The Omni Foundation , developers behind the Omni Layer , the largest asset layer built on top of and secured by the Bitcoin blockchain have released OmniDex 1.0. The developers proclaim it as the “first true decentralized” cryptocurrency exchange. OmniDex also allows for the trustless exchange of assets between five of the top 25 crypto assets, with no counterparty risk.
With no human component and complete automation, OmniDex 1.0 sees the launch of a completely trustless cryptocurrency exchange, in contrast to centralized exchanges such as the now-defunct MtGox as well as leading exchanges like Coinbase and BitStamp.
The exchange enables the cryptographically-secure buying and selling of several digital tokens that are currently built on the Omni platform. The Omni platform is a software layer built on top of the most popular, most audited and most secure blockchain of them all, that Bitcoin blockchain.
Speaking to CCN , Omni board member Patrick Dugan explained what makes OmniDex the first ‘true’ decentralized exchange and how it differs from other existing decentralized exchanges. He stated: Other decentralized exchange protocols are based on putting up collateral well in excess of trade value. Omni’s decentralised exchange is based on pure software-escrow logic, it’s as difficult to tamper with as the Bitcoin blockchain. The release of OmniDex 1.0 also sees six of the top 40 tokens (listed on CoinMarketCap), including: Maidsafe
Factom
Agoras Tokens
Synereo
Tether, and Omni Future versions of the OmniDex exchange will seek to include bitcoin and other leading tokens that aren’t built on the Omni protocol.Talking about Bitcoin’s integration, Dugan added: The first phase of the Dex, launched in 2014, allows for one-directional trading of BTC for OMNI, that feature is supported by our web wallet Omniwallet, which salts your privkey to a password but does not store it. When v11 comes out […]
