Exchanges are disputably at the core of the cryptocurrency market. In fact, they are the fundamental reason for the occurrence of a majority of crypto trade. Unlike cryptocurrencies that are based on a decentralized system, a majority of exchanges online today are centralized.
Centralization in the exchange ecosystem has led to some serious consequences such as hacking, which will lead to the loss of a lot of money.
Another disadvantage of centralized exchanges is the fact that they are often subjected to regulatory changes from governments. This tends to negatively affect the whole crypto market most times. Anyway, with technological advancements in the crypto industry, a number of decentralized exchanges have been initiated and proven to be more advantageous.
CryptoBridge Decentralized Exchange is an emerging decentralized exchange, which making waves in the crypto industry.
What exactly is CryptoBridge Decentralized Exchange?
CryptoBridge is a decentralized exchange created for all altcoin traders that are currently trading on centralized crypto exchanges. Centralized exchanges are inclined to some issues that CryptoBridge intends to solve by total decentralization of their platform. They do this by constructing a blockchain-based order book as well as a multi-signature federated gateway network.
All deposits, withdrawals, and order books that are a part of the CryptoBridge system are stored with transparency on the blockchain, where it is highly secure. Every user of the CryptoBridge platform will be able to deposit, withdraw, and trade cryptos. Since CryptoBridge has no access to the private keys or funds of users, they are completely safe from theft.
Built upon the graphene blockchain, CryptoBridge platform can process up to 100,000 transactions per seconds. The transaction confirmation timeframe of the graphene blockchain is less than three second. With CryptoBridge, developers interested in building decentralized applications on the CryptoBridge exchange get a complete API.
Features of CryptoBridge Decentralized Exchange
CryptoBridge Decentralized Exchange is a federated network of different interconnected gateways. The same multi-signature proxy-assets are used by the gateways. To successfully publish a transaction on the underlying blockchain under CryptoBridge, a super majority of agreeing gateways are required to reach a compromise.
With this method, users don’t have to trust any single entity to handle their capital. It is mandatory for each gateway node to always verify the transactions of other nodes. This permits honesty and transparency in the network.
Interestingly, the CryptoBridge platform serves as both a wallet and an exchange. It is available through a spectrum of OS-specific applications or a web app. With most trade pairs set at 0.2%, CryptoBridge gives out relatively competitive fees.
The operating platform for CryptoBridge is on the BridgeCoin, a scrypt mineable crypto similar to Litecoin. In July 2017, BridgeCoin was formed to fund the development process of CryptoBridge, and holders can use it to access a profit sharing program.
Recently, the CryptoBridge profit sharing project for BridgeCoin holders has started. This project permits holders to share in 50% of all of the profits generated by fees on CryptoBridge. On a weekly basis, the profits in this program will be calculated and dispersed to BridgeCoin holders.
Summary of the CryptoBridge Decentralized Exchange
The CryptoBridge, Decentralized Exchange platform, is a decentralized exchange platform with a lot of promises. The platform is supported by a solid development team and great profit sharing program. CryptoBridge is worth trying out, especially for those in need of a solid exchange.