Using Virie Market as an example
Almost 99% of trades happen on centralized exchanges, be it for cryptocurrency trading, goods, or even services. For cryptocurrencies, trading them on centralized exchanges goes completely against the ethos of these currencies’ decentralized nature. What a shame that Satoshi Nakamoto’s purpose of monetary sovereignty is still within the powers of centralized exchanges. For trading of goods, there’s Amazon, eBay, Alibaba, etc.
All of these are centralized exchanges that don’t just have full control over the investors’ products but their money too. For trading of services, freelancers have to pay tons of fees to trade their services through centralized platforms such as Upwork. So, why are decentralized exchanges better than the centralized ones, and what are its greatest benefits? We will reveal them here.
No trust issues
Decentralized exchanges do not use third-parties or middlemen to facilitate the transactions. Instead, they use their peer-to-peer network that runs through the economic principle that to maximize profits, everyone has to play fair. Virie Market, for example, has its built-in escrow that doesn’t use an intermediary. Both parties need to adhere to everything within the agreement, or their deposits will be forfeited. Furthermore, if a single centralized exchange that holds billions of dollars’ worth of funds is compromised or shut down, your money is gone forever. A decentralized exchange like Virie can never be compromised nor shut down.
No bans, no hacks, no scams
It’s no secret that the biggest bans, hacks, and scams happened in centralized exchanges. There have been at least 30 cryptocurrency exchanges that have been hacked or scammed over the last 9 years. Countries like China, Korea, Russia, etc., have imposed bans on them. Such bans, hacks, or scams happen because you use centralized exchanges, which technically means that you don’t own your money. These incidents don’t happen in decentralized exchanges because there’s no single point of failure in their model, and the same is true with Virie Market.
Pleasant user experience
While it’s true that both centralized and decentralized exchanges today have confusing platforms, it will not be for long. The Virie Market is pioneering a decentralized exchange with the most-user friendly platform you’ll be surprised. It aims to bring the most pleasant user experience that one doesn’t have to be a geek to use it. All you have to do is download the application, and that’s it. It even provides a User Guide to make it even easier for everyone.
Highest level of security
Directly related to the trust issues, one of the major problems in centralized exchanges is security, which is why those numerous hacks happened. In the case of Virie Market, you can be assured of the highest level of security with its implementation of Proof of Stake (PoS) as combined with Proof of Work (PoW). A hacker needs to have 51% of each to be able to infiltrate the network. On top of that, Virie uses the most modern cryptography to ensure that all transactions are untraceable and unlinkable, which means that no one will ever know who the transaction was sent to or who sent it. Download its Whitepaper to know more about it.