Bitfinex, one of Asia’s most prominent cryptocurrency exchanges, in its latest blog post, has announced that it would be launching a beta version of a high-performance decentralized exchange which will be built on the EOS platform. The infant crypto exchange dubbed “EOSfinex” would be launched on September 26, 2018, at Blockchain Live event in London.
3 Essential Pillars of the Decentralized World
Bitfinex has a long-term vision with EOSfinex and anticipates the creation of a fully decentralized exchange, the one of its kind. To accomplish it, it will have to be built around the three important pillars of the decentralized world. These include:
- Decentralization: Complete decentralization is something that Bitfinex is trying to achieve with EOSfinex. It plans to bring a completely trustless peer-to-peer trading experience to its users by decentralizing every operational aspect of the business including on-chain order books, order matching, execution, and settlement.
- Trust: For a decentralized exchange to work at its best, transparency needs to be the most critical factor, which would eventually eliminate the need of trusting a central authority. Bitfinex is trying to integrate this transparency in EOSfinex by delivering an auditable marketplace which can be verified and observed anytime and anywhere without intervention or permissions.
- Performance: EOSfinex will look to deliver an exchange that, not just meets the requirement of every professional trader but also is superlative in its execution. Having seen the needs and shortcomings that traders and exchanges face today, EOSfinex will try to set up a new benchmark in the world of decentralized trading.
EOSfinex to Begin with a Bang
The Hong Kong-based cryptocurrency exchange has goals to fulfill with EOSFinex as it would provide a platform for the Asian exchange to innovate and explore with the EOS blockchain and ecosystem. It will open doors for the development team to further research and execute, projects in the fields of security, performance, and scalability.
Upon its launch, The platform will begin with a listing of all major crypto pairs EOS/USD, BTC/USD, and ETH/USD so it can expand at a quick pace introducing more coins and pairs. The contracts offered on the exchange would be flexible at the start so that any specially trusted contract can be executed with ease. These contracts will support the market, limit, immediate-or-cancel, and post-only orders at the start and additional order types would be added in the future based on customer feedback and demand. Addition of a new pair of coins will be done effortlessly once a trusted contract has issued a new token.
In any case, EOSfinex with all the features wrapped together could disrupt the cryptocurrency trading industry. Complete decentralization, which is also one of the main pillars for this exchange, would be something that everyone would have their eyes on as living in a centralized world today, understanding and functioning with something that is entirely decentralized would be tricky to adapt. But if one envisages a decentralized world in the future, it has to begin somewhere.
Is the world ready for a completely decentralized exchange? How will EOSfinex change the dynamics of the crytotrading industry? Let us know your thoughts in the comments section.