PinkDexDay- Isn't about making fun of any person, entities, or organizations, it’s clearly about having some fun, In a unfunny WORDL, EasyDex’s team is always available to provide knowledge and awareness, to the Blockchain Sphere for all… In a very Serious and Professional manner, with a Twist of Pink…The Team’s Vision is very clear, Serious, and Dedicated to making this happen…We’re just being EasyDexing, expressing the (DEX), PBToken to the WORDL, The Easydex Exchange…Dedicated to Educating a movement to heal/cure the WORDL(HODL)…and takes full Responsibility for the PINK
￼image source; @boyerobert
EasyDex-PinkDexDay, Introducing “THE PINK REPORT” BlockChain Awareness.
The Pink Report will go to any lengths to share to the WORDL, to adopt cryptocurrency as a means of the new fiat/currency, the new way to a movement, not only to exchange the fiat/profit, but to Exchange the way this funny WORDL keeps a ledger, the, IN’s and OUT’s of this hurt/bleeding system. To give the WORDL a clear vision, picture that the fraud, wars, and hunger must be eliminated. Medicine, education, economy, family, love and life’s beauty; Is important First. It’s a must to adopt this movement for a Cure. To make a path to create Freedom, from-this, prison and that, truly, Freedomexists. There is more to life than just money, don’t get me wrong we need money, as a means of sharing our worth…if there is no other way for you to really contribute to the WORDL, but I won’t go into the whole spectrum of this, I’ll Pink Report on it, post by post, show by show, meme by meme, poem by poem, song by song, painting by painting, game by game, photo by photo, video by video, rap by rap, trade by trade…I’ll quote this:
“What if the Wordl was all you need, meaning, you already had all the money In the Wordl, What Woudl you do Next?”
I Woudl start the Cure. Plus I’d send you all a PBtoken, ( had to plug )
And tonight first PINK REPORT: 1
CEX vs DEX
Cryptocurrency exchanges in the sphere today. By now, you’ve probably used at least one altcoin. Or you’re just starting out and you’ve only used Coinbase to buy/sell Bitcoin, or perhaps you’ve tried trading altcoins on Binance? Or you found yourself on Steemit, joined a contest and received some STEEM/SBD. Maybe you landed on a discord server, then won a lottery, or joined a hangout and received some gifted PBtoken, (another shameless plug) Well, if so, you had to get a Bitshares ID to collect your rewards/winnings. Now you find yourself with some cryptocurrency, what's next? You read the “Pink Report” and get “Aware” https://bitshares.org
Exchanges are incredibly important to move/trade cryptocurrencies — after all, they are the process that allows you to buy/sell cryptocurrencies and tokens to each other. Just like most things within the cryptocurrency Wordl, there have been new innovations made with cryptocurrency exchanges within the past two years. The main innovation that this report will focus on is, the creation of decentralized exchanges. like EasyDex, (shameless plug).
More specifically, this Pink Report will provide the following information:
Creation of decentralized exchanges.
- Decentralized exchanges are?
- Why decentralized exchanges matter?
- Four decentralized exchanges that you can use today, EasyDex, (Had to Plug)
- Limits and downsides of decentralized exchanges.
To understand what decentralized exchanges are, it’s very important to first understand what it means for an exchange to be centralized (CEX). A centralized exchange is one in which a central entity figure manage’s a person’s capital and private keys, and facilitates (third party) trading between users.
Centralized exchanges have more volume than decentralized exchanges because:
- Decentralized exchanges are still new, and so they are still fixing some “growing pains” (which I’ll focus on later). Meanwhile, many centralized exchanges (CEX) have had time to fix their issues.
- With centralized exchanges it is not necessary to understand what a private key is in order to trade tokens on the centralized exchange, or to send tokens. Decentralized exchanges require users to be aware of MetaMask (were applicable) and private keys, as well.
Examples of popular centralized exchanges include Coinbase, Binance, and Poloniex. And many more of course.
A decentralized exchange (DEX), on the other hand, provides users with the ability to move/trade cryptocurrency on a distributed ledger — all while allowing the (CEX) to control their private keys and funds. There is no middleman/intermediary, and the smart contracts for the (DEX) are open source so they can be reviewed and verified. There is not a single or central entity that controls users’ funds. This puts the power back into the hands of the users of the exchange, not the owners of the (DEX).
Examples of decentralized exchanges include OpenLedger, Rudex, Bitshares and EasyDex and of course many more (DEX’s)
Why are decentralized exchanges important?
Asking yourself, “who cares about decentralized exchanges?” They might appear at first to be making things more complicated, (not Easydex) for users of the exchange, requiring technical knowledge about MetaMask (where applicable), private keys, and so on.
The truth is that decentralized exchanges(DEX) provide a number of significant benefits, not only to the people who create the exchanges but also to the exchange’s users.
One main benefit that decentralized exchanges (DEX) provide to users is removing the need to trust a centralized entity to secure the users’ funds. With a centralized exchange like Binance or Bittrex, users are trusting that:
- centralized exchanges (CEX) will keep the private keys of their users safe from hackers?
- centralized exchanges (CEX) will prevent hackers from getting access to users’ accounts by getting their login info?
- centralized exchanges (CEX) will not exit/ scam (i.e. run away with users’ funds).
With decentralized exchanges (DEX), these concerns do not exist for users. The smart contracts that the decentralized exchanges develop, manage funds for users. Because of this, the companies that created the (DEX) have zero ability to alter users’ tokens in any way. This is great, because I wouldn’t want my PBtoken moved around without my permission.
No need for KYC/AML
Another advantage that decentralized exchanges provide is, there is no need to have verified login information for the exchange (were applicable). This also means that there is zero need for users to go through a KYC/AML process, such as a user submitting their driver’s license or state-issued ID.
Usually, all users need to trade through a (DEX ) is having access to their Ethereum wallet through MetaMask(were applicable) or registration on the (DEX), only. Once they do, they can connect their MetaMask( were applicable) to the (DEX) to start trading and EasyDexing…on the Easydex exchange.
The Ability to invest in the exchange’s success.
Another advantage of decentralized exchanges is that they provide users with the ability to stake their funds in the success of the (DEX) through a token. Many centralized exchanges do not have a token that is connected specifically to the exchange (except for Binance with its BNB token). Plus a few more I hear that are coming around, but until they do, (DEX) is the easiest and fastest path in my personal opinion. Ultimately, the choice is yours. (DYOR)
There are several examples of this, which enables people to stake the token to not only secure the decentralized network, but also earn a share of fees generated by the (DEX). If an investor believes that the (DEX) will get significantly more volume in the future (and thus generate more fees), they have the ability to invest in that success by putting some money into the (DEX/PBToken). Very EasyDex.
stake some money in the success of the (DEX) through a token
Unlike centralized exchanges (CEX), decentralized exchanges have significantly lower (if not zero) fees to use the (DEX) except for paying for gas/fees. This means that users don’t have to worry about racking up a significant amount of fees when depositing or withdrawing tokens onto the (DEX), or when trading a significant amount during the day.
Protection from hacks/exit scams
Another, advantage that a (DEX) provides is that it removes many of the security worries that users of a centralized exchange might have. For example, a (DEX) does not control a user’s private keys — the users do. And You should, you should only be the one to do this, it is your Money. Nobody else’s.
There is also the possibility that a centralized exchange (CEX) might exit scam — that means that the exchange steals their users’ tokens and shuts down their website.
With a (DEX), there is no Possibility that the owners of the (DEX) can steal their users’ Assets/PBTokens because they do not own the users’ private keys. Let’s assume that a (DEX) (such as EasyDEX) were to suddenly shut down one day and people were no longer able to access the website. Even if this were to occur, users of EasyDEX can still retrieve their tokens because EasyDEX’s smart contract is designed, that users can retrieve their tokens directly from the smart contract. Easy. On top of this, EasyDex has added a even beautiful feature, let’s say you loose, your password. Now how many of us have done that. for one, me. So EasyDex can recovery it, (DEX) is a beautiful innovation from Easydex. Password Recovery, just brilliant. Way to go EasyDex
With a (DEX), there is no Possibility that the owners of the (DEX) can steal their users Assets/PBTokens
Decentralized exchanges you can use today
So now that you’ve learned the benefits of decentralized exchanges, you’re probably wondering about a (DEX) that you can use today to start taking control of your funds while trading. Here are four decentralized exchanges that you can start using today: there are more and more, but to most here at the WhaleShare Blue Report/PinkReport ( huge plug) show, these are the most familiar in this colony…(EOS, coming soon)
WhaleShare Blue Report/PinkReport
I will not go into excessive detail about each of these exchanges, well EasyDex a BTS, (that’s for a future Pink Report), note that each of these exchanges have different user experiences, user interfaces, volume, etc. A particular decentralized exchange might be of more use than another exchange if that particular exchange has more volume for a specific token that you want to trade. At least the four I mentioned, you can trade sell/buy work the bridges, to every gate, (according to the DEX’s assets) looks like a lot of—Pink Reporting ahead.
Limits and downsides of decentralized exchanges
So far I’ve explained what a (DEX) is, the advantages that a (DEX) provides, and some decentralized exchanges that you can use today. Well Let’s hope for (OpenLedger), If decentralized exchanges seem incredibly innovative and useful, it’s because they are easy, well easy is coming at EasyDex.
But at this point you might think to yourself, “Decentralized exchanges seem really useful. Why doesn’t everybody use one?”. The truth is that a (DEX) is not a cure, eventually will be, to every single problem for users and creators of an exchange. Although a (DEX) represents a significant advance in exchanges and provides several distinct advantages, it also provides several distinct disadvantages that a centralized exchange (CEX) wouldn’t usually face.
“Decentralized exchanges seem really useful. Why doesn’t everybody use one?”.
So what are the limits/downsides of a (DEX)? I’ll get into each of these points in more detail, but here’s a quick overview:
- Decentralized exchanges generally have lower volume than centralized exchanges
- Lack of KYC/AML compliance (EasyDex require’s KYC on all withdrawals, and deposits are up to 5000,00 a month US/EU)**
- Requires users to understand how to use MetaMask(were applicable) and store their private keys safely
- Users must trust the smart contract code powering the (DEX)
- Decentralized exchanges can face growing pains as they are still (relatively) new, welcoming EasyDex here. (Plug).
Decentralized Exchanges generally have lower volume than centralized exchanges do. For examples, please go to CoinMarketCap. Popular centralized exchanges (like Bittrex/GDAX/Poloniex) have a daily trading volume of >$100 million. This is because: https://coinmarketcap.com/currencies/bitshares/
- Decentralized exchanges are newer and so less people know about them,thats why we need more Blue Reports/PINK REPORTS
- Decentralized exchanges require knowing how to use MetaMask.(NEXT PINK REPORT)
- UI/UX of a DEX might be more confusing than a centralized exchange, I’m even PINKED here a BTS…of course report coming.
All these factors cause decentralized exchanges to have lower volume. Which requires us to spread more and more awareness here, More Memes, more contest, and of course more Pink Reports. This can lead to some difficulties for users if they’re attempting to trade a specific token that does not have much volume on the (DEX). As a result, users who cannot buy/sell tokens as a result of low volume might be discouraged from using a DEX. But with Ease You can start bridging to other exchanges. EasyDex, Bitshare, Rudex, and OpenLedger.
Lack of KYC/AML Compliance, but as stated as for Easydex are get the process prepared to grow into more of a (DEX), that will be a interesting Pink Report maybe on EasyDex one year Anniversary...
But with Ease You can start bridging to other exchanges. EasyDex, Bitshare, Rudex, and OpenLedger.
As stated before, a (DEX) does not require users to have verified login information in order to trade their tokens. All it requires is connecting the DEX, or to a MetaMask wallet (if applicable). Because of this, users do not need to submit information such as their email, state-issued ID, or driver’s license.
As a result of this lack of a KYC/AML process, decentralized exchanges might face increased scrutiny from regulators. A (DEX) allows a person to trade massive amounts of cryptocurrency anonymously (as long as volume for the (DEX) exists). This could cause decentralized exchanges to become prime targets of hackers and scammers who know their personal information won’t be connected to their trading.
It should be interesting to see the response of the SEC and other regulatory bodies as more people realize that they can use these exchanges completely anonymously.Not completely these are changing for the better of all. Will they require decentralized exchanges to add a KYC/AML process? Or will they allow decentralized exchanges to continue as they are? Only time will tell. (EasyDex require’s KYC on all withdrawals, and deposits are up to 5000,00 a month US/EU)** in time seem so all will follow some regulatory laws. Easydex as based in the European Union, must follow certain regulatory laws, as it should do, no one is saying to be illegal here, all i’m saying is control your funds. I’ll also provide a link to view EasyDex official website, on KYC and AML; https://easydex.net/kyc-and-aml/
(EasyDex require’s KYC on all withdrawals, and deposits are up to 5000,00 a month US/EU)**
Using a (DEX) requires users to understand MetaMask/Private Keys (when recovering a wallet or otherwise applicable cases). This requires some experience of installing MetaMask and understanding the need to keep private keys and seed phrases safe. As well your password, please note that EasyDex Recovery can only work if your email password is also safe on your end. For this service, a lifetime membership is required and well worth it, for the rewards, yes I'll be making a Pink Report on this as well, in the near future.
While this is empowering to users because it allows them to completely control their funds, it also puts the responsibility of keeping the private keys safe to users. If a person does not practice proper security measures, a hacker could acquire their private key or wallet seed phrase and use that to take control of the user’s funds.
Unlike a centralized exchange, trades on a (DEX) cannot be reversed because of the nature of the blockchain. The need to reverse trades has happened before — Binance, was able to reverse trades on their exchange. A (DEX) would not be able to reverse trades made by a hacker who obtained access to a user’s digital wallet.
Users must trust the smart contract code powering the (DEX).
One advantage that a (DEX) provides to users is that users no longer have to trust the creators of the (DEX) because the smart contract code is managing the funds and not the exchange.
However, what this does is shift trust from trusting the central entity (i.e. the creators of the exchange) to trusting that the smart contract code was written properly without any bugs.
While this is usually not an issue (as the smart contract code is open-source and can be reviewed), what this means is that the smart contract code should have gone through a auditing process beforehand. If you are unsure whether an exchange’s smart contract has gone through a auditing process, you can usually reach out to a team member of the exchange to ask.
Decentralized exchanges face growing pains
Because decentralized exchanges are still relatively new and easy in the cryptocurrency sphere, they are still facing some growing pains as they fix issues that they’re running into and as they continue to scale.
(DEX) has taken steps to address these issues for the future, it’s important to realize that all decentralized exchanges are still relatively new and getting easier, applications and they might continue to face some more obstacles before they become widely adopted. And adopted they will be, in my report all (DEX) are to, and your interest to use, as I said, control your worth, for the betterment of you, to better all…EasyDex for me has caught my eye, and the expertise of my eye is usually on the mark.
All that I’ve written here are my views, and my own research of CEX vs DEX. My knowledge is limited to what I have read over the years, plus I do put my twist of fun in my writing. This is in no way professional advice, or financial advice at all. These views are my own, and not of EasyDex, this is my style of writing, my creation of fun in a unfunny world. I am @johnskotts.
EasyDex as well personal Thank You to, KingWalrus, and QueenDuck for believing in THE PINK STUFF
I truly want to thank the WhaleShare Community, EasyDex as well personal of course. Thank You to, KingWalrus, and QueenDuck for believing in THE PINK STUFF all the members of all the community of the Dex Colonies, as for all crypto leaders, who see the light, and are helping us see it to.
And of course a special Pink to @freedomexist,
And of course a special Pink to @freedomexist, hope you like the Pink, so many people to thank I'd probably do a PINK REPORT on it. To a Dear close friend, @boyerobert, who’s always been there for me in my times of hardship, @samest is my Rock in this sphere and to all those friends who don’t appear, we will have our day, to help make this WORDL a beautiful big ocean full of giving pink whales. Special welcome @Raymondspeaks to PinkDexDay with his speed to accept, Thank You, welcome to the Pink
I hope all of you understand where PinkDexDay is heading and giving you great reports, for this Block Wordl we are all creating, please join the pink and do have fun, I can tell you it's EasyDexing.
The Pink Report
Easydex wallet registration;
￼image source @boyerobert
Below are two projects that are truly great, one old and one new, Airhawk-Project and The Man Cave, both of which, I’ll be working on exclusive reports about. Yes, many, many Pink Reports to do. These great projects have embraced PinkDexDay in their servers/channels, I’ll I ask until I do my reporting on them, please visit their servers as well as the PinkdexDay-Easydex room, you never know what lies ahead. Links Below;
Image Source; Choose PINK