Decred Makes Bold Move with Upcoming Decentralized Exchange
The digital coin continues to forge its path with a bid to become a leading asset, this time adding a decentralized exchange.
Decred (DCR), one of the best performing digital assets in the past weeks, is making another bold proposal - its proprietary decentralized exchange. The Decred team is working on the distributed market with the working name “DEX”, aiming to disrupt the billion-dollar industry of centralized exchanges. The Decred project promises better privacy, security, and fewer barriers to entry.
“DEX is a topic that has been discussed for some time,” said Jake Yocom-Piatt, Decred Project Lead and one of the authors of the proposal.
“Our goal is to structure the conversation so the developer community can step up with real-world solutions. We believe that this call-to-action is long overdue. Blockchain can only move forward by putting more power in the hands of the community. Decentralization has been our guiding principle at Decred and it is what motivated us to create this project, which can benefit the entire ecosystem.”
The upcoming exchange is the first one to integrate atomic swaps, allowing small-scale exchanges between Decred, Litecoin, and Bitcoin, three networks that are compatible and have been tested for years in performing atomic swaps.
There will be no specialized token for the exchange, instead using a simple client-server communication. Wallet owners keep their funds, and external services, e.g wallets, can access a simple client API on the server that provides a data feed, ability to place orders, and other services.
The Decred DEX is part of the coin’s very active roadmap for 2018. For this year, Decred has set ambitious goals in becoming a privacy coin. Additionally, the project has redoubled its marketing efforts.
The DCR market price stands at $96.15, up around 9% this week. DCR has climbed slowly to the current levels, and some see it gaining more to become a top 10 coin.
Decred is one of the projects where most of the development work has already happened, but the marketing efforts lagged until recently. However, the network has one of the most robust governance systems, along with small-scale voting.
Additionally, the Decred network is doubly secured, first by recently added ASIC mining, and by verification nodes. In the past month, the addition of ASIC mining has been indicated by the Decred hashrate jumping up to five times, from around 4,400 TH/s, to more than 20,000 TH/s. At the time of writing, however, f2pool held 50.5% of the DCR hashing power.
Pools are not entirely centralized, instead aggregating hashing power, yet for now, the heft of this mining pool, potentially aggregating ASIC mining, is somewhat worrisome. Potentially, the voting system and verification nodes would serve to mitigate a mining attack. But a mining attack would not harm Decred - a malicious entity would also need to buy up a significant part of the Decred supply. This makes DCR one of the most secure digital assets at the moment.