The introduction of bitcoin and its fundamental blockchain innovation by the last quarter of the year 2008 by the anonymous "Satoshi Nakamoto" heralded another period on the world’s financial framework. It meant the requirement for a change in outlook from the conventional fiat monetary standards to advanced/electronic monetary forms generally called cryptocurrencies.
Cryptocurrencies are virtual cash/resources that are of extreme importance and can be utilized for trade or exchange. With the introduction cryptocurrencies came the requirement for platforms where these monetary standards can be exchanged and traded. This gave rise to cryptocurrency exchanges which the author will from now on allude to simply as "exchanges".
The earliest type of exchanges that were developed was centralized exchanges. Be that as it may, with time, these brought centralized exchanges turned out to be unfit for the clime as it was not completely anchored, charged high for exchanges, thus numerous different cons. There was the need for exchanges where the clients had control of their wallets, modest exchanges and which are decentralized. These therefore gave rise to decentralized exchanges.
Decentralized exchanges, regardless of being viewed as a savior of crypto exchanging has not been fully embraced by most crypto traders and users because of the following reasons:
• Far too slow transactions: most Dex are very slow as transaction rate is 14-21 exchanges for every second.
• Not fully decentralized: a majority of existing dex are not fully decentralized as they exert some centralized features and charge high cost of transactions.
• Lack of shared liquidity: usually, liquidity is low in dex. This is made worse by the fact that the current dex’s run on a particular smart contract of a particular exchange and cannot run on other smart contracts or blockchains, therefore, an exchange cannot be made between these smart contracts.
• Not completely decentralized: a dominant part of existing dex is not completely decentralized as they apply some incorporated highlights and charge surprising expense of exchanges.
• Lack of shared liquidity: more often than not, liquidity is low in dex. This is exacerbated by the way that the current dex's are kept running on a specific smart contract of a specific exchange and can't keep running on other smart contracts or blockchains. Therefore, an exchange can't be made between these smart contracts.
Based on the above cons of existing decentralized exchanges, there is a clamor for a decentralized exchange with superior functions.
The crypto community is yearning for a revolutionary exchange, a decentralized exchange which will not only be fast, cheap and secure, but fully decentralized as well.
I present to you Ominira protocol . Ominira is a secure peer to peer and user friendly escrow and decentralized exchange platform with the aim of eliminating ethical and trust constraints as well as providing a fair framework in the current market, creating a profitable product, and offering liberating innovations and solutions with its unique and outstanding escrow and exchange platform. In other words, Ominira protocol is a dual purpose platform which intends to not only serve as a decentralized exchange platform but offer escrow services as well.
Ominira decentralized exchange allows its clients exchange different cryptocurrencies directly from ne wallet to another at a very low cost of transaction. Users can send, receive and exchange cryptocurrencies like BItcoin, Ethereum, Eos and many more with other cryptoceans from one wallet to another at very minimum fees
Again, the second aspect of the Ominira platform, being the escrow services allows users to escrow funds in multiple cryptocurrencies. The risk of fraud is reduces as Ominira acts as trusted third-party that collects, holds disburses funds only when both buyers and sellers are okay with the transaction.
Ominira has a lot to contribute to the crypto space. With a great team and great project, Ominira is a project for all. I see Ominira as a worthwhile investment. Get ready, brace up, save up, crowd sale commences soon.
For more information on the project, please contact:
Website: https://ominiraprotocol.io/
Whitepaper: https://ominiraprotocol.io/#whitepaper
Telegram: http://t.me/OminiraEN
Steemit: https://twitter.com/OminiraEn
This piece was compiled and written by Godspower Chikwendu (Cryptoobiobi)