The invention of blockchain technology and the use of cryptocurrency were to add value to the global economy. However since the introduction of this technology a lot of projects from different aspect of the global economy have leveraged on the unique features of the blockchain which include: Decentralized, secure, Transparent, immutable as well as trustworthy.
Nevertheless, CATENA Exchange has also been created to leverage on these features to offer traders of crypto, goods and services a unique experience.
Recently, there are so many crypto exchanges both centralized and decentralized .And for several years now, the advent of internet help in promoting trading of goods and services and made it easy compare to the old offline method. Online trading capitalization according to recent statistics has a huge market capitalization. Yet, despite this huge market cap, there are several challenges that do not allow buyers and sellers of crypto, goods and services to be fulfilled or satisfied. Hence the need for the creation of CATENA DECENTRALIZED EXCHANGE.
CHALLENGES FACING TRADING OF GOOD AND SERVICES GLOBALLY
Among the several factors hindering the effective and efficient trading of good and services include but not limited to:
- Lack of transparency: in the present traditional trading platforms both buyers and sellers can be defrauded due to the fact that the process is not open enough, therefore is no adequate accountability.
- Lack of adequate security: most times traders or manufacturers of goods lose a lot of money due to poor security measures which is not enough to protect their funds as well as products. Some goods even got missing at the border while crossing while some funds do miss due to cyber hackers.
- Centralization: there is always a central body controlling the trades and making rules that are only favorable to a few people. This leads to interference in the activities of the traders which in turn cause inconveniencies to their business transactions. Traders or manufactures also pay a lot of money as different duties in other to clear or import some goods.
- Lack of proper communication: moist times the parties involve are not able to adequately communicate with each other during the trades and this could lead to lack of trust between the different parties involved thereby affecting the proper flow of the product supply chain.
THE CREATION OF CATENA EXCHANGE
Considering the above challenges, CATENA team of seasoned professionals and experienced men in different related fields decided to leverage on the disruptive technology of the blockchain to create a decentralized platform where cryptocurrencies , products as well as services of different nature can be effectively , securely, and reliable Exchange without the need of intermediary or middlemen.
THE UNIQUE FEATURES OF CATENA THAT WILL HELP SOLVE THE CURRENT PROBLEMS
Interestingly, CATENA is designed on a blockchain and with its unique features it will take care of and eradicate the challenges faced by traders of crypto and other products. Some of the ways CATENA intends to solve these problems include:
- Transparency: the fact that CATENA is designed on the blockchain technology with the use of smart contract, there is a guarantee of transparency while trading cryptocurrencies as well as goods and services.
- Proper communication: CATENA is uniquely designed such that the supply chain flows freely by allowing every party involve from the manufacturer to the retailer of goods to have contact with each other at the point of transacting the business.
- No unnecessary charges: with the use of CATENA Exchange on the blockchain technology, traders of goods and services will only need to pay a minimal amount for their products and no hidden charges.
- Decentralized platform: the fact that CATENA is decentralized gives owners of goods and services at different levels equal right to trade on the Exchange without interferences by a central body.
- in trading of cryptocurencies transactions are not delayed unlike other slow Exchanges.
THE CATENA TOKEN
CATENA team has created a token on the ethereum blockchain which will act as the main driver of the ecosystem and serve major purposes on the platform.
USES OF CATENA TOKEN
I. it will be used in listing products and services on the CATENA exchange
ii. It will be used for purchasing goods and services on the platform
iii. CATENA can be exchange for other cryptocurrencies.
CONCLUSION
The unique and outstanding fact about CATENA is that, iusers can trade different cryptocurrecncies as well as products and services on same Exchange. This will surly add the real life usage of cryptocurrency which has been the desire of crypto enthausiats and one of the key factors that hinder mass adoption of the blockchain technology. With CATENA Exchange there is no doubt that so many individuals and organization will adopt the use of cryptocurrency in no time.
For more information on this project please contact he following links:
Website: https://www.catenaex.com/
Whitepaper: https://docs.wixstatic.com/ugd/abac0c_1a93431ed1a94defbddfd1460a7efa51.pdf
Telegram: https://t.me/Catena_DEX
Bountyox username: funex
Eth address: 0xa30B9fE39d9983dF6A94b53C12EF6e44bCf1631c