Bithumb, one of the biggest cryptocurrency exchange platform in South Korea and the world’s leading exchange platform, has launched its decentralized exchange, Bithumb DEX. The announcement was made by One Root on their official blog earlier this week. This comes in the limelight days after the exchange platform’s 51% stake was acquired by BK Global Consortium for $354.09 million.
The decentralized exchange platform will be based on the Ethereum blockchain and will be using One Root’s R1 protocol as a core part of the exchange. The decentralized exchange platform will allow users to control their assets. Along with this, the assets will be stored in smart contracts as opposed to the centralized exchange. This would add on an extra layer of security as the asset would be safe even if the exchange platform is attacked.
Moreover, all the information related to transactions will be recorded on the blockchain. This includes the corresponding transaction details and cost deduction open and transparent, thereby eliminating covert operations.
The R1 protocol, developed by One Root, which acts as the core part of the decentralized exchange will be playing the key role of segregating matching and settlement orders. In addition, the decentralized exchange will be executing the work of matching orders off chain. This would result in the increase of transaction speed and also provide a better users experience in comparison to centralized exchanges.
Furthermore, the decentralized exchange’s order data and liquidity will be shared will all the R1 based exchange platforms. This is noted to be one of the key features of the R1 protocol, based on the concept of win-win and sharing. This would provide higer asset liquidity to traders.
The blog read:
“With R1 protocol as core, different exchanges can carry out cross-regional cooperation, which was defined by ONEROOT team as DDEX. This trading system is significant for the overall ecosystem of Bithumb, and contributes to the establishment of global distributed business system”
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