For cryptocurrency enthusiasts, there are quite a few options where they can do business in regards to trading and exchanging one type of digital currency for another via a digital exchange. Some exchanges offer sophisticated trading options with limiting, stop order and more. However, for most exchanges, the process of what goes on between trading funds is really a mystery.
You get a general idea about how much you’re able to buy and sell assets for, but that’s about where the transparency stops. EtherEx is striving to bring a new level of openness to cryptocurrency and token trading and they’re doing it through the Ethereum Dapp framework. A Trustless Dapp To Prevent A Future Mt. Gox
As a team of 3 that initially met in a Bitcoin trading channel, EtherEx has been growing for over 2 years towards addressing what they saw as major problems in the crypto-exchange marketplace. As a reaction to Mt. Gox going insolvent, they believed some different standard needed to be developed if the industry was going to continue to grow. Luckily for them, they’ve received a lot of support in the Ethereum community, ConsenSys as they’ve continued to develop.
Dapps built on the Ethereum platform range anywhere from pie-in-the-sky abstract to quite pragmatic, however, the question always arises when a Dapp idea is brought up – how is a decentralized version of this better than a centralized version?
As co-founder of EtherEx, Eric Conner elaborated on the inspiration to develop a decentralized, trustless exchange. Speaking to CCN, he said:
At that time, Mt.Gox was going insolvent and stealing their customers’ BTC. We had read Vitalik’s original whitepaper about Ethereum and realized it’d be a great opportunity to create a decentralized, trustless exchange. That was really the catalyst for what became known as EtherEx. We knew […]
