Decentralized Exchanges will Simplify the Cryptocurrency Ecosystem for End Users
Blockchain and cryptocurrency technology is new and boasts of an extremely fast-growing marketplace. The number of cryptocurrencies that are launched on a daily basis makes it imperative that there should be a better-organized system of management and transaction than what is currently available.
For a technology that is still seeking adoption into the mainstream, an easy entry and communication system will go a long way towards the establishment. Existing storage systems (wallets) for cryptocurrencies and the setup of the currently available exchanges makes it a bit cumbersome to operate within the ecosystem.
Eliminating Complexities in Crypto
The above-mentioned limitations are not going unnoticed within the industry as various solution companies are providing alternative methods that could solve the problems depending on users peculiarities.
According to Jeremy Epstein, CEO of Never Stop Marketing, one of the critical and necessary developments that will reduce the complexity of digital asset management will involve the creation of trusted multisig wallets. For example, if something happens to me, how can I make sure that my loved ones have access to the coins and/or digital assets? Alternatively, what if someone holds me up for my crypto? How do we make sure that a robber can’t run away with the money?
Epstein explains that outside of individual use cases, we have to think about corporate governance. If a company takes payment for a good or a service in crypto, those coins need to be protected and not held in one person’s account. This is a big barrier to mainstream adoption.
On the issue of ‘crypto-crypto’ and ‘crypto-fiat’ compatibility, Epstein notes that there are improved systems already that are making it easier for users to transact across different communities. He notes that this is necessary because most centralized exchanges are designed to take advantage of retail investors. He also points out that nearly 90% of the trades on these platforms are done by the “house” in order to manipulate the price so that retail investors get taken advantage of. However, decentralized exchanges like Bancor, for example, is already doing over $10million per day in volume. Services like Radar Relay, built on top of the 0x protocol is removing the risk associated with open order books. Also, blockchain interoperability platforms like ARK with their SmartBridge and Encoded Listeners are going to help people conduct relatively friction-free commerce across blockchains without holding the coins of the other network.
A New Industry Development
The usability of these class of exchanges is not popular yet, neither is their speed. However, the momentum being generated among them is growing in significance. Emerging platforms like Alttex are also creating decentralized, multi-currency trading platforms. The company’s CEO, Yevhenii Meita explains that the fact that the platform is decentralized, enables a more secure system, and prevents the exchange from hackers and DDoS-attacks.
“AltExchange security system is quite reliable. For an extra level of protection, we have enabled Touch ID, Face ID, and Pin-code functionality with two-factor authentication via email”, says Meita.
He concludes by explaining that the platform will enable users to securely buy cryptocurrencies using a credit or debit card, and withdraw funds to it with minimum commissions. All that is needed for identity verification is two selfies showing both sides of the card using a specialized AltScanner.
It’s all About the End User
When dealing with practical implementation of cryptocurrencies and ease of application, the main subject is usually the end user. As a matter of fact, all is well as long as the end user is satisfied. This is an opinion that is shared by Co-Founder and Lead Developer at MoxyOne, Tanshul Kumar. Kumar notes that there is still a few roadblocks in terms of end-user design and simplification of processes. He explains to CCN that this is one of the key reasons why his organization will be working on developing a unique wallet system that will be done via thorough research into existing wallets and with modern UX design concepts. This he notes will improve the way people manage their cryptocurrencies and the ease with which they can spend them.
“MoxyOne will take everything good about existing digital storage solutions and work with specialist blockchain companies to ensure that we have the most secure and functional product available out there for our users and our Partner companies. It is by working together with other great blockchain assets and solutions that we can strive to improve our pre-existing systems and make cryptocurrencies much safer and easier to use for all”, concludes Kumar.
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