Switcheo Network – Decentralised Game Ghanger
https://www.cryptoika.com/iconews/switcheonetwork/Switcheo Network
Well simply put, it is the most advanced NEP-5 Decentralized Exchange built for the NEO platform. Why are decentralized exchanges important you ask? Well, as it can be seen recently, there have been a slate of exchange hacks, most recently and stingingly the BitGrail exchange hack. While there is still some debate over whether or not it was an actual hack or the owner Francesco Firano simply messed up big time, it is now a known fact that $170 million USD worth of NANO (formally known as Raiblocks) are now missing from the accounts of those who were unfortunate enough to have bought and stored their currency on BitGrail.
Decentralised exchanges will be able to remove any worries that the exchange will pull an exit scam, or will get hacked and lose all your funds. Decentralized exchanges require no customer verification, don’t store customer data and users are in control of their funds 100% of the time. There are also much lower trading fees compared to other huge exchanges. Essentially, they are a huge step up from the current exchanges that most of us utilise.
What are NEP-5 Tokens?
NEP-5 Tokens are tokens which are built on the NEO Blockchain.
What is NEO?
Neo is the platform that Switcheo is being built upon, therefore making switcheo a NEP-5 token. Neo is a Smart Economy platform that uses blockchain technology to digitise assets. Read more about NEO here.
Switcheo Network Priorities
Switcheo Network intends to prioritise the shortfalls of existing decentralised exchanges. The shortfalls can be categorised into 4 categories. They are namely, User eXperience (UX), smart contract security, Know Your Customer (KYC) requirements and liquidity.
The shortfalls of user mistakes begin with order mistakes, wrong trades and mis-clicks which are the hallmarks of decentralised exchanges. Switcheo network believes the problem is solvable through a well thought out UI & UX. For those who are not web savvy, UI & UX refers to the design and layout of a webpage. Switcheo decentralised exchange will allow for the partial filling of offers, auto-retrying of failed orders and order batching within a single transaction. With these functions the user remains in control within the given constraints of the smart control.......