OmiseGo DEX Progress And Why It’s Necessary For The Network - OmiseGo (OMG) News. Monday, October 1
OmiseGo DEX Progress And Why It’s Necessary For The Network
The OmiseGo project is ever getting closer to launching their decentralized exchange (DEX). The announcement to create the decentralized exchange came back In July and since then, the development team has been keeping users updated on its progress. The concept of decentralized exchanges has become popular in recent months. Different platforms are in the works of creating them and there is a strong reason to believe they’ll soon be a better choice for users.
So, why has there been so much hype around decentralized exchanges?
Well, in a recent post by OmiseGo, the project showed some of the merits of a decentralized exchange and in particular, the one they have scheduled for release.
The main aspects that OmiseGo DEX wants to focus on can be divided into few categories.
Unlike in centralized exchanges which hold custody of user’s funds, decentralized exchanges allow users to remain with the funds. In OmiseGo’s case, even when the funds are on the DEX, they are still secured either by the operator or by the child chain consensus. This will significantly reduce the risk of theft and hack for the exchange.
OmiseGo is putting emphasis on transparency on their DEX when it comes to both market information and user behavior. The exchange will ensure a healthy relationship between itself, its users and across users. Even where transparency will not be desirable to users, the exchange will enforce correct behavior.
The project says that it will initially offer support for off-chain continuous markets to ensure a highly liquid market for the OMG Network, and to reduce potential latency. Support for continuous markets will additionally ensure a seamless and flexible user experience.
Additional features include:
Trust — Users will not have to trust a single party to remain honest, there are a set of security layers that will ensure all parties are honest and all parties have the power to block misbehavior during transactions.
Uncensorable — Anyone on the platform will have a right to exchange any digital assets on the exchange. No individual or party will have the right to stop or block another user from accessing services.
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