For the first time since the birth of Bitcoin few years back, in 2017 the cryptocurrency market has grown to previously unimagined heights; topping out at nearly $180 billion in total market cap later. This unimagined growth has been rapid and widespread as well, birthing new digital currencies, related startups, and exchanges entering the field each week.
With the rise in number of crypto transactions, there has been a corresponding rise in number of cryptocurrency exchanges. These exchanges are responsible for transfer and conversion of cryptocurrencies from one wallet to another.
Some of these exchanges however, are also burdened with problems of users' private keys and data storage and of course, safety of users digital assets. These type of exchanges are mostly centralized exchanges. Unlike decentralized exchanges, centralized exchanges store user’s and private keys.
Exchanges are laced with several challenges such as;
• Regulatory gaps and insufficient levels of defense have made some exchanges simple to breach
• Complex platforms and user interface discourage users
• No privacy
• There have been failure on the parts of exchanges when it comes to safety of assets.
But which type of these exchanges carries the bigger problem?
Centralized cryptocurrency exchanges are middle men or escrows that enable the conversion of cryptocurrencies or transfer from one digital wallet to another. Here, a user must trust the system to handle his/her assets like the traditional bank setup. This type of exchange is laced with problems like;
Risk of Attack
Central hubs where investors exchange assets typically hold millions of dollars of funds at any given time. Cyber criminals are incentivized to take advantage of these opportunities by focusing attacks on centralized hubs that store users' data, key and assets. An example is Bithumb, a centralized digital currency exchange, hacked June 19, 2018, reportedly lost $32 million!
Unlike the decentralized exchange, centralized exchanges can and is monitored by the government. This, in a way defies the sole purpose of why the blockchain was introduced. This element of centralization can cause government intervention and eventual manipulation.
Decentralized Exchanges are cryptocurrency exchangers or converters who do not store user’s data or keys. Assets are never held by an escrow service, and transactions are done entirely based on smart contracts and atomic swaps.
While the traditional centralized exchanges store private keys for users on central servers, which are very susceptible to attacks by hackers if they gain access to a user’s private key, decentralized exchanges, on the other hand, do not store any coins or private keys on central servers, according to a report by bitcoinist.com. Thus, hackers have to work significantly harder to track down these assets and the passwords which protect them.
It is also pertinent to note that the decentralized nature of these exchanges makes them nearly impossible for governments to shut down, just like cryptocurrencies in general. This means that users don’t have to worry about their funds being seized by the government. In countries where exchanges have been banned, like in China, decentralized exchanges will thrive.
Decentralized exchanges such as Etherdelta, IDEX and HADAX do not store users' funds on the exchange, but instead facilitate peer-to-peer cryptocurrency trading. Decentralized exchanges are resistant to security problems that affect other exchanges.
Moreover, although some decentralized exchanges are laced with the low trading volume problem, but these decentralized exchanges cut out the broker in an exchange, making them significantly cheaper.
When selecting an exchange, it's important to look out for an exchange that balances several factors to give a perfect user experience. Factors like; ease of usage, numbers of cryptocurrencies available for selection, individual user anonymity, security, protection from potential frauds and hacks, and government control.
Luckily, I’ve found a unique decentralized exchange that offers all that, it is OnePageX
OnePageX is a unique decentralized Crypto-to-Crypto exchange. OnePageX is more than just a normal decentralized exchange, it is sort of a one-user interface for exchanging or transferring cryptocurrencies. It offers the largest selection of Cryptos online and it is still expanding to offer a more larger conversion selection. OnePageX aims at to enabling trading of the highest number of cryptocurrencies with just a simple interface. With OnePageX, no user registration is required. Users just need to open the website and start exchanging!
With OnePageX beta being released, users can easily start converting!.
On OnePageX, users have the luxury of more than 140 cryptocurrencies to convert to but can only convert from Bitcoin. However, OnePageX is working on interoperating several other cryptocurrencies that will be converted from. Below is a small view of some cryptocurrencies on the exchanger.
An up-to-date exchange rate outlines is also automatically provided for each transaction as the amount is entered and the deposit limits are clearly outlined.
OnePageX Unique Features
No Registration Required
OnePageX does not require account or user sign up. Each time a user generates a transaction their URL or web link, it will be added on a "session" on OnePageX. All that is needed to easily get on OnePageX again is to save the page, bookmark or save the link of that transaction. Moreover, the addresses generated can be used as many times as possible as well as the transactions status can be seen always.
Widget for Easy Integration
OnePagerX also provides an easy integrating widget called OneBox. OneBox is a turnkey solution for interoperating OnePageX on any website.
To get OneBox on one's website, all that is needed is to copy and paste the snippet code that is on the OneBox page! A sample of the snippet code is shown below
OneBox runs on both desktop and mobile devices thereby offering the full functionality of OnePageX in a one view. More so, a public API is in development and will be released soon.
OnePageX chares 0.5% transaction fee on all transactions with a little network fee which of course, are shown in the estimates.
In line with keeping the interface simple, OnePageX allows multiple transactions from one page. Transactions are added in the form of cards that users can come back to and use any time.
Transaction Status Indicators
These are transaction cards that indicate the status of each transaction. This is to provided to enable users get sufficient access to information about each state of the transactions.
When a user wishes to exchange assets;
• A transaction card is created.
This transaction card shows the details of each transaction stage.
• OnePageX provides a deposit address which the Bitcoin will be deposited into. When the Bitcoin is sent, the transaction status card shows a “waiting for deposit” text.
• When the Bitcoin is supposedly sent, the status card indicates the confirmation status with a “0 of X confirmations”.
This implies that the deposit is still not yet confirmed on the blockchain and this can be due to low transaction fee or blockchain congestion.
However, this is a problem of the blockchain.
• When it gets to “X of X confirmations”, that means the exchange has been completed and it can be withdrawn to the user's receiving address.
Here, a “Pending Withdrawal” message is displayed. “Pending Withdrawal” indicates that the exchange has been completed but since withdrawals are batched and sent out intermittently, the transactions will be completed in few minutes.
• Withdrawal is finally carried out and it is completed, that’s all.
However, multiple deposits can be made to the same address on the same page. It is also pertinent to note that, it is only Bitcoin that can be sent for exchange for now. OnePageX is working in interoperating other exchanges for deposit.
Transactions or exchanges on OnePageX occurs instantly though this is not really done until the deposit is confirmed. Factors like blockchain congestion, asset type and amount of transaction fee causes variation in exchange time. Nevertheless, transactions are completed in less than 25 minutes.
Other Transaction Status Features
Below Minimum: This is the minimum amount that can be deposited for exchange. To avoid deposits being forfeited, users should avoid depositing below minimum amounts and must ensure that the estimate shown on the estimator is not zero.
Flagged for Review: This is caused by uncontrollable external factors and indicates that a transaction has issues. Nevertheless, the funds are safe and an admin always attends to the transaction.
Benefits of using OnePageX
- No sign up needed.
- Largest selection of cryptocurrency
- Simple interface
- OneBox widget integration
- Less risk of asset theft
Moreover, because there’s no regulation on what coins are listed on the exchange, users can exchange whatever digital assets they have. A decentralized exchange like OnePageX will tap into untouched liquidity in certain assets, because most times, if exchanges will not list an asset, users of that coin have no means of transacting. It’s often difficult to get an asset listed on exchanges. For these assets, decentralized exchanges are very vital. This wide selection of cryptocurrencies provided by OnePageX will then give holders of less popular coins the opportunity to exchange their coins for other values.
Since OnePageX does not require user’s registration and information, this will not only ease transfer and exchange of assets but will also make sure OnePageX does have users' data which then eliminates the risk of users' data and assets being stolen.
Lastly, being able to perform multiple transactions from one page saves data, time and makes the process very simple and easy even for technical or blockchain novices.
Rex came up with a brilliant idea of a blockchain platform similar to Amazon where people can come and get wide range products and in turn pay in fiat. With time, Rex enabled the feature of being able to pay with cryptocurrency and built his own coin, naming it RAZ. However, it was hard getting an exchange site that would make exchange RAZ for other cryptocurrencies and it also meant that buyers had to be rerouted to other exchange sites before they can pay with other cryptocurrencies. While looking for solutions, Rex got introduced to OnePageX. RAZ is now on the OnePage exchanger. Rex just had to copy the snippet code and paste on his platform which brought up the OnePageX widget- OneBox. Users on Rex's platform can now easily pay on the platform without needing to be rerouted or converting their assets outside the platform first.
Ruth is the ‘I-hate-technologies' kind of girl. She hardly gets along with it but somehow she loves the blockchain, maybe because of it’s decentralized feature. Exchanging currencies on the blockchain has really pushed her hate for technology to the wall. She tries to avoid exchanging cryptocurrencies as much as possible so she only deals with the most popular and easily acceptable ones. But when she got introduced to OnePageX, her problems were solved. She doesn’t have to worry about the hard procedures or time wasted in exchanging cryptocurrencies now because OnePageX uses only a page for multiple exchanges.
How does it feels like to be able to convert and exchange any assets one may had amassed maybe as incentives on different cryptocurrency platforms on the blockchain? I know it feels ‘perfect’. This is what OnePageX offers- that perfect feeling.
OnePageX makes sure anybody can exchange anything with ease while making sure no user data is stored to ensure user anonymity and eliminate fraud risk.
OnePageX comes in a time when blockchain users are growing tired of centralized exchanges and are clamoring for decentralized ones. OnePageX offers more than just decentralization, it offers a lot more.
Watch my video about OnePageX below
Sites and Resources
Note: Any picture or media not properly sourced is taken from the sites of OnePageX and it is licensed for use in this contest