We are standing on the cusp of a new period in global finance. The potential for blockchain and shared hyper-ledger technology to revolutionise the world of work, the way we do business and how global financial markets operate is enormous.
One pioneering trading platform, operating as a completely decentralised exchange, is the Idex. With the dedicated focus on trading Ethereum tokens, the Idex offers such features as instant order book updates, automatic trade matching, unparalleled levels of trading speed, and gas-free limit orders and cancellation. There’s absolutely no race condition either, so there won’t be any bugs disrupting your trading – something absolutely critical with this kind of currency exchange.
Here are four reasons exchanges such as the Idex represent the future:
1. Breaking down barriers
A completely decentralised exchange, with immutable records and full transparency, completely removes some of the ancient barriers set up with conventions like double-entry bookkeeping and various other financial practices. Banks will no longer be able to charge exorbitant transaction or holding fees – exchanges connect individuals directly. Ethereum is steadily gaining a reputation as the most stable cryptocurrency. Platforms such as the Idex, which focus solely on trading Ethereum tokens, are therefore in an ideal position to prepare you for this new age of transparency.
2. The end of centralised control
In recent decades, the internet has transformed industries all over the world. From the disruption of transport and the hotel industry with Uber and AirBnB, to the way we listen to music, watch TV and read the news, it seems no industry has remained unaffected. The exception to the rule has been banking and the financial sector. That is, until now. Decentralised exchanges mean there is no central power setting fees, prices or erecting barriers. The control is placed firmly back in the hands of the individual. In a world of increasing personal freedom and liberty, where individuals can choose exactly what to watch, consume and listen to any time, from anywhere, the old model of central command doesn’t seem particularly attractive. The freedom to manage our finances directly, with the safety features and technological advantages we’ve all come to expect mean decentralised exchanges are a much more attractive prospect.
3. Ancient practices revolutionised
Double entry bookkeeping originated in Venice over 400 years ago. It’s been a practice which has enabled businesses to flourish, and is an industry standard of keeping accounts and regulation – but it’s old and it’s outdated. There is too large a risk of human error and opportunity for corruption; just look at the accounting scandals which have shocked the finance world in recent years, from Tesco’s enormous profit overstatement to the fiddling of Enron’s books, leading to its complete collapse. Decentralised exchanges create immutable records of every transaction, leading to a complete and full understanding of a full ‘chain’ of decisions. Furthermore, with cybercrime on the rise and the risk of hacking growing seemingly ever-present, it doesn’t make sense to rely on one bank or institution to keep your data (or your money) safe. That’s another reason decentralised exchanges are growing in popularity every day.
4. Multi-industry impact
The effects of decentralised exchanges aren’t limited to the finance world. As well as features like instant updates, the transcendence of global barriers and automatic trade matching, this kind of technology has the potential to impact every industry on the face of the earth. A reduction in manual paper records could reduce bureaucracy in governmental institutions. Health, too, could be transformed, with instant access to complete medical records, without the risk of losing the data to cybercrime. With all of this in mind, the value of exchanges without any kind of central command will continue to grow.
So, in summary, decentralised exchanges are more secure, quicker, benefit multiple industries, reduce the risk of loss from cybercrime or hacking, provide up-to-date information with complete transparency and will allow the data-driven world we live in today to flourish. The Industrial Revolution revolutionised manufacturing – decentralised exchanges will revolutionise the whole world.
If that isn’t enough we suggest you visit http://idex.market today and experience the future in the making.