser Controls funds
Not anonymousAnonymous
Hacks and server downtimeNo hacks and server downtime

Benefit of Centralized exchange over Decentralized exchanges


CentralizedDecentralized
Easy to useNot easy to use
Advanced toolsBasic features
LiquidityLow liquidity

Altcoin.io combines the advantages of both types of exchanges


Altcoin.io
Easy to use
Advanced Tools
Liquidity
User controls funds
Anonymous
No hacks and server downtime



Altcoin.io Review Summary:

Type of ExchangeDecentralized exchange
Tech UsedAtom Swaps, Raiden Network, IPFS, BigchainDB.
Features
  • Anonymous
  • Total control of your funds.
  • Fast and easy to use
  • All benefit that tranditional centralized exchanges offer
  • Visit Altcoin.io



    Similar Posts: (Centralized Exchanges)
    • The Best Bitcoin Exchanges of 2018
    • The Best Exchanges in Canada for 2018
    • The Best Exchanges in the United States for 2018

    • Sort:  

      Cool idea - will have to check it out!

      Have you checked out BarterDex on the Komodo Platform?

      Great information about altcoin.io resteemed

      This review was very helpful! Thank you sir

      What about fees?

      Website not opening, is it a scam??

      Hello there, two friends of mine work here in the core development team so I can confirm you that is not scam 100% .

      Last update with clear explaination you can find here : https://blog.altcoin.io/upgrades-to-our-atomic-swap-wallet-and-what-to-expect-next-3d6b2a1f4ec6

      For more info you can chat with first brain on altcoin https://steemit.com/@sulejman

      Thanks,

      Hello there, two friends of mine work here in the core development team so I can confirm you that is not scam 100% .

      Last update with clear explaination you can find here : https://blog.altcoin.io/upgrades-to-our-atomic-swap-wallet-and-what-to-expect-next-3d6b2a1f4ec6

      For more info you can chat with first brain on altcoin https://steemit.com/@sulejman

      Thanks,

      if this is so decentralized, why is it asking me for my email?

      they were promising, then went private/corp. Never seen such a bunch of dumb owners. Extreme missed opportunity. Another will replace them, but they had some of the best and earliest tech for full atomic swaps. Super stupid team leading the business side apparently. Short sighted!