Centralized exchanges are one of the ways that have been used for the trade of fiat and cryptocurrencies for the longest time. However, these financial bodies have been hacked countless times and each time a new hack happens, the image of the market is damaged.
A decentralized exchange, on the other hand, is more secure. If cryptocurrency is to succeed as a legitimate asset, the crypto community needs to move away from the centralized exchanges. A decentralized exchange that can handle cross chain transactions is what is needed by the industry for it to thrive.
For crypto trading to truly flourish there is a need for easy to use decentralized exchanges that are safe and secure that enable reliable trading. LQDEX aims to come up with such an exchange that will be ideal for the public. The exchange will focus on public audibility, decentralization, and transparency.
What Is LQDEX?
LQDEX is a decentralized, trustless cross chain exchange. It allows for the trading of cryptocurrencies across multiple blockchains without any counterparty risk. The platform does not use atomic swaps and does not need the existing blockchains to be changed. It runs on its own high-speed POPS blockchain and does not charge any fee for miners.
LQDEX Decentralized Blockchain Crypto Exchange Features
Some of the features of the exchange include:
LQDEX runs as a dapp on a purpose-built POS blockchain. It is immutable, publicly auditable, and transparent.
The system does not rely on trusted third parties. Thus, the risk of the counterparty is eliminated.
The LQDEX exchange provides the below benefits to its users:
Secure And Risk-Free
The exchange introduces the proof of stake blockchain that will allow for the counterparty risk-free trading of cross chain digital assets through the issue of proxy assets. The system allows the trading of digital assets across multiple blockchains without the risk of hackers. Keeping traders information secure and safe.
Low Trading Fees
The exchange will use its own high-speed proof of stake blockchain that is used to communicate with other blockchains. Since the platform will have no miner fees, it will keep the transaction costs low, unlike other blockchains.
The exchange does not take custody of the trader proxy tokens or the external blockchain tokens. The platform provides traders with their own LQDEX wallet that can be used to safely and securely hold any tokens that will be used on the exchange.
LQDEX LQD Token Details
The main currency to be used on LQDEX platform is the LQD tokens. The token is traded on cryptocurrency exchanges and can be bought by Ether, Bitcoin, USD and any other currency. The LQDEX network generates profits by charging commissions for trades and withdrawal fees. The LQD token holders get the profits as rewards for holding their tokens.
The platform also issues proxy tokens such as lq-BTC and lq-ETH. These tokens correspond to digital tokens on external blockchains. The outstanding proxy tokens are equivalent to the assets on the balances of the collators. When new assets are deposited, proxy tokens are created.