Crypto exchanges provide us a systematic way to purchase crypto. However, they defeat the decentralized philosophy as the centralized exchange takes power away from the user by asking for fees and inflating prices. To ensure that we truly move to the decentralized solution, Bitfinex is building EOSFinex, the first decentralized exchange built on EOS.IO platform.
The announcement was made through the Bitfinex medium blog. The announcement doesn’t come as a surprise as they hold a strong position in the exchange field. They are currently ranked 5th regarding trading volume according to Coinmarketcap.
EOSFinex will be built entirely on the EOS platform which will ensure high scalability, speed, and security. This also means a decentralized exchange which is capable of doing thousands of transactions per second. It will also help building a trustless environment where you don’t have to worry about inflated prices or fees.
The collaboration between Bitfinex and EOS will solve problems in the current marketplace. There are currently few decentralized exchanges. However, they are slow and are somewhat suspectable to script hacking. EOS.IO will enable eliminate all the problems and give users the best experience possible.
The CEO of the Bitfinex added, “We are excited to leverage EOS.io to further advance the field of high performance and trustless on-chain exchange. Block.one continues to display an unwavering dedication to improving blockchain scalability through the EOS.IO platform, and we hope that this collaboration will allow significant advancement for all decentralized exchange.”
He also went further and spoke about how user experience can be transformed by using blockchain technology.
“Our experience indicates that these advancements represent fundamentally transformative capabilities for the blockchain industry, and Bitfinex remains dedicated to leveraging the latest innovations to continue offering the world’s leading trading experience.”
EOS seems to be a good choice for Ethereum as it provides horizontal scaling over decentralized applications (dApps). The future does look promising.