#insightvite - ViteX, Vite's new DEX
falconite last edited by falconite Reward
One of the biggest irony of crypto today is that though crypto is aiming to introduce decentralizaton in all spheres of life, the major crypto exchanges today are completely centralized. Agreed, trading of crypto-currencies might not have been Nakamoto's vision. But as things stand today, with governments turning hostile and crypto-fiat options not available always, these exchanges end up being the only means to procure tokens of your favourite projects.
Binance, Huobi, Bittrex and other similar exchanges might have the best of intentions at heart, but at the end of the day, users have to trust someone else with their assets. Remember Mt Gox and how many bitcoins were robbed away? With centralized exchanges, one can never really be sure as to how safe his/her hard earned money is. A few decentralized exchanges have come up recently, with Idex and Switcheo leading the way. However, the user experience in these exchanges is unsatisfactory. Order matching takes time, even if you are trying to fill an existing order. And liquidity is poor. Moreover, a lot of these decentralized exchanges are actually semi-decentralized.
Vite is promising to solve all these problems with ViteX, their new decentralized exchange. This will run on Vite's own blockchain (Vite Chain), and order matching will be solely done through smart contracts. If Vite's test net is any indication, then the order matching speed will be no less than any centralized exchange. Apart from high throughput, zero transaction cost and cross-chain gateway are other features than will enhance the user experience. Vite, BTC, Eth and USDT trading pairs would be available to begin with.
Moreover, Vite will introduce the ViteX (VX) token, and all transaction fees and other income generated by ViteX will be distributed to holders of VX tokens. There is no plan of having any pre or public sale for VX, and VX can be earned only by mining. In this case, mining means confirming transactions on ViteX. Trading on ViteX would also entitle one to VX tokens. Listing new tokens is another way of earning VX tokens, but that's not for the ordinary trader I believe.
Vite is rushing past all the milestones in their roadmap at break-neck speed. As an extremely satisfied user of Vite's Android wallet, I'm really looking forward to ViteX. It would be quite interesting to see how ViteX competes with Binance's forthcoming DEX. But going by my experience of having used Vite products, the competition will be really fierce, and us users will end up being the winners.