No KYC and Crypto Decentralize Exchanges can't be stop
Always take in consideration non of this information is financial advice or official announcement from any specific project, I’m no financial advisor, trader or expert, this is just my personal opinion on certain project mention on this article, cryptocurrencies are extreme high risk assets and you must do you own research, never follow what I or other people say on internet
This two topics go hand in hand, I know about DEX (Decentralize Exchanges) since 2018, this exchanges were not that popular because the technology was not there, exchanges were slow, buggy and with very little volume but for some reason they had listed hidden GEMS in the case of Etherdelta remember it had some obscure coins that later pump even 1000x its a very similar case to Uniswap but now there are more than just on good DEX, there are a few
- Uniswap
- Sushi Swap
- 1Inch
- Pancake Swap
This just the ones I know and have previously use, all this exchanges are way superior than what Etherdelta and Bitshares were at first and even to a point that they can now challenge in volume traditional exchanges
It safe to say that 2020 was the year DEX explode and got the attention from everyone with some of the most crazy events some of them good and some of them bad, when it comes to using DEX you need to be very careful because with decentralization comes certain risk and it's basically you are on your own, coins listed may not be verified or selected like centralize exchanges do and some projects might be just pure scams and that's exactly what happen with a lot of projects after getting listed the infamous "RUG PULL" but in the other hand good things happen too like probably until today the biggest Airdrop ever in crypto or with the most USD value the UNISWAP token airdrop to every wallet who had use the exchange before September 1, 2020 meaning that you could have use 10 wallet and on each had 400 UNISWAP Token with an estimate value of $1,200 USD I was lucky to use the exchange but only with one wallet then same thing happen on December 2020 with 1INCH and again I had one wallet. Decentralize Exchanges became so popular that Centralize Exchanges like Binance had to start moving in the same direction of listing coins left and right and even have like their own version or DEX project in this case Pancake Swap starting with a BNB Pool of 100k BNB Coins that was equal to over $2 Million USD at the moment that pool went life.
So its safe to say that Decentralize Exchanges are here to stay and will eventually replace Centralize Exchanges if not will be the most trading volume in the market, now what is keeping them for been number one is the GAS fees on Ethereum, most of the DEX are built on top of Ethereum and even that ETHEREUM is working on a scalable solution for GAS fees they are working on their own like 1Inch with their Chi Gastoken (https://1inch-exchange.medium.com/1inch-introduces-chi-gastoken-d0bd5bb0f92b) that will eventually reduce gas fees by burning CHI, more info on the previous link.
We can say the two things traders love about DEX
1- Coins remain under the trader custody
2- NO KYC procedure
As many say no selfies, no forms, no documents to be sent and even trading with anonymity features like the most recent implementation of INCOGNITO that allow traders to use Uniswap and other DEX with Incognito, I wrote an article about it (https://ecency.com/hive-167922/@cryptoxicate/puniswap-incognito-feature-private-decentralize-exchange) they call it pUniswap, KYC or the Know Your Customer procedure is a very delicate matter because you are providing your personal information to an entity that most of the time hire a third-party company to process that data, the most common data required
1- Full Name and Last Name
2- Passport picture
3- Selfie with date
4- Email
5- Location
6- Cell Phone sometimes
We have seen how poorly this companies manage their data and they end up been sell to other companies to harvest it and then you become target of online ads or even worst when this database gets hacked users end up been blackmail like the WORST case in crypto history the Ledger Database Hack (https://ecency.com/hive-167922/@cryptoxicate/ledger-users-in-danger-irony-behind-a-hardware-wallet), users data was sold many times and end up on a forum, since it was data from a company that sells hardware wallets those who had the database assume every user must have crypto so everyone was a target.
No days the art of trading has become a job for many crypto enthusiast, in my case it's not full-time but I love to trade and for the most part I have done very well for the past year since I started to take it serious, although there are traders that put their 100% of their time to study and success on this very hard market that is crypto, some of them making large amount of money so asking for KYC is a HUGE NO on the crypto space, so one thing is asking for KYC on a social network and another is to ask KYC on an exchange.
Recently a very old good friend mobile app for the most of their users, ShapeShift have decided to totally change their business model and have become a DEX aggregator, very similar to what INCOGNITO is for some DEX although without the anonymity part.
by Erik Voorhess Shapshift CEO
By integrating our users directly to DEX trading, it means we are no longer part of the trade; we are not a custodian, a counterpart, or an intermediary of any kind at any step of the process,” said Voorhees. “Thus, we are purely a software technology company, and in this capacity we are not regulated because we are not engaged in a regulated activity
On 2017 everyone was trying to build a centralize exchange and we saw many hacks, many tragedies and in 2020 is more simple than ever to build a DEX with basically starter kits provided by many projects like Orion Protocol, 0x, DEXKIT, just to mention a few of them, Shapeshift different from other centralize crypto entities caught the change on how things are done and what crypto traders want, DEX not only eliminates KYC and Custody but all kind of boundaries, you can build up your front end interface and connect to the protocol so the website can be blocked and in most cases you can still interact using a different front end, a bit technical but DEX solves a lot of problems for traders that are part of the weakness of Centralize Exchanges.
Hope you enjoy this article.
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