Bitfinex, the world's largest bitcoin exchange platform, just announced that they'll be building a decentralised exchange on top of the EOS.IO platform.
BitFinex's CEO (J.L. van der Velde) stated the following while announcing the news
"We are excited to leverage EOS.io to further advance the field of high performance and trustless on-chain exchange. Block.one continues to display an unwavering dedication to improving blockchain scalability through the EOS.IO platform and it is our hope that this collaboration will allow significant advancement for all decentralised exchange”
What is EOS?
EOS is a blockchain platform being developed by Dan Larimer's Block.one that wants to be the most powerful infrastructure for decentralized applications. It essentially wants to be a quicker and more efficient blockchain than the Ethereum blockchain.
Implications
By leveraging EOS as the platform of choice to build their Decentralised Exchange (DEx), Bitfinex is banking on the speed of EOS to put it way ahead of the curve in terms of transaction speed at the very least.
EOS wants deliver 500,000 transactions per second. For comparison, Ethereum can only manage 15 transactions per second while VISA can handle an impressive 45,000 transactions per second .(Source)
Bitfinex also intends to stay ahead of the crypocurrency exchange curve by switching or atleast having an option to switch to a decentralised exchange. DEx are becoming more and more important as people are starting to lose trust in cryptocurrency exchanges being able to hold their funds securely. Centralised exchanges are a big target for hackers because they can make a way with the funds of thousands of users if they can compromise the exchanges system - much like the CoinCheck hack that happened recently.
Source
Official Announcement
THANK YOU FOR READING
