Although cryptocurrencies themselves operate in a decentralized manner backed by the Blockchain Technology, the exchanges and trading platforms for the cryptocurrencies operate in a centralized manner. There is no doubt to it that most of the reputed cryptocurrency exchanges and trading platforms provide an easy and convenient way for investors to trade their cryptocurrencies. However, it been long argued that owing to their centralized infrastructure, it is quite similar to banks exchanging your money in return for other cryptocurrencies.
Many users think that they have no autonomy while dealing with their own money on the centralized exchanges. Few exchanges are complained for not allowing their users to have access to the private keys of their digital wallets. As a result of this, there has been a great demand for a decentralized exchange and trading platform.
Several cryptocurrency developers are now exploring options and opportunities by trying their hands out at atomic swaps. Instead of a centralized platform, atomic swaps allows for cryptocurrencies to be transacted in a decentralized manner.
BarterDEX is one such decentralized cryptocurrency exchange that supports atomic swaps and hosts several other interesting features. BarterDEX allows users to perform and exchange transactions between different cryptocurrencies without the need of going through a centralized entity. The great is is that it acts merely as an interface and promotes peer-to-peer trading without taking any sort of control over the user’s funds.
Many cryptocurrencies like Bitcoin, Stratis, Dash, Litecoin and ZCash have already integrated with BarterDEX. BarterDEX is inviting several other communities to get associated with them and make sure that their preferred cryptocurrencies are supported by its decentralized platform. Everything that BarterDEX offers is open source meaning anyone across the globe can connect their exchange with its trading platform.
Such platforms like BarterDEX reduces the risk of their accounts being hacked by thefts and malicious attacks. Due to its decetralized nature of operation, there is no centralized storage of coins giving hackers little or target for attacking.
If you are eager to know more about BarterDEX, check its white paper that gives and clear understanding of all the technical aspects and specifications of the interface. It is just a matter of time when atomic swaps and decentralized exchanges will take over the existing centralised trading platforms.
Also Read: Russia To Introduce Decentralized Digital Depository For Holding Cryptocurrencies Securely
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