Months ago in February, Bitfinex announced that they would be creating a new decentralized cryptocurrency exchange which was to be used on the EOS platform called EOSfinex.
At the time, not much was known about the upcoming exchange and it was mostly shrouded in mystery. This has changed, however, as more details about the project have come to light.
The beta version of the exchange is due to be launched later this month and the announcement of new details is a way to drum up support for it ahead of time.
BItfinex also gives a good look at the features that will be prevalent in the exchange.
The exchange will have several prominent features.
For example, it will support three currency pairs when it first launches. These three will be BTC/USD, ETH/USD and EOS/USD.
There will also be a number of order types including instant order.
The feature that excites blockchain users the most is the decentralized nature of the exchange. The exchange has been touted as having a high level of transparency and freedom, which most cryptocurrency users value above all else.
The Need for Transparency
There has been an increasing demand for more transparency from Bitfinex. Users, however, have complained in recent times about the lack of transparency that plagues exchanges.
As cryptocurrency becomes more and more mainstream, government and financial institutions are demanding more accountability from those who deal in it and Bitfinex, being the crypto giant it is, is aware of this.
To satisfy both consumers and the authorities, this exchange is said to be very transparent in its dealings and its completely decentralized nature means that its users can monitor their transactions at any given time from anywhere in the world.
As mentioned earlier, the demand for more accountability has been made by both consumers and the authorities.
As a result, cryptocurrency businesses have responded by creating more and more decentralized platforms with Bitfinex hardly being the first.
Huobi and Binance are in the process of doing the same and it has become fashionable of sorts to do so.
Despite this, there are not a lot of decentralized exchanges currently in existence and this means that companies can easily enter the market and create a steady user base without much competition.
In the coming years, it could happen that decentralized exchanges become the norm across the industry.