Centralized structures function in a standard manner and such standardization can be in the way of flexibility required nowadays in the sphere of finances. Facility without central authority works more effectively employing certain algorithms and unique architecture to improve characteristics. DDEX is one of such resources. This is a decentralized cryptocurrency exchange, which in essence presents P2P service. Its main advantage is a possibility of safe transactions without necessity to open the account and share personal data. It means that a person does not have to inform of his name, place of living and other details. It does not impose any restrictions or depositing/withdrawal fees. Decentralization model helps to avoid hackers’ attacks. It also helps to economize time and money.
As it was mentioned already, being a DApp the site functions as an exchange, which lets users trade diverse assets.
DDEX differs from most popular marketplaces and other cryptoexchanges as it does not require users’ tokens placed on a separate account to accept the order.
Therefore you do not have to send any personal info to the resource.
How it functions
Theoretically DDEX is so called retailer. Retailers transmit records about liquidity. In essence, they generate the price list from cryptographic messages sent by cryptomarket makers. These are traders who places the sell order at definite price and determines time for it.
Commands sent by market maker to retailers are named orders. Market makers deliver funds to the platform. They offer info concerning liquidity, which is then transmitted to the customers by retailers. Afterwards the taker agrees to the deal with the price appointed by the maker. When that happens, the order is fulfilled. In this way, smart contract is created and the order is paid via blockchain payment.
Special technologies employed by resource
As other retailers, the site transmits information about liquidity and uses special protocol for calculation of orders. It helps to perform all actions fast.
DDEX also differs from other retailers and such decentralized exchanges as EtherDelta. It uses economic incentives at the network level. This is how it coordinates execution of orders. There is special protocol or Hydro protocol that defines the rules for implementation of decentralized orders and provides a mechanism looking for matches among orders. The liquidity increases with rewards. For decentralized exchanges, poor liquidity is a serious problem.
The software of the exchange is unique thanks to the team of developers. It contributes to unique network level that helps to solve the problems of liquidity. This is one more reason why the exchange differs from others. Hydro protocol was created to show what can be achieved with this software. However, the fee is charged for the service so it is a profitable project.
How to trade on this Dapp
The customers do not have to register to start trading. All they need to do is to connect MetaMask wallet to do it.
Trading is performed on a distributed ledger. There is no some central server that controls everything as transactions are performed between the peers.
It is cheaper to use the service because fee is not charged when customers deposit or withdraw funds. Instead fees are charged per order. The fee is reasonable – just 0.10%.
DDEX currency list is rather unusual. DDEX offers different altcoins with several ones, which are less popular. All of them are Ethereum based tokens traded against Ethereum. This is the platform where BTC, LTC, Monero and Ripple are not offered. Some tokens offered at the market have a very low liquidity.
Customers can’t deposit fiat money to DDEX as it does not accept real money. So one needs to have some DDEX tokens to do it.
DDEX Coinmarketcap information shows that the exchange offers 89 trading pairs.
DDEX does not offer margin trading and if you need this option, Bitfinex margin trading is recommended for you.
The platform does not suit novices. One should have Ether to start using the exchange.
DDEX does not require minimum trade amount and problems of liquidity are solved in a different way.
If for some reason the platform does not satisfy you, you should choose something else such as GDAX exchange. Coinbase GDAX service can boast of its spotless reputation. Apart from GDAX Coinbase, there are other interesting solutions as well. You can try the simpler platform called GOC ioor some other site that delivers exchange services.
Essential features of DDEX exchange ✰✰✰ -
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