Tron Makes Good on Decentralized Exchange Promise as TRX DEX Goes Live on TronScan
Promises have a tendency to be broken. Especially in today's business world, words have a habit of getting lost in the sea of anonymity. It is thus refreshing to note the excitement of Matthew Fetzer, a crypto community member who noticed the Tron decentralized exchange on TronScan.
For the uninitiated, a decentralized exchange is an exchange market that has no third party service holding their customer's fund. Trade is, therefore, automated peer to peer, via proxy tokens, assets or an escrow system. This creates a “trustless” state, discarding the need to trust the security or honesty of the exchange. Further, there is more privacy and there is almost no risk of downtime
Keeping all this in mind Marcus Zhao, from the Public Chain Division at Tron, made an announcement in September. During his interactions with the community at large, he said that TRON was in the process of working towards the activation of the Tron Virtual Machine. He ended this on the promising note that once that is done, the team would then start focussing their attention on activating a decentralized exchange.
True to his word, in less than 3 months, the eagle-eyed Tron community noted a decentralized exchange on TronScan and publicly commented. Matthew, the first person to catch wind of the change took to Twitter to announce it with: “Did everyone see the DEX tab on Tronscan!! ” And the crypto-sphere quickly took notice. Upon checking the DEX tab on TronScan, it has been found that that the exchange is indeed live. Although it has only three tokens listed against TRX at the moment more will doubtlessly follow. The ones listed are dice, WIN, SEED.
As one would expect, to use and trade one has to first link their TRX wallets to the decentralized exchange. This can be simply enabled by an option in the tabs on the top right-hand corner. There are other options such as creating a new wallet. It seems tokens will have to apply to have themselves listed on the decentralized exchange. It seems like a simple exercise as well. All this is needed is for one to fill out an application to have the digital asset listed. Unfortunately, this is the process even for those projects that have tokens on the Tron network, already
This latest development comes at the heels of, Tron Watch Market, another decentralized exchange on the Network. It had its token sale end less than a month ago and released a demo version. Once completed, this will allow users to trade between TRON, TRX10, and TRX20 Tokens in a safe and quick manner.
This aggressive push towards a decentralized economy is the patented hallmark of the new century. With a clear interest in the crypto verse and a focused attention on moving away from the current banking setup and practice, this is certainly an interesting way as we head towards the end of a tumultuous year.