Rock’n’Block notes: Anonymous crypto exchange vs. DEX?11 Nov 2021
📈 We know that the most prominent crypto exchanges are not anonymous. It means that whenever a user tries to register and conduct the first transaction on that crypto exchange it would be possible only after KYC (know your customer form) and Identity verification.
These requirements are imposed by many governments around the world, and it is hard to find a place where potential users are exempted from this requirement.
However, it means one important thing, that these crypto exchanges can be regulated and centralized. And that is true, most of the crypto exchanges that we know are centralized and not anonymous, like Binance, Coinbase, Gemini, Kraken.
Any crypto exchange can turn anonymous by just refusing to require any identity verification for its users. Although a lot of anonymous crypto exchanges may experience trust issues, they potentially have benefits like avoiding leaks of any sort of private or sensitive data, simply because it is all anonymous.
🔒 What is the better alternative for an anonymized crypto exchange?
There are more options to exchange or swap your digital assets. In DeFi we have swap protocols that are run with the help of smart contracts that allow us to swap crypto-to-crypto digital assets. These swaps can happen through DeFi protocols like Uniswap V3, PancakeSwap that run on Binance Smart Chain, etc. Therefore there is a demand for DEX.
Swapping digital assets through DEX from your crypto wallet is safer and just makes more sense in comparison with the concept of anonymous crypto exchange.
Developing a DEX project takes a lot of effort and time. There may be many features and technical requirements included, from the development of a blockchain to establishing blockchain bridges or integrating custom crypto wallets.
Soon we hope that we introduce the completed projects that were powered by the team of Rock’n’Block.
Let’s join DeFi future together!
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