Recently it has become obvious that Cryptocurrencies are now the gold of the future because Cyber criminals has shifted their focus from trying to hack banks to trying to hack cryptocurrency wallets and exchanges, it is definitely the way to go because the cryptocurrency market is estimated to be worth approximately $130,000,000,000 at the time of writing this article and it keeps rising and although the his is a very good innovation, this has also made Crypto Exchanges very big targets to hackers.
Recently so many exchanges has been hacked and the most recent that comes to mind is the case of Cryptopia Exchange which was hacked in January and thousands of Dollars worth of Funds carted away by unknown Assailants and up till today, those funds has not been recovered even after the intervention of the Police in the case, the sad fact about this is that it is not the exchange that loses funds, it is the traders in the exchange because it is their funds that was carted away.
While I seem to have started this article in a gloomy note, I am actually here to do the opposite, I am here to introduce you to a project that I feel would bring a stop to the problem of hacked funds especially in exchanges where they do not have any control over the security of their funds.
Have you ever imagined a secure cryptocurrency wallet that enables you to not only have complete control of the keys of your wallet but also allows you to buy, sell and convert Cryptocurrencies directly from the wallet? Have you ever imagined a secure cryptocurrency wallet that has a built-in decentralised exchange? Well if your answers to this questions is Yes, Then your imagination is about to become a reality and I am proud to introduce you to the project responsible for this, the name of this project is JAVVY.
JAVVY. is a secure cryptocurrency wallet but it is much more than a wallet, JAVVY is a a complete cryptocurrency Ecosystem that you can store crypto, buy, sell & convert Cryptocurrencies and this is made possible because of the built-in decentralised exchange in the JAVVY Application (check the Whitepaper), additionally the Javvy application can be accessed in a variety of devices and you can check them out below;
• Windows
• Android
• Apple
From what has been happening since the inception of Crypto exchanges some years back, it has become quite obvious that centralised exchanges are not the best places to secure your cryptocurrencies, starting from the hacking of My Gox which saw hundreds of thousands of bitcoins being carted away to the most recent case of cryptotia Exchange which some crypto assets were also carted away, it has become obvious that Decentralised exchange is the viable solution to this problem of security in Decentralised exchanges.
Blockchain technology is next to impossible to hack so imagine when exchanges are built on this technology and this perfect combination is what is known as a decentralised Exchange, in centralised exchanges, you would need to send your funds to a the exchange platforms and if anything happens to the exchange, you lose your funds but with a decentralised exchange, if anything happens to the exchange platform, your funds are still secure because your funds never actually leaves your wallet unless the trade is executed, Decentralised exchanges offer truly peer-to-peer transactions. Check the picture below to see additional benefits of a decentralised exchange;
Additionally with a centralised exchange your only worry is not just about the hacking of the platform and although some centralised exchanges are more secure than some banks, we also have to consider acts of God like the recently trending news about the death of the CEO of a Canadian bitcoin exchange named QuadrigaCX who dies with the sole knowledge about the private key of the wallet where $190m worth of users digital assets were stored.
Just imagine if it had been a Decentralised exchange that the incident had happened, no funds would have been lost because the funds if the users would be in their wallets and they would be in full control of it, in other words, Decentralised exchanges are exchanges that allow used to make direct transactions among themselves using smart contracts and therefore removing the risk associated with middlemen.
JAVVY is much more than just a secure exchange with an inbuilt decentralised exchange, it would also feature fiat payments and partnerships with banks which would enable people buy crypto with fiat or credit card, to learn more about this, check out the Javvy Whitepaper and the picture below;
I have tried to be as precise and accurate as possible in this article and I have always been a staunch believer in the power of research and this is why I have included some research links below to help you easily do this.
WEBSITE | WHITEPAPER | TWITTER | LINKEDIN | TELEGRAM
My Bounty0x Username: Collinberg
