The evolution and known value of cryptocurrencies has led to many of the exchanges being unfit in terms of keeping up with blockchain technology and guaranteeing fund security within them. The sole purpose of crypto and blockchain is to make every aspect decentralized and secure on the blockchain. One project has gone ahead and used this concept in an exchange. The Waves Decentralized Exchange is live and running with the Waves (WAVES) cryptocurrency as the main trading coin in the available pairs.
The traditional centralized exchanges have fallen off the radar one by one due to hacking. One such exchange was Mt. Gox that was hacked back in 2014 and lost a tonne of Bitcoin (BTC) that led to the company filing for bankruptcy. A second exchange was YouBit that was hacked twice in 2017 and also forced to file for bankruptcy. Coincheck was recently relieved of $500 Million worth of NEM (XEM) by hackers.
Binance has also not been spared by hackers. In early March, users complained of not being able to access their funds. Some of their coins on the popular exchange were converted to Bitcoin (BTC) without their consent. This attempted hack caused a slight market dip as there was a panic by coin and token owners. This was the second such attempted hacking on Binance in a span of a month.
It is with such information and incidences that the Waves Platform has come at an opportune time when more and more hackings are prevalent. Also, regular exchanges have the disadvantage of being prone to system delays when the websites cannot handle traffic as was the case around last December when everyone was rushing to buy crypto.
Waves’ DEX (Decentralized Exchange) solves all these issues of traditional centralized exchange. The users are allowed to trade pairs directly on the blockchain. Transactions are secure and the user does not have restrictions on the withdrawal of funds. The traded tokens are sent direct to your wallet and not held by the exchange hence guarantee security. Fees are also low on the Waves DEX with each transaction costing the user 0.003 WAVES. That is the equivalent of $0.01404 with the present value of Waves (WAVES) at $4.68.
If you are the adventurous and progressive type of crypto trader, it is about time you created an account on the Waves Decentralized Exchange.