31/07/2021 Computer - IT - Webs
Decentralized Exchange Script
Decentralized exchanges script or DEXs script are autonomous decentralized applications (DApps) that allow cryptocurrency buyers or sellers to trade your decentralized platform without having to give up control over their funds to any intermediary or custodian.
DEX script users hand over their crypto assets to the decentralized exchange, which acts as a custodian and essentially issues IOUs for users to trade with on the platform.
Decentralized crypto exchange script were initially conceptualized to eliminate the need for any authority to supervise and approve trades made within a particular exchange. Through the help of smart contracts, DEXs operate automated order books (or automated market makers) and trades. This makes them “truly peer-to-peer.”
How Decentralized Exchange Script Works?
On-Chain Order Books
DEX script uses on-chain order books, there are network nodes that are assigned to maintain the record of all orders. It also requires the operation of miners to confirm each transaction.
Off-Chain Order Books
As opposed to on-chain order books, records of transactions in off-chain order books are hosted in a centralized entity. They utilize “relayers” to help manage these order books. In this respect, off-chain order book DEXs are only quasi-decentralized, unlike other types of DEXs.
Automated Market Makers in DEX Platform
Automated market makers are now being popularity in 2020, driving much of the DeFi boom, and are used by popular DEX platforms like Uniswap, SushiSwap and Kyber Network
Advantages of DEX Script
The custodial nature of centralized exchanges is often singled out as the main reason why they are usual targets for hackers and thieves. They maintain their liquidity by keeping the funds of their users on the platform, which makes them susceptible to large-scale theft.
DEXs script are less susceptible to this type of risk, since users can freely trade on these platforms from either cold or hot wallets without having to use their private keys or recovery seeds.
All centralized exchanges require sign-ups to comply with Know Your Customer (KYC) requirements
DEX Script is maintained by any central authority, at present there’s no need to use KYC protocols.
Sovereignty, or control over one’s funds, can be exercised freely in DEXs. Users will have full custody of their funds and will be able to use them as they please.
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