The white paper covers the implementation of EasyDEX which is a decentralized exchange that enables users to exchange cryptocurrencies among themselves without entrusting their funds to a third party. Furthermore, the exchange consists of a system that provides speed and liquidity, a key component that has been missing from almost every centralized exchange.
Centralized cryptocurrency exchanges require users to convert their funds into IOU (I Owe You) tokens in order to exchange them within the market. The IOUs are converted back into real cryptocurrencies, when a user wants to withdraw his funds. However, this poses a huge risk for the user as centralized exchanges are prone to hacks, something that has been demonstrated repeatedly by the recent happenings in the cryptocurrency industry. Users of these platforms have lost Bitcoin and other altcoin funds to cybercriminals.
EasyDEX does not rely on proxy tokens, pegged assets or gateways to exchange cryptocurrencies, as these remove some counterparty risk. Moreover, in order to prevent any shortcomings in speed and convenience (which the centralized platforms are known for), the platform exchanges cryptocurrencies directly through an atomic cross-chain protocol.
The exchange allows users to maintain their privacy, which is much valued in the cryptocurrency community. This is enabled by the privacy layer in the order matching process which makes it possible to execute trades without establishing a direct contact with the users IP.
As the world of blockchain evolves, the community and services built around it will also evolve along with it and eventually will determine complete decentralization as being the only way forward.
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