News of hacks and scams continue to pop up on the cryptosphere every week or month. From the recent issues with BTC-e to the Bitfinex hack and the Mt.Gox disaster, one thing is clear: Security has become a major problem in the cryptosphere, one that is keeping new investors away and is alienating people that were once excited to be part of the crypto world. Not to mention the millions of dollars that hackers make, creating incentives for more shady individuals to show up in the future.
However, the problems found in centralized exchanges go far beyond hack and thefts. From fake volume to price manipulation, there is a lot of nasty stuff exchanges can do to get ahead or to make profit, something that has been proved to be true in the Mt.Gox case. Other times, exchanges can simply act in a dishonest manner, accumulate coins and then list them or delist them once these have been sold. All of the aforementioned problems have also helped to create a toxic environment in the cryptosphere.
Well, they say “necessity is the mother of invention” and it can also be considered the mother of adoption. This is exactly what has happened with cryptocurrencies. The 2008 financial crisis was one of the breaking points that gave way to Bitcoin and the continuous faults of the traditional financial system have helped speed its adoption. Now, all the problems we’re seeing with centralized exchanges and other types of security issues are giving way to new and exciting technology like the BarterDEX.
The BarterDEX is a decentralized exchange developed by SuperNET that allows coins to be bought or sold without the need to trust a third party service or entity. Although the concept of decentralized exchanges is not new, the SuperNET team took it one step further, allowing coins to be exchanged directly without the use of proxy tokens.
BarterDEX was launched during June and it features a wide selection of cryptocurrencies, whose teams have collaborated with SuperNet in the listing process. The exchange will also feature fiat currencies powered by Komodo’s asset chains. All of these can be exchanged directly between the buyer and seller, as the coins are never handed over to a node or operator at any time.
The exchange is also open to any developers that are willing to work with the team in listing their coin or token, a prospect that provides multiple advantages for the token itself. Jl777, lead developer for the SuperNet project stated:
“You can directly ensure liquidity for your coin and trade against dozens of coins without risk of central exchange.”
Not only will the BarterDEX exchange allow the project to provide liquidity and volume for the token holders, it will also provide visibility in the space. All coins that are on the BarterDEX will also be integrated in the Agama Wallet, a GUI multi-coin wallet with several advanced functions. Among the coins that will be featured at launch, Bitcoin, Komodo, Litecoin, Dash, Stratis, Zcash, DogeCoin and several fiat currencies will be present, just to name a few.
Anyone that wants to use or test the exchange is welcome to do so here. To learn more about BarterDEX, visit the official website and read the white paper.You can also learn more in the latest interview with SuperNet members Diemaster and Ca333 here.