There is a growing demand for cryptocurrency and token trading platforms. Especially if there is a hint of decentralization, there will be a fair amount of interest in new solutions. Ethex is designed to trade only “useful” tokens while still maintaining the decentralized exchange model first and foremost.
Ethex in a Nutshell
Although one should always do their own research prior to trusting a new cryptocurrency trading project, Ethex seems to be heading down an interesting path. It is another decentralized exchange concept which solely focuses on ERC20 tokens. A lot of competition exists in this space, but that can only be considered a good thing.
However, there is an interesting angle to Ethex. Rather than supporting any ICO or hard fork token, the project only focuses on “useful tokens”. It’s a commendable approach, although it will be interesting to see how this plays out. There aren’t too many useful tokens in the ERC20 world right now, as most tokens have no working infrastructure to speak of.
As such, it is all the more interesting to take note of which currencies can be found on Ethex at this stage. Among the currencies supported are DAI (a stablecoin), Basic Attention Token, Storj, STORM, DENT, ZRX, KNC, and PRL. All of these currencies have useful infrastructures, although some of them may be more advanced than others. There are a lot of aspects of daily life to decentralize in the coming years, and all of these projects tackle different areas.
One could always ask why token X, Y, or Z isn’t listed on this platform as of yet. The decision-making process is currently handled by the Ethex team, which is not exactly decentralization at its finest. Instead, it seems to introduce a degree of centralization to this project, which will not be to the liking of everyone. Even so, there is no reason to list pump-and-dump tokens or organize traditional community votes, as those are not the most reliable methods of adding new currencies by any means.
How the team will address that particular concern remains pretty difficult to determine right now. They acknowledge the process will need to be revised as time progresses, although it will not be easy to do so in the near future. It is refreshing to see an exchange protocol focus on usability rather than hype and speculation, though. Most other trading platforms seemingly want the pump-and-dumps regardless of the consequences.
Whether or not this will hinder Ethex’s chances of success remains to be seen. It is evident there are some things which need to be improved upon, whereas the overall approach of this new ecosystem seems to be just what the cryptocurrency industry needs right now. Determining the extent to which any ERC20 token is “useful” will always be a contentious matter, but it appears the current list of tokens is a good indication of what users can expect moving forward. All in all, it’s an interesting idea, although its feasibility has yet to be determined at this stage.