Why Decentralized Exchange Development has a promising future ahead?

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Decentralized exchanges need to be applied more in the outside world in real-life use cases to have a more significant impact in the cryptocurrency industry. As blockchain technology continues to garner a higher level of interest from users, holders of digital assets would prefer using decentralized exchanges to have more control and security in their engagement with exchanges.

Why Decentralized Exchange Development has a promising future ahead?

As the focus moves to more freedom of operations, the decentralized exchange can transform the cryptocurrency industry. Despite the advancement in technology and the emergence of financial markets, there remains a significant chunk of the world’s population without access to a direct credit source. Hence, decentralized exchange poses as a vital alternative to democratize the access to quality financial services at an affordable cost.

It allows participants in a market to directly deal in cryptocurrencies with each other without the interference of a central authority. It promotes a peer-to-peer mechanism. Hence, it has immense potential to change the functioning of the current financial system. All processes are handled by a smart contract, which is a self-executing program.

Centralized exchanges allow the buying, selling, and exchange of cryptocurrencies between participants on a trading platform, but owners maintain control of transactions and act as a custodian for the funds. They have the authority to allow, pause, and block any transaction. They have the power not to provide private keys for users to access their wallets.

Since they place a lot of coins of traders on a single server located in a few locations, they run the risk of being hacked. Once there is a breach in the system, the traders will not be compensated as cryptocurrency is still largely unregulated. Instead, the platform will declare itself as bankrupt, leading to huge losses for the users.

This is where decentralized exchanges step in to prevent a single point of failure. The core functions of accepting deposits, matching orders, and asset management are decentralized. Hence users have more control over their funds.

Disadvantages of Decentralized Exchanges

Though it caters to a small set of users now, decentralized exchanges need to improve their scalability, liquidity, and functionality for mass adoption. However, massive strides are made with each passing day. The advantages of decentralized exchanges outweigh its limitations. The possibility of allowing users to manage their assets through a peer-to-peer mechanism is a viable idea.

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