Decentralized Exchanges are the need of time. And thank goodness for most part BitShares got that covered for us. But as to everything, improvement is more vital than existence. Users will always look for something new and more up-to-date technology. It's not just a need, but a human psychology too - To search for the better.
Undoubtedly, BitShares was(is) a genius idea to get rid of those centralized and heavily regulated Exchanges. Where there is no way for users in the Asia or Africa to verify the legitimacy of an Exchange hailing from EU or US. All you see is claims and no one cares to verify those claims - except for few sane minds. Not that they can.
Decentralized Exchanges is the next big thing, as it removes the hinders in what the Crypto World is meant for. A free, smooth, trustless transition in the Global Trading was much needed. And we felt that need when China swung the regulatory sword on a few giant Exchanges hailing from China. It was only then when people realized that BitShares wasn't just another platform, but something beyond.
To improve the user experience on BitShares Platform many projects have taken off since then. One such project is, EasyDex.
Introducing EasyDex
EasyDex is a new company creating services and providing an interface for the Bitshares platform. The primary goal is to provide transparent and highly needed services to the Decentralized Crypto space. An improved user interface that is accustomed to the updated user needs was long due. EasyDex plans to take on this task with some added features to introduce.
EasyDex Bridge Assets
EasyDex bridge assets are the bridge between the many cryptocurrencies, fiats and the Bitshares decentralized platform. Their function is similar to OPEN.BTC or BRIDGE.BTC.
So, for example if you want to buy STEEM on EasyDex. You will have to look for EasyDex.STEEM and not STEEM. Both will function the same as they are pegged on a 1:1 ratio.
What is a Bridge?
Both bridges and gateways allow you to deposit and withdraw coins, but there is a difference in the amount of trust you need to place in the service providers.
A Bridge service provides a way to deposit an amount of a cryptocurrency other than BitShares, and in turn receive a Smart Coin equivalent. Smart Coins have no counterparty risk, so the only risk you experience when using a bridge is during the short time it takes to complete the transfer. This is better than a centralized exchange such as Bittrex or Binance, where you are always at risk of the exchange being hacked, going bankrupt, or experiencing any number of other issues.
In simple words, if you own EasyDex.BTC or EasyDex.STEEM you own the same amount of BTC and STEEM. If you wish to withdraw, you will receive the equivalent of your holding.
...And there is a Token too.
xDPortfolio Builder Token
EasyDex Portfolio Builder tokens that goes by the ticker name EASYDEX.PB are designed for users who have a taste for tokens and diversifying their portfolio of a variety of crypto tokens. Holders of EASYDEX.PB will receive regular sharedrops of all of the crypto assets for which EasyDex runs bridge services in the amount of 50% of the market fees collected on the decentralized exchange. Once EasyDex starts adding new tokens to their bridge services, these tokens will allow holders to quickly grow a large, diverse portfolio.
There are a total of 1 Million EASYDEX.PB tokens. Following is the Distribution method:
| AMOUNT | Distribution Target | Price(BTS) |
|---|---|---|
| 100K | Presale | 40/Each |
| 100K | Bounties/Contests | 40/Each |
| 800K | EOS Style ICO | *Proportionate |
*Based on Daily Pool Size. Which means the price may vary from day to day.
To cut the crap, if you are looking for a Passive Income and want to make some money in the future go grab some EASYDEX.PB while you can. Who knows their fate eh?
What's So Special?
Fiat Deposit/Withdrawals
One of the biggest problems within the entire Cryptocurrency world has been transparent FIAT-tethered assets. There is so much uncertainty with current options about whether they are actually backed by an equal amount of the fiat asset they represent. I guess I don't need to remind the numerous accusations made against USDT. True or False, is another matter. Why should there be any accusations in the first place? or in other words why do you provide the room for someone to make allegations against you?
To solve this problem EasyDex will make sure to provide a Crypto asset that fully represents and is freely tradeable for the asset it represents.
In short, with EasyDex you will be able to buy your favorite Crypto such as STEEM, SBD directly with USD once you verify your Bank Account.
Lost Passwords
Let's admit it, we human beings don't give a shit until we shit. People often lose their passwords. It is a good practice to store your passwords somewhere in a text file or so but we usually do not feel the need to, as we can always recover our passwords on most of the web platforms. I guess that practice carried on to the Bitshares Dex too until we had enough reports on the lost passwords with locked funds. Although, there’s a greater awareness now on storing your passwords but still a solutions was needed to counter, just in case you get someone reckless like myself.
EasyDex got that covered for you.
Trustless Account Recovery
Your password recovery process is Trustless, meaning that only you and you have access to your password in case you lose it. EasyDex or their team doesn’t have access to it themselves. The way it works is that EasyDex store a version of your password encrypted according to a key that is your answer to a test question. To recover the password you will have to answer the test question you selected as well as have access to the email you gave during sign up. This is the most secure way one can find for now on the Bitshares Blockchain to ensure that users could always access their password but no one else could.
Transparency
The increasing need for transparency led us to decentralization aka Blockchain. But you can still mold it your way and it can get real messy. As they say, there's always a way out.
EasyDex intends to minimize this trust level through transparency. This will be accomplished through publishing live feeds of the amount of each asset held in deposit and the amount of each EasyDex bridge asset in circulation. Since the amount of each asset held in deposit will always exceed the amount of the underlying EasyDex bridge asset in circulation, users will be secure knowing that they can always exchange their EasyDex assets for real assets (USD, EURO) as and when they wish to do so.
Revenue Distribution Mechanism
EASYDEX.PB holders will receive sharedrops equal to 50% of the market fees collected from the trading of EasyDex Bridge Assets, 30% for owners of EasyDex and 20% will be held in deposit to ensure liquidity on the platform. The distribution will take place every week.
But I have a Bitshares Account?
Do not confuse yourself with UI. If you have a BitShares account, your password and username remain the same for EasyDex too. It just like the busy.org and Steemit.com. You can post on both platforms with different features.
If you have a BitShares account already, you can start trading right away. Just go to exchange.easydex.net, put in your BitShares/OpenLedger Username and Password and start trading.
But if you don't have a BitShares/OpenLedger account already then go ahead and use this great tutorial by 
Register With EasyDex Here
Suggestions
I will not point out Bugs and Fixes as the platform is still in the Beta stage which means that the team is aware of it and are on their toes to improve. So if you notice something, it's not that the team know about it already.
However, I do have two simple suggestion and that is;
- Change the asset names EasyDex.STEEEM etc to Easy.STEEM and so on. There's no point in mentioning the DEX.
- Do something about orderboorks, I face this issue on BitShares. And hope will be fixed on EasyDex, if not already.
For more, inquire on EasyDex Discord Server: https://discord.gg/qfBX6B
I think I tried to cover pretty much everything but if there's still something that I might have missed or if you have a question, I would be happy to answer or make changes. Thanks