Block Collider’s Borderless Decentralized Exchange Aims to Combine Five Top Blockchains
A recent report on Bitcoin.com news confirmed the planned launch of the Borderless decentralized exchange (DEx) powered by Block Collider. The DEx is like no other before as it aims to connect various blockchains on its own Block Collider (blockchain).
The exchange is set to have a multitude of features to make its customers more comfortable and the platform more efficient, faster and cheaper order fillings on the platform. This article breaks down the Borderless decentralized exchange, which is expected to start live trading in the coming weeks.
The cryptocurrency critics point out to the case that most of the blockchains are not connected which will make transactions across them harder. Borderless, as the name clearly explains, is set to introduce a cross chain system to allow the users seamless interaction between various blockchains.
The DEx is built on the Block Collider blockchain, a project that raised over $7M dollars in minutes during the ICO and a further $500 M pledged. The blockchain offers a wide array of features to its users but it is its interoperability feature that makes it a lot more competitive.
The Block Collider blockchain
According to the main website of the Block Collider, the platform aims to create a mining algorithm that has blocks from other blockchains as part of its computations. This will effectively solve the “walled-garden” problem where the execution of a smart contract is restricted to the blockchain that created it.
This will open up a more decentralized community of blockchains as the unnecessary validators and centralized exchanges will be cut off.
The Block Collider is set to begin the connection journey with five top blockchains including Bitcoin (via a drive chain), Ethereum, NEO, Lisk, and Waves.
How the Block Collider’s Borderless DEx works?
The Borderless DEx is quite unique in that the exchange will not have any validators or centralized oracles such as the current DEx cropping up. The exchange will further allow seamless transactions and exchange between blockchains with the interoperability features of BTC, ETH, WAVES, NEO and LSK already in development.
Furthermore, the exchange provides its users with an easy to use interface, unlimited order sizes and trading volumes as well as peer to peer exchange of cryptocurrencies.
To use the platform, users are required to download the application on their Windows, MacOS or UNIX devices and upload your wallet. The platform encrypts your wallet on your local hardware and a passphrase is then generated in case you lose your wallet password.
The Borderless exchange has two native currencies that allow efficiency and incentivize users and miners on the platform; NRG and Emblem tokens. Users can place the NRG tokens as maximum collateral for their trades on the platform while Emblem is an incentive to miners.
The official whitepaper of the Block Collider explains Emblems as tokens that allow miners on Block Collider to increase their mining energy and hence hash power and block size.
The co-founder of the Block Collider, Arjun Raj Jain, explained the process of connecting the blockchains saying,
“So by combining a proof of work, and then having this capacity to also verify the state of each blockchain, you now have a completely decentralized mechanism to actually know the state of all these blockchains out there.”