It is no longer news that smoke network (set to be launched soonest) would be the first cannabis community set up on the blockchain technology, one that would reward users for their contribution toward the growth of the platform and on which cannabis users would be able to interact with one another from various parts of the globe.
So many developments are in the pipeline of the smoke network, one of which is the easy smoke dex, a decentralized exchange where users on the platform would be able to swap their smoke assets/coins with other major cryptocurrencies or fiat as the case may be.
If you are thinking in line with me, I bet you’d agree this development would be phenomenal. Now why this integration?
Any blockchain enthusiast would observe the recurrent rise and fall of the prices of bitcoin and alt coins in the market. This, we take as the normal trend in the crypto market which in itself is not a problem per se. The big problem as we have in the coin market stems from the fact that virtually all alt coins rely on their big master, Mr Bitcoin, in measuring their standard. Since the value of alt coins are thus tied to that of bitcoin, anyfall in bitcoin directly affect alt coins and vice versa. This fall is often very detrimental to alt coins, a very pitiable situation. The fact that crypto currencies and the crypto sphere in general is quite volatile and rely solely on demand and supply of coins for their successes and also on BTC for their value often pose problem to newbies on the blockchain with respect to determining the true value of these coins in fiat terms.
Additionally, investing in blockchains at present often entail buying bitcoin firstly and then exchanging it for the desired alt coins. Same is the case when cashing out one’s investments. Exchanges that accept fiats for purchase of alt coins are almost non-existent and this creates a whole round of procedures that are very tedious especially to blockchain noobs.
All these are perhaps needless hassles blockchain users endure on daily basis, a situation that can verily be saved.
The smoke decentralized exchange is a plan put in place to save the smoke coin and the smoke platform itself from the harm that might befall bitcoin as per its fall since the crypto sphere is volatile and no one can really predict its future. It is hoped the exchange would help ease excess reliance on bitcoin as investors/users of the platform would be able to purchase smoke coins directly with fiats like USD and EURO.
To arrive at this goal, the smoke network team has already taken the giant step of partnering with Easy.dex which would make it possible to infuse full-fledged exchange in the smoke platform with fiat pairs suchas Euro/smoke, and USD/smoke along side some major crypto coins pairing with the cannabis coin to create more alternatives for users. This of course would invariably make investing and cashing out much more simpler.
The smoke dex is proposed to be jointly powered by the bitshares blockchain and the smoke network. What this implies is simply that users of the smoke network platform would be entailed to own bitshares account also which would be created for them simultaneously with their smoke network account. This bridge between both platforms would enable smoke network users to deposit smoke digital assets directly in their bitshares accounts for trade into other crypto currencies or cashing out in fiat.
In my view this would be a win win situation, one that would be unbeatable by any platform.
Kudos to the smoke netork team.
To learn more about the smoke decentralized exchange, visit their website at
https://smoke.network
Also visit https://smoke.io to sign up for a free account.