Home / Today Tech / Bitfinex to Build Decentralized Exchange using EOS

Bitfinex to Build Decentralized Exchange using EOS

James Levenson · February 13, 2018 · three:00 am

All crypto patrons will agree that one major downside to all of the ecosystem these days is centralized exchanges. Companies comparable to Coinbase rake in billions of dollars via inflated expenses and commissions on what should theoretically be a decentralized peer-to-peer group. Crypto alternate Bitfinex is planning to alleviate this downside with a decentralized alternate of its private. According to Coinmarketcap, Bitfinex is the sector’s fifth biggest alternate with slightly below one billion bucks traded

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All crypto patrons will agree that one major downside to all of the ecosystem these days is centralized exchanges. Companies comparable to Coinbase rake in billions of dollars via inflated expenses and commissions on what should theoretically be a decentralized peer-to-peer group. Crypto alternate Bitfinex is planning to alleviate this downside with a decentralized alternate of its private.


According to Coinmarketcap, Bitfinex is the sector’s fifth biggest alternate with slightly below one billion bucks traded prior to now 24 hours. In a press launch the day gone by, the company introduced the first high-performance decentralized alternate to be constructed on EOS.IO technology.

On-chain Exchange

The company has said that its new product, EOSfinex, will combine the rate and scalability of EOS with its private major commerce expertise. The end result will be an on-chain alternate providing speedy, clear, and trustless transfers of digital currencies. EOS.IO, with the power to handle tons of of transfers consistent with second, was as soon as a glorious are appropriate with the targets of Bitfinex to proceed pushing the boundaries of the extreme amount shopping for and promoting platform.

Bitfinex CEO, J.L. van der Velde

Company CEO, J.L. van der Velde, talked about;

We are excited to leverage EOS.io to extra advance the sphere of extreme performance and trustless on-chain alternate. Block.one continues to present an unwavering willpower to bettering blockchain scalability in the midst of the EOS.IO platform and it’s our hope that this collaboration will allow important growth for all decentralised alternate.

He went on to phrase:

Our enjoy signifies that these developments represent basically transformative features for the blockchain commerce, and Bitfinex stays devoted to leveraging the newest innovations to proceed offering the sector’s major shopping for and promoting enjoy.

EOSFinex Decentralized Exchange

EOS over Ethereum

EOS is a blockchain protocol which permits horizontal scaling of decentralized applications (dApps). This efficiently permits builders to create extreme performance allotted applications that don’t carry out on the equivalent chain. Ethereum builders are operating on a equivalent technology often called sharding which may facilitate the same issue when the substitute is rolled out.

The EOS token is currently ninth accessible out there functionality charts, shopping for and promoting on the time of writing spherical $9. It has risen incessantly during the last week by the use of 50% nonetheless stays to be down from its all-time extreme of $18 on January 11. The normal market cap is slightly below $6 billion and it’s traded predominantly on South Korean alternate Bithumb which has 40% of the total. Around $348 million has been traded prior to now 24 hours and the news of the partnership is most definitely to boost these figures for EOS.

Would you make the most of a decentralized alternate over a centralized one? Add your concepts beneath. 


Images courtesy of Bitfinex, EOSfinex, Shutterstock

BitfinexDecentralized ExchangeEOSEOS.IO Show suggestions

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