South Korean Crypto Exchange Company Bithumb Launches DEX
Bithumb, a South Korean megalitic cryptocurrency exchange has officially introduced Bithumb DEX. This is a devolved exchange platform for cryptocurrencies. Users should embrace it because of its additional security features, speed and stability over rival trading sites.
During the beginning of the month, Bithumb DEX partnered with OneRoot Venture, which created the R 1 Protocol. The news was available on OneRoot’s official blog on the 15th of October. Bithumb DEX customers will be safeguarded from theft that adversely affects the digital money industry. Therefore, investor’s assets will be safe and free from security threats.
Safety And Speed
The latest announcement indicates that Bithumb DEX users will not be prone to digital theft. This is because their coins are not kept in exchange server wallets. Their resources are now kept in a smart contract. This feature decreases the risk of platform invasion by unauthorized persons. The platform currently handles customer’s resources indirectly.
OneRoot suggests that the speed of its decentralized platforms is comparably fast as their centralized exchanges. However, most individuals disagree with such sentiments because they have experienced delays while executing transactions. Several users had previously lamented the low speed of DEX exchanges.
DEX platform also has strict identification procedures for their members. These techniques are mainly used by central exchanges. The primary intention is to prevent fraud and to safeguard customer’s confidential data. Exposing this vital information can result in the loss of investor resources. Despite these safeguards, their identification methods have been described as redundant.
Transparency, Stability, and Liquidity
Bithumb DEX can now be administered using blockchain. However, it needs the assistance of OneRoot's R1 protocol to accomplish this goal. The main objective is to increase the transparency and dependability of digital transactions. It also decreases the problem of slow execution of transactions in decentralized exchanges. In most instances, the long processes inconvenience the users of these platforms.
DEX solved the problem by sharing its liquidity and order data with other cryptocurrency businesses running on the R 1 protocol. The measure significantly improves asset liquidity for users.
The R1 protocol has a feature that allows entities to share liquidity and order data. Different businesses can also engage in cross-regional cooperation. This is where organizations use worldwide distributed systems to carry out their activities. Corporations need to share information in order to reduce the chances of fraud in the cryptocurrency industry.
OneRoot suggests that they will benefit from the symbiotic relationship with Bithumb should the two entities embrace cooperation. These corporations control a large market share in the digital money business across the globe. Therefore, these businesses should always regard the safety of their customers. Besides, they must increase the speed of their operations to serve their clients well.