Bithumb Launches its Decentralized Cryptocurrency Exchange
October 17, 2018 6:38 am,
Bithumb, South Korea’s second largest Cryptocurrency trading exchange, has launched its decentralized Cryptocurrency exchange known as Bithumb DEX, in Hong Kong. This Decentralized Exchange (DEX) uses Ethereum Blockchain as underlying software, which means the venue of trading will only list coins based on distributed ledger technology (DLT).
This new trading platform offers tokens that use only Ethereum based technology, which includes Dent (DENT), self (ELF), and One Root Network (RNT), POA20 (POA), and Ziliq (ZIL).
This new venture is developed in partnership with Blockchain company One Root Network (RNT), that provides Seoul based exchange with its Ethereum based decentralized token transaction protocol. This protocol is known as One Root Project called “R1”.
R1 protocol separate order matching and settlement or execution of orders which enables order matching to be done off the chain. This process has a significant increase in transaction speed and Bithumb users can enjoy trading experiences comparable with those of centralized exchanges. Bithumb DEX shares order data and liquidity with all R1 based exchanges which provide users with better trading depth and higher asset liquidity.
The decentralized exchange differs from a centralized platform as in decentralized exchange users do not need to entrust their Cryptocurrency to third parties, and also can trade them in a peer-to-peer system. Decentralized systems are more secure as assets will be stored in smart contracts and also anonymous and also have lower or no fees on transactions.