Crypto exchanges are crucial platforms in the crypto space as they facilitate real-time exchange of digital assets. These platforms offer crypto investors a safe and transparent way of trading or swapping their cryptos. While centralized exchanges have been a favorite among crypto investors since the boom in cryptos in 2013, decentralized crypto exchanges are slowly changing the narrative.
Decentralized exchange, unlike centralized exchanges, offers users full control over their assets. Transactions don’t require the intervention of a third party and are peer-to-peer (P2P). Also, decentralized exchange value users’ anonymity and typically don’t impose cumbersome and risky KYC procedures.
Block DX comes first as the fastest and most efficient decentralized exchanges in the crypto space. The exchange takes everything about a centralized exchange but allows traders to trade directly from their wallets rather than intermediaries. What sets Block DX apart from other decentralized exchanges is its completely trustless and fully decentralized governance. Besides, the platform doesn’t feature KYC procedures and supports cross-chain trading. And with the integration of the XLite Wallet to the exchange, crypto trading just got better. Here’s a more in-depth look at Block DX with the XLite wallet.
Block DX Explained
Block DX is the world’s most decentralized exchange that offers seamless crypto trading with no third party involvement. The exchange works on the Blocknet Protocol– a blockchain interoperability protocol that facilitates communication and interaction between nodes on different blockchains. Blocknet allows interoperability between multi-chain blockchain architectures, enabling data transfer and value between other blockchains (both public and private) and APIs and services.
Block DX is fully decentralized and 100% trustless. Its core components, including order books, order matching, settlement, funds storage, development, and governance, are fully decentralized. It’s truly trustless, meaning that users remain in complete control of their coins at all times-trade P2P directly from your wallet with a self-billing function.
Block DX supports cross-chain trading with complete trading pair freedom. Users are allowed to trade between any assets regardless of the blockchain network, thanks to the XRouter protocol. The exchange has listed over 100 coins with over 5000 trading pairs. With extensive trading pair combinations coupled with trading pair freedom, Block DX allows for trading flexibility, which is even made better with unrestricted transactions with lower fees.
Block DX Exceptional Features
Block DX packs outstanding features ideal for any avid crypto trader. Some of its features include:
- Non-Custodial, Fully Trustless Exchange
Block DX is non-custodial and 100% trustless. Traders are allowed full control over their funds, with trade occurring directly from their wallets.
- Peer-2-Peer Trading
Block DX takes a P2P trading approach eliminating the need for cumbersome registration procedures involving providing emails and filling forms. Also, there are no KYC/AML procedures, which have proven risky, exposing users’ information to a data breach by third parties.
- Cross-Chain Trading
Block DX allows for cross-chain trading achieved via the Blocknet protocol. The exchange supports over 100 coins built on different blockchain networks. Users can exchange any currency regardless of the blockchain network, including Litecoin, Dash, and Bitcoin, thanks to trading pair freedom and cross-chain trading.
- Instant Trades with Low Trading Fees
Block DX allows for instant trades with low transaction fees. Users enjoy much lower trading fees compared to other numerous exchanges lining the crypto space. Also, the exchange doesn’t charge withdrawal fees since trades are conducted directly from the wallet. There are no trading or withdrawal limits.
- Open-Source Project
Block DX is an open-source exchange by the virtue that is powered by the Blocknet Protocol- an open-source blockchain interoperability project. The benefits of open-source blockchain projects are well known. They are not only transparent but also feature liquidity.
Block DX Supports XLite Wallet
Another excellent feature about Block DX is that it directly integrates with XLite Wallet– a lightweight, decentralized, multi-asset wallet powered by Blocknet. XLite wallet is undoubtedly the top decentralized wallet in the crypto space thanks to its great features. The wallet supports multi-blockchain networks enabling users to flawlessly manage over 100 digital assets with a single seed phrase.
XLite Wallet’s UI is simple and easy to navigate. The in-built search feature and quick links allow you to find and trade any over 100 supported coins quickly. Easily view your asset balance, a brief overview of your portfolio, and transaction history from the dashboard. Apart from being very secure, the wallet packs plenty of features that would make you want to use it.
Reasons You Should Use the XLite Wallet
The XLite Wallet is feature-rich, giving you plenty of benefits. Here are some reasons you should consider using the XLite Wallet.
- Very Secure
Like Block DX, the XLite wallet employs a non-custodial trustless architecture allowing users to remain in sole full control of their assets. XLite, unlike other lightweight hot wallets, doesn’t use centralized servers to store users’ data. Centralized servers have been replaced with SPV proof making it entirely secure. Also, users do not need to register accounts or comply with KYC procedures.
XLite wallet is very lightweight, meaning that it can run in the simplest of smartphones. The wallet runs on Blocknet’s XRouter protocol allowing users to store and manage their portfolios without downloading terabytes of blockchain data. XLite wallet is also extremely fast, with no prolonged sync-times between launching the wallet and using it.
- Interchain Compatible
Forget about downloading wallets to store each coin in your portfolio. XLite wallet is compatible with a vast majority of cryptocurrencies regardless of the underlying blockchain network. The wallet marks the beginning of cross-chain dApps, which will significantly transform the crypto industry by eliminating interoperability limitations.
Block DX is a unique DEX with plenty of features that make it desirable for enthusiastic crypto traders. The exchange lives up to the promises of cryptocurrency, which is full decentralization. Block DX users can directly access the XLite wallet to store and manage portfolios securely.
Like Block DX, XLite wallet, built by Cloudchains Inc., is fully decentralized, extraordinarily lightweight, and supports multiple blockchain networks. Block DX is a combination with XLite Wallet that brings new dimensions to cryptocurrency trading and storage.
Block DX, A Decentralized Non-KYC Platform with XLite Wallet was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.
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