weiDex is an exchange market that does not need to rely on a third party service to hold the customer's assets. weiDex uses smart contracts in order to ensure that trade occurs directly between users (peer to peer).
weiDex is a fully featured decentralized exchange (DEX), which guarantees the highest possible security, full transparency and open source logic. The main idea behind the decentralized exchange (DEX) is the removal of the third party.
Nowadays cryptocurrency is not globally adopted. The reason of such circumstance is the challenges in cryptocurrency exchange, which have been a major setback to the growth of the industry.
These are some of the challenges plaguing cryptocurrencies:
• Poor liquidity
• Poor market regulations
• Long process of compliance
• Complex integration
Government is planning to legalize the digital currencies because Financial Institutions and banking sector benefits from these problems.
Additionally, some of centralized exchanges are plagued with poor security and lack of investor's protection that a more regulated financial sector enjoys. Since 2011 there have been multiple dozens of cryptocurrency heists and there are situations where many hacked exchanges had to shut down.
To solve outlined problems weiDex is going to use Atomic Swap. Atomic Swap (also sometimes referred to as a cross-chain swap or trade) is a nearly instantaneous exchange of one cryptocurrency to another which does not require a middleman or third party to oversee the transaction.
In computer programming, atomic denotes a unitary action or object that is indivisible, unchangeable, whole, and irreducible. What this means is that either the trade will be completed in full or it will be canceled and both parties will get their coins back.
This example is going to use Bitcoin as the non-Ethereum cryptocurrency being traded. However, it works with any cryptocurrency that supports the same level of scripting as Bitcoin:
• Bitcoin Cash
• Bitcoin Gold
• Litecoin
• etc.
For this example, Bob holds Ether and John holds Bitcoin. Bob wants to give his Ether to John in exchange for his Bitcoins.
Website: https://weidex.market
Whitepaper: https://weidex.market/images/whitepaper.pdf
Telegram: https://t.me/joinchat/IvU-mxJSkHeHzcms-S1ZYQ
Facebook: https://www.facebook.com/WeiDex-163716047661387/?_rdc=2&_rdr
Twitter: https://twitter.com/weidex2
Bounty: https://bitcointalk.org/index.php?topic=4591905.msg41439556#msg41439556
ANN: https://bitcointalk.org/index.php?topic=3528227.0
Author: @fvafhae
Bitcointalk(Fvafhae_): https://bitcointalk.org/index.php?action=profile;u=1461409