Those of you, who buy, invest or trade in crypto-currencies will agree that having your crypto wallets on centralized exchanges comes with high risk. There are plenty of examples of exchange wallets being hacked, stolen or exchange suspended or locked up a particular wallet or an exchange declaring bankruptcy.
Of late, several decentralized exchanges are emerging to make things more transparent and secure. Bitshares is one such decentralized exchange based on the graphene blockchain. But I know some of my friends had lost access to their Bitshares account due to accidental lose of their private keys. Once you lose the keys, there is no way to access those funds and I still see their funds sitting in their wallet forever.
Yes we are humans; we do commit mistakes and sometimes blunders. We can loss keys to all our digital earnings and everything is lost! So today I’m going to talk about a recently launched DEX that tries to address this problem.
EasyDex launches open beta
EasyDex is creating a new interface for accessing Bitshares platform. They want to make it easier for experienced users as well as newbies. So they have also thought about account recovery process in case a user losses his/her account keys. They have come up with a trustless and secure way to recover users' passwords in the case of an accidental loss.
All new accounts created using EasyDex UI have an option of storing an encrypted version of their passwords in its databases. In the rare eventuality of the loss of the password, the user (and only the user) can recover his/her password through a 2 step process.
In a way, you are delegating them the rights to protect your encrypted keys like you keep your money in bank lockers & safes. To avail this service, you would need to share your email ID with them. So it’s not suitable for the people who want to maintain their anonymity. But for all others, it’s a good alternative.
Trade digital assets like Steem & SBD for fiat
In India, BuyUcoin had launched Steem/INR fiat pair and very recently Chinese exchange Huobi has introduced trading in Steem/USDT pair. But all these are cdentralized exchanges with their own problems.
EasyDex is also introducing fiat to crypto trading. They are creating viable fiat bridges to the Bitshares platform. They have recently cleared all legal hurdles to offer deposits and withdrawals of USD & EUR. They will be adding more fiat currencies in the future.
EasyDex Portfolio Builder token
For those who are looking at passive income, EasyDex has created a token called EASYDEX.PB. All holders of EasyDex portfolio builder token will receive regular sharedrops of each crypto asset that the Dex has a bridge for, amounting to 50% of the market fee collected for each asset. These tokens are still in development and will have a maximum supply of 1 million tokens. About 80% of these tokens will be sold through EOS type bidding method. 10% tokens are reserved for bounties, contest and rewarding people working on the project.
To conclude, if you are looking for opening a new open ledger ot bitshares account with an account recovery option, you need to visit here
If you want to know more about their service and plans, you can join their Discord Server here and Telegram Group here
Hope you would like it.
