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With the advent of Blockchain technology, and the creation of thousands of crypto utilities and tokens, came the need for a marketplace to buy and sell crypto assets. These marketplaces are called crypto exchanges.
Whether centralized or decentralized, these crypto exchange platforms came with their fees, securities, and cryptocurrency offerings. Yet with all these differences, these platforms use similar protocols for operations, and they have similar problems.
How are FTX (FTT), Shiba Inu (SHIB), and Blockonnect tackling problems in the crypto exchange space?
FTX (FTT) Operates In Real Time
One of the major problems the normal crypto exchange faces is speed. The speed of issuing margin calls and settling customer requests. Why is this significant?
Well, the market moves quickly, almost at the speed of thought. For a traditional exchange, it takes a day for users to fund their accounts since the wire transfer goes through third-party brokers before approval.
After approval, the user has to wait if they issue a margin call and if they want to close their position. To make it worse, all these can only happen during weekdays or operating hours. If a request is placed on a weekend, they must wait until a weekday.
Then came FTX (FTT), a necessary tool to solve traditional speed problems. The solution was to hold user assets, from depositing to margin calls to settlement. This gave the platform control needed for real-time measurement.
In addition to the general services of traditional exchanges, FTX (FTT) operates round the clock. day in, day out.
But FTX (FTT) wasn’t the only project solving world problems.
Shiba Inu’s (SHIB) ShibaSwap
In July 2021, the popular meme coin community came up with ShibaSwap. Unlike FTX (FTT), which was centralized, ShibaSwap, true to Ryoshi’s philosophy, was built to be decentralized.
ShibaSwap is built on the Ethereum (ETH) network and provides modern exchange services. Additionally, it provides a safe place for users to trade their assets without holding them. This is done by connecting user wallets directly to the platform.
The platform also provided NTF marketplaces, mining, and minting features, all to expand the SHIB ecology. And to enjoy those features, users fund their wallets with ETH and convert them to the three native coins of the projects SHIB, BONE, and LEASH.
Blockonnect Is Focused On Protecting consumer Control
Blockonnect is a simple platform that offers all exchange services using Ethereum (ETH). with its ease of use, lower transaction fees, and integration with smart contract technologies.
To receive effective services, the users must sign off most of their assets and identity control. Blockonnect is built with a focus on fully securing users without sacrificing control.
Everybody owns their identity, their information, and their money. And that money is safe with Blockonnect.
This feature appeals not just to advanced users but also to inexperienced ones. Being the one shop to provide it all, it allows users to focus on getting acquainted with just one platform.
Conclusion
The crypto exchange space is far from perfect, with many bugs and issues.
Fortunately, developers and platforms are not shying away from it, instead choosing to tackle them each step. These projects give users hope to ask, what does the future hold for the crypto space?
Blockonnect Technical
Presale:https://block.blockonnect.io/register
Website: https://block.blockonnect.io/
Telegram: https://t.me/BlockonnectOfficial
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