A cryptocurrency exchange enables a customer to trade cryptocurrency for different assets, like the traditional fiat money or different digital currencies.
In short, a cryptocurrency exchange can be seen to be a market maker that normally takes the bid-ask spreads as a transaction commission for service, alternately, a matching platform, simply charges fees.
Problems with centralized exchanges
It is true that centralized exchanges have done a great job in making cryptocurrencies very popular and accessible, but it’s also a fact that the idea of centralized exchanges contradicts the idea of cryptocurrency.
The major concern with centralized exchanges is security. Since 2013 more than 35 of centralized exchanges have been hacked into. This is because centralized exchanges are prone to the same challenges other centralized institutions face as customers are exposed to the risk of counterparty.
The publicized negativity of exchange hacks for sure hurts public perception and slows down widespread adoption of the technology as potential traders fear the risk of losing their investments.
Decentralized Exchanges
Decentralized exchanges, usually do not keep user’s money on their platform, rather they enable peer-to-peer cryptocurrency trading. One major advantage of Decentralized exchanges is the fact that they are immuned to security challenges that plagues other exchanges.
Ferrum Network as a solution
Here is a decentralized platform where users are able to manage, transact and exchange their digital assets without handing over their assets to a third party.
It’s a high-speed interoperability network that can connect to nearly any blockchain making it possible for peer-to-peer transactions and it also allows customers to buy, sell, transact, exchange and store any digital assets without taking custody of those assets.
Ferrum network has in-built advantages, compared to traditional blockchains in the areas of speed, costs and scalability.
Users of the network can deposit any asset thereby creating a proxy token that can be transacted and exchanged, aided by the UniFyre wallet or the other anticipating exchange products.
To start with Ferrum Network products, users can buy their digital assets directly with fiat money making use of their fiat platforms, starting with their West African based fiat platform, Kudi Exchange, which in combination with mobile wallet helps users to buy Bitcoin and other digital assets directly with fiat.
Another good thing is that the mobile wallet permits users to send digital fiat money peer-to-peer using just What’s App and SMS numbers. It doesn’t require database nor intermediaries.
Aside that, Kudi Exchange is something unprecedented because it’s going to be the first and only platform in Africa to offer the U.S. Dollar backed stable coin, Gemini Dollar.
In the line of innovations in their financial application is the UniFyre wallet, with distinguishing features for sending and receiving transactions that allow users to do risk-free and almost-instant peer-to-peer exchanges of these digital assets: Ripple, Ethereum, Bitcoin, True USD, Gemini Dollar, and the Ferrum Token.
Also, customers will be able to trade their assets on the network’s user-friendly and sophisticated decentralized exchange, known as the infinity DEX.
The final one is that users can keep their assets safely with the network’s low-cost, ultra secure cold storage application: The sub-zero wallet, solving the problems of accessibility and cost.
http://whitepaper.ferrum.network/
https://ferrum.network/
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