Insolvency concerns, security breaches, poor customer support, and an overall distrust towards centralized exchanges has spawned a growing push for a shift towards decentralized alternatives. Even so, decentralized exchanges, as they currently stand, are still far from perfect. However, the up-and-coming ERC20.exchange shows potential to set new standards for the industry of decentralized exchanges.
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As the name may suggest, the purpose of ERC20.exchange acts as a platform for supporters and skeptics to trade a variety of Ethereum tokens. This exchange is decentralized, that is, one must not (and cannot) deposit funds onto the exchange and no accounts are required. Instead, traders can interact on the site through their Ethereum Metamask wallet. Currently, ERC20.exchange supports more than 60 markets- from popular coins like VeChain (VEN) and Waltonchain (WTC) to more obscure projects, such as Winding Tree (LIF).
Of course, ERC20.exchange encapsulates the same functionalities as existing decentralized exchanges. This similarly encapsulates all the superiorities achieved by decentralized exchanges over their centralized counterparts- maximum security, freedom, and a wide variety of markets- to name a few. However, what makes ERC20.exchange particularly exciting is their new developments that go beyond the service provided by their existing competitors.
First, the exchange enables full mobile support. That is, users are not limited to just desktops when interacting with the platform and making or taking orders. The site has a full mobile layout that looks just as sleek as their desktop alternative. With the help of a mobile Ethereum browser, such as Cipher or Status, traders are able to carry out actions from anywhere, at any time.
Beyond this, ERC20.exchange offers a separate test market, ROPSTEN. Even if users are not connected to Metamask or another Ether address, they are fully capable of executing orders on the ROPSTEN market. This market acts as a sort of demo account- new and experienced traders alike can place a few tests to get a good hang of the platform. This is especially important given the nature of decentralized exchanges, where there is no safety to protect from erroneous trades and no possibility of undoing any faulty orders.This has been a major obstacle that has kept a number of users off of decentralized exchanges. ERC20.exchange is the only decentralized solution to accommodate these individuals.
Lastly, the exchange offers full support for Trezor hardware wallets. Cryptocurrency sites, especially exchanges, represent huge targets for hackers and other malicious targets. Many individuals in the crypto space have turned to hardware wallets as the optimal solution for maintaining security of their funds. By supporting Trezor, traders finally have an opportunity to trade their coins freely without the security risk associated with leaving funds on a computer, or worse, third party exchange.
With these superiorities in mind, it is likely that the launch of ERC20.exchange will spark the attention of a number of traders and crypto enthusiasts alike. While cryptocurrency exchanges embody a history riddled with hacks, glitches, and suppression, this decentralized exchange maintains a legitimate potential in paving a secure, prosperous, and inclusive future for decentralized exchange and cryptocurrency trading as a whole.