EOSFinex: Bitfinex launches a beta version of decentralized exchange built on top of EOS

The popular cryptocurrency exchange, BitFinex, launches a beta version of a decentralized exchange that is built on top of EOSIO. It’s called EOSFinex. The platform’s claims that it is completely decentralized and has a high-performance throughput. The beta version was released on 26tth September at the Blockchain Live conference in London.

EOSFinex is built on the three underlying principles of decentralized exchange,

1. Trust – It is transparent and an auditable network of peer-to-peer exchange
2. Decentralization – The company claims it is completely decentralized
3. High Performance – Bitfinex claims it is the first high-performance decentralized exchange (actual numbers haven’t been given)

EOSFinex will initially list three major pairs all tied to USD, BTC/USD, EOS/USD, ETH/USD. And plans to add more in the future depending on customer response. The exchange contract will initially support market, limit, immediate-or-cancel, and post-only orders. A further type of orders will be added depending on customer feedback.

The decentralized exchange is released just after Bitfinex announced a decentralized exchange based on Ethereum, Ethfinex.

Why EOS?

Plans for EOSFinex was announced back in  February 2018. EOS was chosen for Block.one’s continuous work on high-performance chain development. According to J.L.Van Der Velde, the chief executive officer of Bitfinex,

“We are excited to leverage EOS.io to further advance the field of high performance and trustless on-chain exchange. Block.one continues to display an unwavering dedication to improving blockchain scalability through the EOS.IO platform and it is our hope that this collaboration will allow significant advancement for all decentralized exchange.”

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