In decentralized exchanges that function completely without intermediaries, many industry experts see the future of cryptocurrencies. The first decentralized exchange on the NEO blockchain was eagerly awaited and is entering the market with a large trading volume.
NEO's project of a decentralized exchange "Switcheo" is live and can cause a stir right from the start. Switcheo was able to collect more than $ 8.5 million from the ICO.
As Crypto Globe reports, Switcheo achieved an average trading volume of $ 2 million a day during the first week. After a short while, the exchange is already one of the largest decentralized exchanges and will soon attack Ethfinex, Idea and Cobinhood.
Much of the decentralized exchanges so far only offer trading in ERC20 tokens based on the Ethereum blockchain. Switcheo, on the other hand, will be based on the NEO blockchain and allow trading in NEP5 tokens.
The Switcheo Whitepaper states that initially it will not accept national currencies such as the euro, the dollar or the Swiss franc:
Switcheo makes it possible to trade more than 20 different tokens, with the trading pairs initially being limited to NEO, GAS and their own currency token, the "Switcheo Token" (SWH). SWH currently has a trading price of $ 0.065 and a market capitalization of $ 25 million. Since April 20, 2018 Switcheo is listed on coinmarketcap.com.
The Switcheo Token works similar to the Binance Coin. This can be used for trading and brings the user a discount when trading. Currently, Switcheo does not charge any fees for deposits and withdrawals.
According to the whitepaper 1,000,000,000 SWH Tokens may be minted in total, and no additional tokens will be minted in future.
The allocations for SWH are as follows:
20% (200,000,000 SWH tokens) wants to be allocated to the Public Sale;
48.3% (483,000,000 SWH tokens) have been allocated to Strategic Partners;
25% (250,000,000 SWH tokens) wants to incentivize the Switcheo Team to further
development of the Switcheo DEX, and the tokens wants to be monthly on a 2 year schedule with a 3
month cliff; and
6.7% (67,000,000 SWH tokens) wants to be reserved for Marketing Campaigns & Official Partnerships.
The whitepaper further states that cross-chain transactions should be implemented:
So far there is no exact time until when Fiat currency should be added.
Decentralized exchanges are safer and cheaper than centralized exchanges. The Switcheo platform joins the release in a likely ongoing movement within the crypto market. By considering the basic idea of cryptocurrencies, decentralized exchanges can eliminate the last centralized point within the crypto-system. From my point of view, the development therefore represents a positive trend, which will hopefully continue and eventually prevail.
EOS was one of the cryptocurrencies, which despite the long-lasting negative trend of the market nevertheless showed a good performance. Now there is more positive news. EOS has been listed on another exchange and will work with WAX to further increase the price.
As I have already reported, there are many reasons for the good development of EOS Coins. The listing of EOS on the Indian crypto exchange Zebpay and the media-effective application via Twitter are further plus points for the EOS community.
WAX announced a few days ago that it will build its peer-to-peer marketplace with a custom blockchain based on the EOS platform. WAX is a decentralized platform that enables anyone to run a virtual marketplace for digital assets without major investment in infrastructure or security.
Lukas Sliwka, Senior Technical Officer, states that EOS is WAX's best choice for the marketplace:
After much consideration of the technology, the developer community, and the activity of the EOS community, WAX's developers have decided to use a variant of the EOS Blockchain with numerous custom functions and functions to support the WAX project.
There will be two versions of the WAX token: the ERC20 version that exists today and another token that works on the custom WAX blockchain.
While EOS is the superior base technology for this project, it does not support all features of the WAX platform, such as: B. a voting procedure for dispute resolution.
Ultimately, the WAX platform will be based on a variant of EOS, combined with tailor-made features, smart contracts and transactions specifically tailored to the features of WAX. Further details can be found in the whitepaper.
A few days ago, the Ethereum Improvement Proposal (EIP) 1011 on Github, known as Hybrid Casper FFG ( Friendly Finality Gadget), was published. Casper establishes a hybrid proof of work / proof-of-stake consensus model for Ethereum mainnet, which may be considered the most significant update Ethereum has ever received.
The implementation of Casper would realize the long-planned transition from the energy-intensive mining process (proof-of-work) to the environmentally friendly proof-of-stake consensus. The code for the implementation was public on Github on Friday and is intended as a first discussion basis for the major upgrade and is now available for review by other developers.
Ethereum founder Vitalik Buterin and other developers have long been arguing that the proof-of-stakes consensus, where transactions are validated by the power-intensive mining process, becomes a mining-less, proof-of-steal process. Already since the beginning, Ethereum's roadmap and the Yellow Paper provide for the changeover.
On Github, developer Danny Ryan writes:
However, as consensus-building is a major change, as is the way data is written to the blockchain, a hybrid consensus model is to be introduced transitionally to mitigate risk during the transition. Ethereum Improvement Proposal (EIP) 1011 provides exactly that. A first approach of this solution was discussed for the first time in detail in a presentation of Vitalik Buterin presented last year.
However, opinions on Casper and the proof-of-stake are divided and controversial. For example, VMware IT security researchers called the consensus model "fundamentally vulnerable" last month.
As Ryan himself notes, the change will not be compatible with existing Ethereum software, meaning that there must be a hard fork for Casper to be implemented. Until Casper is actually deployed in mainnet, but it will certainly take some time.
Image Sources:
- Article headers created by myself
- https://neoguide.io/nep-5-tokens-2/
- https://twitter.com/SwitcheoNetwork
- https://twitter.com/zebpay
- https://twitter.com/wax_io
Have a nice day!
LOVE&LIGHT
