In today’s post, I will review altcoin.io exchange.
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Altcoin.io is a decentralized cryptocurrency exchange that provides users the ability to trade with each other without relying on a third party to match buyers and sellers.
The idea behind altcoin.io is not something new, decentralized exchanges have existed for a while, however, they were not able to gain traction among users because they were slow, inefficient and lack the liquidity that is necessary for a successful exchange.
Altcoin.io solves all of these problems by being the first decentralized exchange that doesn’t compromise on the user experience.
Why are centralized exchanges not optimital for cryptocurrencies?
Bitcoin and other cryptocurrencies are built to be decentralized, so using a centralized exchange defeat the purpose of using these decentralized cryptocurrencies. When Satoshi Nakamoto created Bitcoin, the first decentralization digital currency, he was able to create a decentralized digital value that no one can shut down, but using a centralized exchanges means that even though these cryptocurrencies are decentralized, the whole ecosystem still relies on a central point of failure, i.e. exchanges.
These exchanges control a huge amount of the user’s fund in a centralized system, this means that if someone managed to breach their systems, all users funds will be lost. Since 2011 a total of 26 exchanges has been hacked with billion of dollars worth of cryptocurrencies stolen.
Since these centralized exchange control users’ funds, they can at any moment without prior notice to require users to verify their account with government IDs or even a picture of themselves holding their IDs, etc, I don’t know about you but I certainly won’t trust a centralized anonymous entity with my personal data.
You can go online and you’ll find a lot of horror stories of users complaining about exchanges freezing or suspending their account because of a change in the TOS. With an unregulated environment like it is in the case of cryptocurrencies, users are left with no options except campaigning online in the hope of exchange fixing their issues.
Why are decentralized exchanges still not popular among users?
With all the stated disadvantages of using centralized exchanges, you’ll be wondering why are decentralized exchange not popular yet. That’s because most users care about convenience and easy of use more than they do about security.
Today’s decentralized exchanges have good security but lack when it comes to the users experience part, they are usually very slow, lack liquidity, lack basic features and are not easy to use compared to established centralized exchanges, so the users are left with risking their funds on centralized exchanges because current decentralized exchanges are not polished enough to be used by ordinary users.
What does altcoin.io offer that other decentralized exchanges don’t?
Altcoin.io offers the best of the two worlds. Altcoin.io takes the advantages of centralized and decentralized exchange without any compromise on security nor on user experience.
Altcoin.io relies on revolutionary new technologies such as Atomic Swaps and the Raiden Network to achieve its decentralization, so unlike other decentralized exchanges that try to achieve decentralization by making every transaction on-chain, altcoin.io relies on the Raiden Network for off-chain transactions and on Atomic Swap for exchanging native tokens of different blockchains without the need of any middleman.
Raiden Network is Ethereum’s version of Bitcoin’s Lightning Network, this technology allows for instantaneous transactions off-chain. Atomic Swap is another technology that altcoin.io uses, atomic here means that the trasaction is either succesful or it is canceled and all funds return to their original owners.
You don’t have to worry about the above jargon, all you need to know is that using altcoin.io means that you are always in control of your funds, so hackers can’t target a central point of failure to steal users funds because there is no central point of failure in altcoin.io.
Because of the new technology that altcoin.io uses to achieve its decentralization nature, the user experience is on par with other centralized exchanges. You can see from the above gif how does altcoin.io work, exchanging coins happen instantly all while being decentralized.
Benefits of Decentralized exchanges over centralized exchanges
Exchange controls funds
Hacks and server downtime
User Controls funds
No hacks and server downtime
Benefit of Centralized exchange over Decentralized exchanges
Easy to use
Not easy to use
Altcoin.io combines the advantages of both types of exchanges
Easy to use
User controls funds
No hacks and server downtime
Altcoin.io Review Summary:
Type of Exchange
Atom Swaps, Raiden Network, IPFS, BigchainDB.
Total control of your funds.
Fast and easy to use
All benefit that tranditional centralized exchanges offer
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