Decentralized Exchange :
A decentralized exchange is a digital assets exchange which allows buyer-to-seller direct transactions without central authority permission. This exchange works with the help of smart contract rule, and it doesn't store user funds and personal data. This exchange is the fundamental philosophy of blockchain and crypto spaces. This decentralized exchange has more benefits than a centralized exchange, the reason is in this platform, buy order and sells orders get executed faster on compared to another exchange, so more users are interested in this exchange.
How Does Decentralized Exchange Work?
The decentralized exchange work process is similar to a centralized exchange, but there are some difference too. They are ,
>A token owner raises an order to exchange their funds with another available on the DEX. Here the user specifies the number of units they want to sell, and the cost of each token.
> Once the sell order is set up as mentioned above, other users can submit bids via buy orders.
> once the assigned sell order expires, all bids are reviewed and calculated by the buyer and seller.
How it is seen from the outside, as a user placing an order?
> First users are using a wallet address to log in to the DEX portal.
> And users submit a buy or sell request.
> The buy order and sell order are executed and transferred in the smart contract.
> And tokens are automatically sent to the user's wallet.
> Finally the order gets disconnected.
Let's see the best-decentralized exchange:
> Altcoin
> Bisq
> Cryptobridge
> Openledger Dex
> EtherDelta
> Uniswap
A decentralized exchange is similar to a centralized exchange, but some of the functionalities are different in decentralized exchange. A centralized exchange is popular worldwide, the same as the decentralized exchange is also popular among people. If you have an idea of starting a cryptocurrency exchange business. You can start a decentralized exchange, this is the best way to get more revenue. And you can be confused about How I can launch a Decentralized Exchange? Don't worry, cryptocurrency exchange development company, Like Bitdeal, provides a Decentralized Exchange Script with which you can launch the DEX platform instantly.
I hope this article is useful to start your own DEX platform. If you want to know more about launching DEX platform, read-> https://www.bitdeal.net/how-to-create-fully-decentralized-exchange-website
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