It’s time for Co-DEX — The Decentralized Exchange of the Future
The global cryptocurrency market is growing every day, cryptocurrencies are, slowly but surely, making their way into aspects of our day to day lives, breaching into the real world and becoming a means to facilitate commerce, investments and just everyday acquisitions, spanning from the simplest products, like a cup of coffee, all the way up to real estate investments.
It’s an undeniable truth that the “crypto world” has arrived and it’s here to stay. Cryptocurrencies such as Ether and Bitcoin, have already established themselves as strong, durable alternatives to fiat based currencies, allowing for a free flow of capital thus putting the power of asset management back into the hands of the people.
The philosophy of blockchains is centred on the ideas of freedom, security, transparency, decentralization, concepts which speak out to the ever growing need of individuals and small businesses alike, becoming a solution for in a world that seems to become ever more restrictive, monitored and very heavily regulated.
What is Co-DEX?
With the explosion of cryptocurrencies and their respected tokens, the need for a stronger interconnectivity between them arises. This need for an interoperability between the blockchains arose as well, thus solutions such as the ones put forward by Cosmos Network, came to solve these needs, and of course building on this, WE at Co-DEX are here to provide the necessary means for the trading of these multiple-chain-based cryptocurrencies by creating the first, non custodial, NO FEES, decentralized exchange based on the innovations provided by the Cosmos Network.
The need to create a viable, user-friendly, decentralized exchange that allows for fast transactions using the Cosmos Network platform, and taking full advantage of the revolutionary “internet of blockchains” features is a much needed response to the many existing problems that characterize the centralized exchanges such as high trading fees, identity theft, security issues and the problem involving trust in a third party.
All the new developing infrastructures, side chains, cross-chain transactions, lightning networks need to have a place where each individual can benefit from the ability to exchange any of their crypto assets and that place is Co-DEX — the first, non custodial, NO FEES decentralized exchange, based on Cosmos Network, no more relying on a third-party service which holds customer’s asset is necessary, an automated process called “smart contracts” allowing the trades to happen directly between users. This is called P2P transaction and the system can be achieved through a series of decentralized escrow type solutions as well as other solutions that are currently being developed.
Problem Statement
Regarding the problems that plague the centralized exchanges, massive security risk, and massive attacks have led to enormous sums of money being stolen (Mt. Gox — over $470 million) due to breaches that allowed access to hot wallets, one of the many problems of centralized exchanges, crackers making use of these centre points for attacks.
DEXs however, have a different system, each user privately controlling his own assets and funds, thus there is no central point for attack. DEXs facilitate faster and cheaper transactions than a centralized exchange, since there is no third party authenticator.
One must keep in mind that many exchanges claim to be decentralized, such as Bancor, but are truly hybrid, and their centralized aspects present vulnerabilities. For instance, around $23 million was recently stolen from Bancor, and Bancor responded with a freeze attempt built into their protocol, which is only possible with at least a partially-centralized architecture.
Co-DEX though it’s non custodial nature, will work to ensure that the decentralisation aspects are met, so that there isn’t any central attack point that can be targeted, our development team will be working to constantly keep upgraded, the security systems, to create the stable environment needed for investors and users to feel secure, and to have full control and oversight of their funds and assets.
Enough is Enough… NO FEES!
Other platforms request elaborated procedures and practice substantial fees that make trading very difficult at times, Co-DEX ensures that the users will benefit from a simplification of procedures and with our policy of “Community First”, Co-DEX will practice NO FEES on top of the necessary gas or transation costs that validate the transaction on the blockchains.
We will provide a platform that is efficient, the user will only be charged the amount needed to cover the costs of the transaction, thereby giving you the option to have more control over the fee service system.
We here at Co-DEX, want to create a service with the community, by the community, for the community, our orientation is on growth and facilitating users to feel at home when using the Co-DEX platform.
Cross-chain transactions
Cross-chain transactions is the most important feature when it comes to this project. Since every blockchain has its own ecosystem, one of the most difficult, and unsolved for many years, problem, was finding a way for all of these blockchains to communicate and to operate together. Using the revolutionary IBC features, we strive for a unification under a decentralized and secure platform, thus providing you, the user, a base for trading your assets from different blockchains.
As such, you’ll often hear these cross-chain protocols referred to as using an “Internet of Blockchains”, because they will be using a network of Blockchains, which are all interoperable, these blockchains finally will have the ability to “speak” to one another because they will be integrated in a standardized way. If technology can achieve this goal, it means that you’re going to be able to speed up innovation based on the fact that people too will be innovating on individual blockchains, which will also further improve other aspects such as scaling, etc.
This means that the technology won’t rely on third-party connectors in order to transfer value from one chain to another. It’ll be built into the protocol itself. Token trading will be more efficient on Co-DEX than in any centralized exchange because blockchains in the Cosmos Network will be taking advantage of the benefits of using the features provided by the Tendermint consensus which is much faster than PoW.
It would only take seconds to finalize a deposit. In addition, a proper decentralized exchange connected to the Cosmos Hub with order book support will be more secure than any centralized exchange, so it’s inevitable that the market will evolve toward the Cosmos model.
Liquidity & Awards
In terms of liquidity for our Co-DEX token (COD1) we have prepared a series of measures which will provide and generate the necessary flow, solutions ranging from the hosting of other IDOs, buyback programs, as well as continuous prizes and rewards for the community, on which we will go into more detail in our next articles.
In conclusion
Co-DEX project aims to create and provide to the world, the full power of decentralized exchanges and capitalize on the interconnectivity and interoperability of cross-chain features.
We will write the right path for all traders, blockchain enthusiasts and future generations. We dream about full transparency, high security and peer to peer exchanges without untrusted third parties and additional taxes.
We aim to put back into the people’s hands, the much needed financial independence. If you share our beliefs and you have similar dreams, you can support our project, join our groups and take part in Co-DEX and the coming blockchain revolution.
Together we will bring about the much needed change for a brighter future for our own and the next generations of traders and crypto enthusiasts.
Make sure you stay updated
Twitter : https://twitter.com/@CoDEX_Social
Reddit: https://www.reddit.com/u/Co-DEX
Website: https://co-dex.network
Medium: https://medium.com/@co_dex/
Telegram (English): https://t.me/co_dex
Telegram Announcements & News (English): https://t.me/co_dex_ann
Facebook : https://www.facebook.com/Co-DEX-399170544043855/
YouTube: https://www.youtube.com/channel/UC8B1pOPJm8qeFYmWDGsFDCg
E-mail: [email protected]