Nash Decentralized Exchange Boasts Multi-Blockchain Trading with Fiat Support on New ERC20-Based DEX
Cryptocurrency world is based on the idea of decentralization which promises equal earning opportunity to everyone, however, 90% of all the trading exchanges in the space are heavily centralized and often marred into controversy for their various trade tactics. Most of these exchanges use various unfair techniques like wash-trading to present an inflated trading volume and attract more potential customers.
However, in recent times the trend of next-gen decentralized exchanges are gaining momentum and Nash is one of those decentralized exchanges which promises to bring in more transparency. Decentralized exchanges like Nash is set to empower the consumers and give them full custody of their funds.
What Nash Promised To Bring To The Table
Crypto trade markets are heavily governed by trends and the latest trend is of making a better and more superior decentralized trading platform. Nash is one of the contenders in the race of decentralized exchanges which promises fast and user-friendly services, with the long-term goal of bringing the tend of decentralized financial operations to the masses.
Nash during its media interaction put forward their vision and how they plan to better the current state of decentralized exchanges. Fabio Canesin, the co-founder of Nash said,
“You have a setup where the possession of the digital asset is held by smart contracts on the blockchain and the ownership is still retained by the original owner. you need more than [just] a private key. Sometimes you need to interact with a protocol, you need multiple parties and multiple features, and you can have keys with different features.”
The Nash protocol utilizes the principle of non-custodial holdings and implements it on its platform to facilitate noncustodial trading. In order to make things less complicated, the firm is set to introduce a series of smart contracts which would be wrapped in the front end, which would give the platform a feel just like traditional exchanges.
Nash Promises To Avail Cross-chain Trading With Multiple Assets
Unlike the current bunch of decentralized exchanges which only facilitates for ERC-20 based tokens, Nash promises to implement cross-chain trading over a plethora of digital assets. Once the platform is completely launched, users can expect to trade with multiple digital assets like BTC, ETH, NEO, WAVES, and LSK tokens.
The Nash platform would use an off-chain matching engine combined with on-chain smart contracts to facilitate multi-asset trading as well as cross-chain trading.
How Does The Nash Platform Operate
When you signup for the platform it creates a 12-word pass-phrase just like a hardware wallet and asks you to keep it in a safe place as losing it might lead to freezing of funds kept in smart contracts. When you generate the private key, the Nash platform would automatically create user wallets for NEO, ETH, and other assets. The platform also asks you to create a password so that you don't have to use the 12-word passphrase every time.
The platform is also fiat integrated which means it becomes quite easy for the users to deposit and withdraw funds from the decentralized exchange. Users can also deposit their funds through direct bank transfers.
The user interface is quite simple and it's easy to navigate through. The main homepage distinctly displays the funds stored in users wallet as well as the locked fund for trading.
The performance of individual assets can be tracked, and staking performance can be viewed for Nash security tokens, which grant holders a revenue share in the platform’s profits, an incentivizing program to attract a wider user base. In the beginning, the platform would open trading options for ETH, USDC, and NEO markets and later expand to many other digital assets depending upon the demand.
The team behind the Nash network is pretty confident to garner a significant userbase from the first day, given the network has already garnered confidence through its initial project in the form of Neon Exchange started back in 2017. The firm believes that a solid userbase would generate enough liquidity in its initial phase so that it could expand its digital portfolio for many other assets.
The trend of decentralized exchanges is gaining momentum and apert from Nash many other prominent players are set to join on the trend in coming days. Some of the most noted names which are either set for launching their decentralized exchange or have already done so include Binance DEX and Block Collider.
The foray of decentralized exchanges would hope to bring back the trust to the exchanges in the crypto space, a majority of the current ones are heavily centralized making them extremely vulnerable to various kinds of attacks. There hasn't been a single month where the news of hacker attack on crypto exchanges hasn't come out. The biggest losers are the consumers as these exchanges go bankrupt and do not provide the lost fund back to the consumers. Hopefully, the trend of decentralized exchanges would change that.