If an exchange platform has to be created, it has to be much evolved compared to the existing ones. The centralized exchanges are famously known for its successful run but people go in search of a platform which can provide peer to peer exchanging opportunities.
P2P and Other Exchanges
Before going into the P2P exchanges let us see what an exchange platform is about.
An exchange platform is a stage which enables the Crypto users around the world to exchange cryptocurrencies with each other: The two known type includes Centralized and Decentralized. A Centralized exchanges involve intermediate facilitator to carry out the transactions. The trade matching process is carried out by the intermediate person. During such a process a cent of charge is been levied while performing the trade. For the transactions to get processed the users have to submit the legal documentations for verification purposes.
Then comes the decentralized exchanges which allow exchanges without the involvement of the third party and acts just as a trade matching engine. DEX allows the user to do anonymous transactions with minimum information about each investor. The best examples would be Waves DEX, NXT, Open Ledger, Counter party. It provides the user with Blockchain technology to carry out the exchanges in a “trust less” way. The word trust less, is just that the involvement of blockchain technology makes the process permanent and transparent within the users on the network which is why its referred as “trust less basis” of exchange as no trust is required between two users in order to carry out a transaction.
Peer to Peer exchange enables quick transfer and provides considerable saving through its processes and people prefer P2P cryptocurrency exchange over Centralized exchanges as they are faster.
Read more about P2P cryptocurrency exchange development!!
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