Chainge Finance is set to launch on the Fusion Network with over a million users on the protocols waitlist. This decentralized exchange aims to innovate on traditional models through leveraging the Fusion Network.
Introduction
A major component in the fast rise of blockchains has been the ability to trade blockchain-backed assets (crypto coins/tokens) against each other and FIAT currencies in specialized exchanges. But, centralized exchanges (CEX’s) basically nullify the whole point of decentralization and give full control back to companies or institutions that work a lot like banks.
While exchanges have contributed to the roaring success of blockchains, they are vulnerable to hacking, insider fraud, shifting government policies, and market manipulation.
Further problems arise when users sometimes wait months to have their accounts verified in order to start trading. So, needless to say, CEX’s are risky and flimsy in terms of security.
The main factors that all in all make trading on CEXs risky are as follow:
Transfer of ownership — Users need to transfer ownership of their coins or tokens to the exchange to do any trading, making their funds vulnerable to risks associated with the exchange.
0 transparency of trading engine — Being unregulated, exchanges can play the market as they please and users have no way of knowing whether they are being treated fairly or not.
Centralized software & organization — These exchanges are simple web applications with sole points of failure making them vulnerable to hacking. And the same goes for private ownership. If the government policies shift, they do as well.
The Solution: Chainge DEX (Decentralized Exchange)
The typical third-party entities which would normally oversee the transfer of assets (e.g. CEX, banks, stockbrokers, government institutions, etc.) are substituted for the FSN blockchain. FSN is already known for its outstanding interoperability capabilities.
Since you don’t need to actually transfer your assets to the exchange (no transfer of custody), our DEX significantly reduces risks associated with regular CEXs.
Traditional exchanges also implement know your customer (KYC) requirements. This is not the case on decentralized exchanges as they are open and permissionless. On DEXs you’ll also get rid of withdrawal/trading limits and huge fees. Chainge aims to mitigate the risk of hackers attacking the exchange and stealing your tokens.
With CEX systems you just have to trust they will protect your funds/information and execute trades in a fair manner. You have no control over your funds until you withdraw them into your own private wallet.
Using the Chainge DEX will ensure you’re 100% in control of your private keys and your coins. Since CEX’s don’t give you your private keys, you are essentially relying on their people to properly manage your funds.
Chainge will champion a new model where users never transfer the ownership of their coins to make a trade and the trading mechanism will be completely transparent through smart contracts.
What Makes Chainge an Innovative DEX?
In order to answer that we need to go back a bit and talk once more about Time Framing.
Time Frame (TF) is a revolutionary and unique FUSION innovation unparalleled in traditional or digital finance. Its purpose is to enable you to make use of and apply your own financial forecasts at any given moment.
This translates into cases where owners wish to assign a purpose to a certain amount of wealth for a certain amount of time. Meaning the owner will still safely possess the given value, while the user or trusted entity will have the right to use it for a fixed period before the usage rights are returned to the owner.
The possibilities TF opens up are infinite; through FUSION’s groundbreaking tech innovation
Chainge will enable its users to time frame any assets such as BTC, ETH & others and then manage them through smart contracts — which ultimately leads to flawless business transactions or future financial arrangements.
One of these transactions can be exchanged between BTC/TF BTC and USDT/TF USDT, meaning you can at any time exchange the TF BTC or TF USDT for full BTC at a given rate. So, when the time is set, the TF BTC or TF USDT will become whole BTC or USDT with no need for any centralized settlement.
Source : bsc.news
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