Crypto

Definition | DEX – Decentralized Exchanges – Decentralized Exchanges Platforms | Future Tech

Exchanges of cryptomonnaies Decentralized exchanges, often abbreviated as DEX for decentralized exchanges in English, refers to transactions made without a trusted third party. They come to oppose exchange platforms centralized like Binance, Kraken, Coinbase and even banks in general.

DEX, decentralized exchange platforms

Many believe that centralized exchanges, such as Binance, have distorted the primary nature of cryptomonnaies which is to dispense with an intermediary during transactions without compromising the security of users and anonymizing them. DEX (decentralized exchange platforms) tend towards this ideal. Here are some notable decentralized platforms:

  • Bitsquare;
  • Uniswap;
  • PancakeSwap;
  • 1 inch.

Advantages and disadvantages of DEX compared to a centralized exchange platform

Several points oppose centralized and decentralized platforms, certainly from an ideological point of view but also, and above all, from a functional point of view. Decentralized exchanges are considered more secure because they are less prone to attacks from malicious entities. By its nature, it is more difficult for an attacker to find a way out there, since there is no central point. This centralization of the system and exchanges is what makes CEX (centralized exchange platforms) the greatest weakness on which many attacks have already been very successful. DEXs do not store the assets of their users and, therefore, leave them this burden, all the more reason to hackers do not address it.

It should also be remembered that CEXs do not allow anonymous transactions as they require users to show their credentials by providing identification. This is not the case with DEX. The latter also have 50% lower costs on average. However, DEX does not allow the conversion of fiat currencies into Cryptomonnaie and therefore ask to have one of them to participate in the transactions.

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