In this article, we introduce EtherMium, a decentralized exchange (DEX) that promises the benefits of centralized exchanges without the imitations.
Cryptocurrency enthusiasts can only hope that cryptos will ride on the attention it has gotten since 2017 to reach mainstream adoption. To achieve this, the sector must grow past the challenges that have plagued it in the past and provide better ways of accessing and handling cryptocurrencies. A major area of interest is cryptocurrency exchanges.
Cryptocurrency traders and investors would have to go through exchanges where they trade a cryptocurrency with another or with a fiat currency. At this time, there are a lot of exchanges offering a number of features.
Centralized Versus Decentralized Exchanges
Decentralized exchanges have been touted as the future of cryptocurrency trading platforms. This is because it follows the tenet of total decentralization for which blockchain and cryptocurrency.
Centralized exchanges work just like conventional stock markets where a ‘centralized’ body controls the transactions which mean users have to ‘trust’ the operator. This is not the case with decentralized exchanges.
In centralized exchanges like Bitmex, Binance, Coinbase, etc., the operators hold users’ digital assets in online and offline storages whereas decentralized trading platforms do not hold customers’ funds, positions, or information.
Currently, users of popular centralized exchanges enjoy certain advantages like high liquidity, high trade volumes and the ability to exchange between fiat and cryptocurrencies.
The challenges facing these platforms, however, necessitates a decentralized system to address them. Notable is the issue of cyber-attacks on these platforms. The centralized vaults where customers’ funds are kept become a prime target for hackers who have succeeded in stealing over $1.2 billion worth of cryptocurrency since last year. Other disadvantages include the possibility of government shutdown, downtime associated with central servers and a limited number of coins/token listed on individual exchanges.
Decentralized platforms which are hosted on distributed nodes have little or no risk of hacks. Since they don’t have a central server, they do not face the risk of infrastructure downtown and cannot be shut down by the government.
What makes an Ideal Crypto Exchange?
A perfect crypto exchange is one which combines the benefits of centralized and decentralized platforms while avoiding the disadvantages of either.
To describe this, one would think of an exchange which is 100 percent safe and secure, one that has enough liquidity and lists as many tokens as possible. The transaction fees on this platform should also be low while it should guarantee zero downtime due to server problems or government interference.
Furthermore, an ideal crypto trading platform would be user-friendly in terms of its user interface, features, and functionality. It should also guarantee the privacy of its users.
While there are more qualities traders may need from their crypto exchange of choice, few users will complain about one with the attributes listed above.
This is in a nutshell what EtherMium is aiming at—a decentralized cryptocurrency exchange that offers the benefits of centralized platforms without the limitations.
What Is EtherMium All About?
EtherMium is a decentralized cryptocurrency trading platform hosted on the Ethereum blockchain and offers complex solutions for traders. It allows the trading of ethereum-based tokens. According to information on its website, the platform currently lists 1,098 tokens and has 2,787 wallets with a total value of about 50,000 ETH.
The team is building the most advanced and popular exchange that will allow people to buy and sell tokens as well as derivatives.
As a truly decentralized trading platform, it allows users to trade assets safely and anonymously. Unlike its centralized counterparts, EtherMium does not require know-your-customer (KYC) and other identification procedures.
As expected, it does not store customers’ funds or transaction details. Rather customers have their funds in secure programmable smart contracts and they only can have access to the details.
One of the strong points for EtherMium is that it allows the trading of ICO tokens which are not offered by other platforms. Its system makes it easy to list a token and it has no limit to the number of tokens that can be listed.
Beyond this, the team will be launching an ICO crowdfunding platform, a derivatives exchange, and its mobile trading app soon.
The EtherMium Team
EtherMium was established by the same team that created BTCxChange.com, a fiat-to-crypto exchange which ended operations in 2016. According to a statement made available to Smartereum, the team opted to leverage the benefits of a decentralized exchange after hostile banking conditions it faced. “We decided to stop trying to find new banking solutions and instead concentrate on a business model that would not require banking relationships,” the statement read. The team of around 50 individuals who can operate from anywhere around the world brings its technical know-how and experience in the crypto space to EtherMium DEX.
How EtherMium Works
To get started with EtherMium, a user only needs an ethereum wallet which can be created on the website. The user can also use a MetaMask or a hardware wallet and no personal information is required.
With an account, a user can deposit funds in a smart contract which only the user has access to. The user can place buy or sell orders and withdraw to the one’s wallet.
For transaction fees on the platform, the service cost 0.2 percent for the Taker while there are no maker fees.
EtherMium is a crypto-crypto platform, therefore, the user will have to withdraw ETH into their wallets and exchange for fiat in a crypto-fiat exchange.
EtherMium Affiliate Program
EtherMium.com offers the first of its kind decentralized trustless affiliate program. Once a user makes a deposit using an affiliate’s referral link, the affiliate automatically receives a commission on any transactions made by the new user. This commission is guaranteed since this instruction is programmed in the exchange’s smart contract.
EtherMium has an ambitious goal to become the best cryptocurrency exchange providing complex solutions to its customers. The developmental activities around the project make it more interesting.
The team is ready to release its mobile trading app compatible with both Android and iOS devices.
Also in the works is derivatives trading solution for futures that will allow users to trade crypto assets on other blockchains (like Bitcoin, Monero, etc.) as well as real-world assets (like Company Stocks, Bonds, Currencies, and Commodities).
In addition to this, the EtherMium team says they are developing an ICO platform that would allow ICOs raise funds safely through EtherMium smart contract without risk of hackers. This product is currently in a closed beta testing stage.
As traders make the move to decentralized trading platforms, EtherMium could be the platform that ushers into the era of free trade.
Click here for more information on Ethermium.