Blockchain technology enables distributed public ledgers that hold immutable data in a secure and encrypted way which ensures that transactions can never be altered. Cryptocurrency is made possible by Blockchain technology, Digital assets such as Bitcoin, Ethereum, Litecoin, and ripple are the early cryptocurrencies or digital assets in the Blockchain industry.
Blockchain technology is an innovative, disruptive technology and its massive adoption has widely spread into the financial industry. As a matter of fact, the application of this technology is now evident in financial world where experts, developers and programmers are building new software, machines and applications using Blockchain technology.
Swidex is a tokenized decentralized application that will be built on Ethereum protocol. It aims to provide a completely decentralized exchange that is eco-friendly, fast and secured for P2P digital assets trading.
Ethereum Blockchain is adopted because Ethereum was one of the early cryptocurrencies that emerged in the Blockchain industry. Hence, most developers are familiar with the programming language, Solidity and more than 50percent of digital assets operate on Ethereum Blockchain either as main Blockchain or initial Blockchain before mainnet launch.
Therefore, Swidex advances a wide coverage of digital assets and provides a decentralized trading platform.
Centralized exchanges (CEX)
Centralized exchanges are probably some of the foremost standard and early buying and selling systems followed by majority of customers within the cryptocurrency industry. They are centralized, act as intermediaries among merchants with a couple of guidelines of who, what, and while to trade.
Wallet addresses are offered for customers to deposit virtual belongings and in turn, they provide virtual digital belongings at the buying and selling platform for customers to trade. The user’s funds, belongings are majorly saved in a central wallet; it's owned, controlled and managed via a central administrator.
Limitations & problems of centralized exchanges
Since centralized exchanges are controlled and managed via means of a central administrator, several inherent troubles are related with the use of CEX. There are a number of tales of users’ debts frozen or depleted with out genuine explanation or reasons.
More so, a number of safety breaches have been mentioned in millions of greenbacks foremost to fantastic lack of users’ assets, and eventual shutdown of the exchange. Recently, a notable CEX, Cryptopia had a safety breach and reportedly suffered vast loss foremost to its eventual close down.
In addition, circumstances have been recorded the place customers of a reputable change have been denied entry to their money as a result of demise of founder of the change maintaining personal keys to wallets containing users’ funds and assets.
Comparism between centralized & decentralized exchanges
P2P digital assets trading
Swidex is a DAPP and token protocol that adds an open peer to peer decentralized trading platform it's instant, quick and secured the place its customers are capable to eliminate intermediary limitations and controls of the centralized cryptocurrency exchanges.
Swidex is not controlled by means of way of a central administrator or entity nevertheless it deals a platform the place customers are empowered to commerce instantly inside themselves at the time period they choose.
Mission and purpose
We goal to give a decentralized P2P buying and selling platform with wise contract technology. A international the place customers commerce virtual belongings with equanimity. A burning protocol will be integrated into Swidex wise contract the place Swidex tokens will slowly be burn till 30 percent (1.5 billion) of the complete present is successfully burned.Swidex will present dividends in kind of Ethereum (Eth) quarterly to holders of Swidex tokens. This is to present Swidex token holders as stakeholders of Swidex.
Author: Thantrasjba
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