John McAfee, the security master turn cryptocurrency devotee, who is accepted to have the precious stone ball for his correct expectations in the cryptocurrency showcase as he would like to think says that decentralized exchanges (DEX) will before long gain the core of the cryptocurrency network with parts jettisoning centralized exchanges. This he says will drive them to shut down.
Decentralization Over Centralization
His most recent assessment is joining that of Ethereum’s prime supporter, Vitalik Buterin who remarked around two months back, saying he “certainly trusts centralized exchanges go consume in damnation however much as could be expected.”
Despite the fact that McAfee’s reasons are somewhat not quite the same as that of Vitalik’s, McAfee trusts the following five years would convey decentralized exchanges to the spotlight, pursuing centralized exchanges to annihilation.
In his view, the world will grasp cryptocurrencies and blockchain due to its “permissionless characteristics.” Citing a case between two gatherings in a money related exchange, he says in the present budgetary framework, the experts could put a stop to such exchange. Same goes for centralized exchanges as he says they could end up deceptive, utilizing clients assets voluntarily, solidifying people assets, or closing down completely without being followed.
With blockchain, he says holds “confirmation of reality”; record of truth. Furthermore, notwithstanding when something occurs, it’s anything but difficult to spot if it’s actual or not which by and by is impossible with centralized exchanges.
Prompting the crypto network, he says all everybody needs is “presence of mind,” which will make everybody understand that centralized exchanges cause more mischief than anything to the vision of cryptocurrency and decentralization.
Blockonix – A 100% contract based DEX
Blockonix is based on the Ethereum platform and completely run by a collection of smart contracts. The users of Blockonix have the facility to trade cryptocurrencies of their choice without the intervention or control of any of the developers or the team members of the exchange. In simple words, the user is the only person who is in the complete control of his funds. Privacy is one of the major concern and is not at all compromised in case of Blockonix. The whole system runs on the Distributed Smart contract environment.
0.03% Transaction Fee on Blockonix
You read it right. Trading fee on Blockonix is only 0.03%. This fee is collected in Ether or BDT, apart from the gas price. This collected Ether or BDT is not the exchange’s profit. Rather 100% of the fee collected is used to buy back and burn BDT, decreasing the total supply of the native token, whose use is to avail 70% discount on the trading fee on Blockonix.
What do you think about decentralized exchanges? Let us know in the comments section below.