Topic: HOW TOKENPOCKET IS REVOLUTIONIZING CRYPTO CUSTODY AND TRADING (Read 21 times)

HOW TOKENPOCKET IS REVOLUTIONIZING CRYPTO CUSTODY AND TRADING
 
INTRODUCTION
FTX collapse has left many people wondering the future of cryptocurrency. Possibly rethinking crypto as a secure transnational means of exchange and store of value as we all were initially meant to understand. Evaluation of reasons for the fall of FTX will reignite our passion and faith in crypto. In addition, it reinforces the importance of Decentralized Exchanges such as TokenPocket which emphasizes self-custody, security, transparency, and accountability. At the point of wallet creation, TokenPocket randomly and uniquely generates 12-word seed phrase that serves as private key to the wallet. What this means is that only the user who is privy to the key can access assets contained in the wallet. This article aims to explore the innovative ways TokenPocket is revolutionizing crypto custody and trading globally.
 
TOKENPOCKET PRODUCTS
TokenPocket is distinguishable from all other DEX and CEX in remarkable ways. Aside the self-custody other DEX offer, it has unique products. On custody, however, it is important that users rethink the possibility of assets protection in CEX. Acceded that CEX are generally secure if well handled, there is no developed system that guarantees the security of assets stored in them. This is quite unlikely with TokenPocket and other DEX where the exchange serves a minimal purpose of connecting the user to the chain without having the real cypto custody. This factor accounts for the general trust in TokenPocket for user maximum protection. Here are other products of the exchange that makes it preferred:
 
1. DEFI FUNCTIONALITY
With over 9 supported blockchain networks, TokenPocket has above 200 Decentralized Applications integrated. Varied options are provided for people to engage projects of their choice. This feature is uncommon in other exchanges where users are mostly limited to a few networks. Again, DeFi is the future of banking. TokenPocket has taken the lead towards the realization of the vision.
 
DeFi is a new financial system built on safe distributed ledgers like those employed by cryptocurrencies. The Federal Reserve and Securities and Exchange Commission (SEC) in the United States set the guidelines for centralized financial institutions like banks and brokerages, which customers rely on to directly access capital and financial services. Through peer-to-peer digital trades, DeFi challenges this centralized financial structure. Banks and other financial institutions no longer charge users a fee to use their services thanks to DeFi. Everybody with an internet connection can use DeFi, and people can store money in a safe digital wallet and transfer money in just a few minutes. One of the key tenets of DeFi is peer-to-peer (P2P) money exchange. Without the involvement of a third party, two parties agree to exchange bitcoin for goods or services in a P2P DeFi transaction. An algorithm would connect peers who concur with the lender's requirements, and a loan would be provided. In DeFi, P2P can meet an individual's borrowing demands. The same procedure is used in the blockchain when making P2P payments through a decentralized application, or dApp.
 
Few benefits of using DeFi:
• Accessibility: Transactions on a DeFi platform can take place anywhere in the world, and anyone with an internet connection can access it.
• Low costs and low interest rates: DeFi networks allow any two parties to directly negotiate interest rates and loan money.
• Security and Transparency: Smart contracts recorded on a blockchain are open for everyone to study, and records of transactions that have been performed are also available, but they do not identify your name. Because blockchains are immutable, they cannot be altered.
• Autonomy: DeFi platforms are independent of any centralized financial institutions, making them impervious to failure or misfortune. DeFi protocols' decentralized structure significantly reduces this risk.
 
2. PARTNERSHIP WITH OTHER EXCHANGES
TokenPocket is reputed for building subsidiary brands and forming partnerships with other exchanges. All these from research and analyses are geared towards providing maximum experience for users, and improving security of the platform. Some of these parnerships include 5Degrees, TransitSwap, and TransitFinance. TransitSwap is a cross-bridge exchange that gives the user access to explore products such as NFT trading and minting, participate in community governance by owning and staking xTPT, belong to the community, etc. Also, buying and selling crypto can be done on the platform. Moving forward, TransitSwap can be used to swap one cryptocurrency to the other in the same equivalence. TokenPocket also has a cold wallet called Keypal which can be used to store crypto offline. In essence, it is hard to break or hack cold wallets, and all transactions such as sending and receiving crypto can be done on the wallet through Bluetooth connection. These products have been in existence in the past few years servicing investors and traders in partnership with TokenPocket - the platform has a robust technology that assists in ensure adequate security while performing transactions.
 
BENEFITS OF USING TOKENPOCKET
It is important for people to begin taking advantage of the several benefits of TokenPocket in view of the recent fraud, manipulation and failures associated with centralized exchanges in the last few months. They disclose lack of accountability and trust which TokenPocket has solved with its technology. Importantly, every operation accessible in a centralized exchange can also be done in TokenPocket except futures trading. On the contrary, DeFi transactions are not accessible in centralized exchanges. So it becomes a matter of choice on what option a person is willing to forego. But the protection of assets should not be taken likely. TokenPocket has no direct access to assets unlike CEX which has led to mismanagement in the past and eventual collapse. Take FTX for example.
 
CONCLUSION
Recent collapse of major centralized crypto exchanges like FTX are gradually leading to lack of trust on crypto. These falls are due to human errors as a result of control over users’ assets which CEX is primarily known for. That calls for a more radical means of crypto custody and trading which TokenPocket offers all users. It ensures trust, security, and storage of assets storage on the chain, breaking all third-party roles in the process.