COBINHOOD, a cryptocurrency exchange positioned at 123rd in the world by daily traded volume, announced the launch of peer-to-peer exchange platform Dexon.
Decentralized Exchanges Swiftly Coming Up
As per a press release on June 6, 2018, Dexon is a fully decentralized exchange (DEX), based on blockchain technology and boasting zero fees. The exchange is based by venture capital firm IDG Capital, an institutional investor with over $20 billion in assets under management.
Dexon is touted as the “fastest blockchain” in the sector, and the company aims to appeal to institutional investors, banks, and hedge funds, ensuring institutional mass adoption.
The release stated:
“The new blockchain technology uses parallel blockchain systems that work together to form an infinitely scalable, low-latency decentralized transaction processing engine.”
Current DEX Infrastructure Slow
Dexon founder Popo Chen added that while blockchain technology remains in its nascency, several industries and financial players are aware of its benefits and are waiting on the sidelines to enter the cryptocurrency market. However, the lack of regulation and robust infrastructure largely withholds them.
Chen continued:
“Factors like speed of transactions have been a crucial inhibitor in allowing this technology to be implemented into the real-world banking ecosystem.”
Chen’s statements are firmly grounded in reality. While the traditional markets can execute billions of trades per second, only a few exchanges can conduct millions of trades per second, and suffer from the market’s lack of liquidity.
However, Chen hopes that the block lattice architecture deployed by Dexon will reach the standards of traditional finance, in addition to finding use in banking, stock, and cryptocurrency exchanges.
Block Lattice Technology: Making DEXs Faster
The block lattice architecture is claimed by Dexon to “make decentralized transactions more scalable than ever before.”
The technology, propagated by the NANO cryptocurrency, supersedes the traditional blockchain method of building encrypted blocks linearly. Instead, multiple blockchain systems work in parallel, ensuring high-speed transactions and massive scalability.
The sector’s present DEXs’ run their trading platforms on linear blockchain systems, and hence are slow and understandably less favored by cryptocurrency traders. Only a few hundred transactions per second can be executed by such a system.
After the implementation of this new architecture, Dexon aims to compete with traditional stock exchanges and bank systems, in terms of security and speed, while aiming to “make the revolutionary shift of blockchain implementation and adoption.”
Chen, also the founder of Dexon’s parent company COBINHOOD, concluded:
“Cobinhood believes the evolution of blockchain technology and a decentralized financial landscape will transform global capital markets and business organizations with long lasting impact.”
The post COBINHOOD to Launch Decentralized Cryptocurrency Exchange, Aims at Instantaneous Trade Execution appeared first on BTCMANAGER.
Source: BTCManager.com
Original Post: COBINHOOD to Launch Decentralized Cryptocurrency Exchange, Aims at Instantaneous Trade Execution
