Many months after unveiling plans to create a supercharged decentralized exchange on the dormant EOS blockchain, Bitfinex has released some new details about the project. The announcement is geared towards creating a buzz in the community ahead of the beta launch that is scheduled to occur later in the month. This revelation comes after the initial February announcement, and it offers a good look at the platform’s central vision together with a brief glimpse at a few of its primary features.
EOSfinex will facilitate a highly scalable network of peer-to-peer value exchange, unconstrained by borders and built around a foundation of transparency, speed and integrity. Read the story in full below. https://t.co/CzORoYpCPv
— Bitfinex (@bitfinex) September 13, 2018
The EOSfinex platform will initially support three primary currency pairs during launch. These pairs include the common, industry-standard ETH/USD and BTC/USD pairs along with EOS/USD. Concerning the trade side, the platform will provide a wide variety of order types, including limit, market, post-only and instant orders among others.
Perhaps the most exciting news in the eyes of archetypical blockchain enthusiasts is the fact that Bitfinex highlighted its core foundations as transparency, trust, and decentralization. EOSfinex is expected to have all the lovely trimmings that you would expect from a completely trustless distributed exchange, which includes on-blockchain order books along with settlement and matching.
A Push For transparency
The drive for transparency seems like a reasonable concern for the Bitfinex system. As one of the biggest cryptocurrency exchanges by daily trading volume, this Hong-Kong company might just be feeling uncomfortable, with financial authorities in various hubs across South Korea, Japan, China, and America moving with more conviction to stop manipulation and issues to do with solvency. Bitfinex seems to give a clue that its DEX exchange will be spotless and aim to erase most of the nagging problems that appear to always hover over other decentralized exchanges.
Bitfinex believes that the goal to an utterly decentralized crypto trading experience will come after getting rid of the trust requirement. With EOSfinex, the developers are building an auditable and completely transparent network of P2P exchange that participants can verify and monitor any time and from all over the globe.
A Race To Complete Decentralization
The exchange industry is eager for more decentralization. Bitfinex will join other companies like Huobi, Binance and various other centralized companies currently in the process of creating decentralized exchanges. The great incentive of decentralizing trading exchange may also be attributed to the ideological state of authentic blockchain systems. Nevertheless, since the DEX market is still quite unsaturated and relatively young as a market, the area is yet to have clear winners, which would likely get multi-million-dollar profits.
EOSfinex will transform the way virtual assets and digital value are exchanged within the blockchain network. The contributors, team members and developers at Bitfinex are enthusiastic about the new opportunities that their platform will support.