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Decentralized Exchange for Ethereum Promises Lower Fees Than Rivals

A decentralized exchange claims that its trading fees are considerably lower than that of its rivals — with a one percent fee reduced to 0.03 percent whenever they use the platform’s native tokens.

Blockonix says its exchange is the “most clean, most user friendly” on the marketplace right now and offers a more cost-effective experience than the likes of EtherDelta, Idex and ForkDelta.

The platform provides users with a way to trade Ethereum — as well as Ethereum-based digital assets and tokens — around the world, and its team says it is “promoting a new wave of payment gateways and exchanges with futuristic applications.” Blockonix does not store any assets in its infrastructure, with all funds remaining with the user at all times.

Blockonix says, unlike other exchanges, it earns zero percent — and all of the fees collected through the platform are used to buy back BDT tokens and burn them. This includes the five ETH fee for listing on the exchange itself. Whereas other organizations are driven by profit, Blockonix says it is motivated by community.

In an article explaining the rationale behind its fees, the platform wrote: “Some of you would begin to question yourself why we are charging so little to offer a very complex service which demands constant monitoring to enforce maximum security.

“We have developed the right technology which enable us to significantly cut down our operational cost while keeping our system at the top level in terms of security and functionality.”

A change of plans

Blockonix was formerly known as BitIndia, and that platform was intended to be an exclusive exchange for Indian crypto enthusiasts. The organization said it had to make the “tough decision” to rebrand, make the exchange purely decentralized and shift its focus international following the Indian government’s negative response to cryptocurrencies.

As reported by Cointelegraph earlier in August, the country’s Department of Economic Affairs said certain crypto assets could be made legal to use in India — with officials saying they “categorically denied” that cryptocurrencies themselves would be used “in any manner” at some point in the future.

Most of those who held BitIndia tokens have now had them replaced with BDT tokens — and according to Blockonix, almost 170 million BITINDIA tokens have been burned permanently, with just over 10 million remaining in circulation.

Decentralized exchanges create ‘trustless environments’ where deals are made through smart contracts or atomic swaps instead of going via a middleman. This is different than a centralized exchange, where an organization is trusted to look after a customer’s money on their behalf.

As explained here, decentralized exchanges are appealing to some because they remove a single point of authority — helping to reduce costs and enhance levels of privacy and security.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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Is Tron (TRX) Building a Decentralized Exchange for Future Tokens on its Platform?

The Tron (TRX) community on Twitter is excited over news that there is a TRX decentralized exchange in the pipeline. According to the ‘rumors’, the decentralized exchange will be known as TRX Market and the team behind it have declared their candidacy for Tron’s Super Representative elections.

One of the tweets that mentions the TRX Decentralized Exchange is by @WLFOFMYST who lives and breathes Tron. His tweet can be seen below with the accompanying image of the anticipated TRX Decentralized exchange.

Image of the anticipated TRX Market. Source,

Further investigating the claim, we find that the team TRXMarket has been mentioned by Justin Sun in a tweet that stated the following:

TRXMarket will run for #TRONSR. TRXMarket is a decentralized exchange based on the #TRON network. It aims to provide decentralized exchange services for the TRON community.#TRX $TRX

The announcement on the Tron Super Representative page states that TRXMarket plans on working together with the other 26 duly elected SRs to build the TRON Community, maintain the healthy development of the community and contribute to the progress of the blockchain industry.

It is with the above statements that it can be deduced that TRXMarket is a completely separate entity from the Tron Foundation. This furthers the notion that Justin Sun and the Tron Foundation plan on taking a hands off approach in terms of the governance of the Tron ecosystem. Once all the SRs are elected, the future of the project solely lies in the hands of the community and the SRs that represent them.

Is TRXMarket exclusively for Tron future Tokens?

Now the million dollar question here is if TRXMarket will be a decentralized exchange for all cryptocurrencies in the crypto-verse, or will it be specifically for Tokens created on the yet-to-be-complete Mainnet.

The picture provided with the logo of TRXMarket states that it is a decentralized exchange for TRC20 tokens. The TRC20 protocol is part of the TrustNote’s first minable DAG (Directed Acyclic Graph) public ledger. TrustNote provides a solution for tokenized applications and microtransactions that is fast, easy to use, low-cost, and scalable. The TRC20 standard makes it easy for anyone on any device to issue and transfer their own tokens.

The TrustNote’s medium page goes on to state the following about Tron:

The implementation of the third and fourth phase of TRON blockchain will give content creators a stake for personal brand through “individual ICOs”. To implement this, TRON might have to implement Ethereum like smart contracts…

From this last phrase, we can deduce that ICOs and unique tokens on the Tron Network are a possibility in the future. With TRX Market becoming a Super Representative, these TRX based tokens will have a Decentralized exchange for trading.

Perhaps a clarification on how the TRXMarket Decentralized Exchange will operate will be provided with time and after they accumulate enough votes to become Super Representatives on the Tron Network. What is known from the above research, is that it is not directly associated with the Tron Foundation or Justin Sun.

Disclaimer: This article is not meant to give financial advice. Any opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.


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Binance “Sneak Peeks” In-House Decentralized Exchange

Binance Grinds Out Pre-Alpha Decentralized Exchange

World-class cryptocurrency platform Binance has been hard at work on its in-house decentralized exchange platform for months now.

While no product was expected this early, Binance’s team has been hard at work, recently releasing a “sneak peek” of a pre-alpha version of the platform, which will be an essential part of Binance Chain.

On Thursday morning, Changpeng Zhao, Binance’s CEO and an industry golden child, took to Twitter to release a short (but sweet) demo of an early-stage development iteration of Binance’s planned decentralized exchange (DEX).

Opening off the sneak peek video, Zhao, or CZ as he is known by the crypto community, told his viewers not “to expect too much,” as this is a “casual, rough and pre-alpha” demo that has no graphical user interface (GUI) to speak of, for now, that is.

In the six-minute video, a Binance developer showed off three essential features that will be an integral part of the fully-fledged platform, these being the creation, listing, and trading of tokens. From what was seen, it seems that all seems to be working according to plan. But until Binance releases a version available for public consumption, it remains to be seen whether the DEX can handle an influx of volume and users.

Closing off the “casual and early demo,” Zhao noted:

“There is still tons of work to be done to turn it into a final product. The team is working on it very aggressively. Nevertheless, I think that this is a major milestone for Binance Chain and we’ll keep you guys up to date from time to time.”

While this may look like nothing much on the surface, CZ sees this as “a small step for Binance Chain, (but) a big step for Binance.”

In an interview with CNBC Africa’s Ran NeuNer, who hosts the Crypto Trader show, Binance’s CEO added that he isn’t 100% sure when the official release of the DEX will occur. As CZ puts it, “it could be one year, two years, three years, or five years. I don’t even know.”

Decentralized Exchanges — The Future For This Industry

Many see decentralized exchanges as the next step for this industry, as many investors have begun resisting the restraints put upon them by centralized exchanges. For those who are unaware, decentralized exchanges remove a centralized intermediary, allowing its users to trade crypto to each other directly, removing the need for an asset to be routed through an exchange-owned wallet.

Not only does this reduce the risk of a hack, but it is also censorship-resistant and can be available worldwide for any user that may be seeking its services.

However, some have their doubts, with some skeptics bringing up the recent hack of the Bancor DEX, where a smart contract was hacked and over $30 million in funds were stolen. While none of these funds were owned by consumers, critics brought up the fact that Bancor was able to freeze BNT tokens through a back-door, “emergency” function, which negates the purpose of decentralization.

Hopefully, Binance will address all the current concerns about decentralized exchanges and will create a platform accessible to a worldwide audience.

Photo by Luca Bravo on Unsplash


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Here are 12 Projects Utilizing the Stellar (XLM) Blockchain That No One is Talking About

The Stellar Project and XLM Coin are one of those entities in the crypto-verse that are slowly but surely making significant progress under the radar of mainstream news. Maybe this is due to the fact that the Stellar Organization is a non-profit and it focuses more on its projects rather than creating a ‘buzz’ in the crypto-verse.

Therefore, let us explore 12 Projects utilizing the Stellar blockchain that no one is talking about.


Ethereum World News had highlighted this project that is working on tokenizing the carbon credits economy using the Stellar blockchain. Veridium is partnering with IBM and Stellar to integrate their VERDE Token to simplify the tracking and auditing of carbon credits and the carbon market trading that follows.

IBM’s StableCoin

IBM has long been known to be a solid partner of the Stellar organization and plans on using the blockchain to explore the option of creating a cryptocurrency pegged to the US Dollar (a Stablecoin). The computing giant has also been known to be running 9 Stellar nodes around the globe to aid in the settlement of cross border payments.

Stellarport Decentralized Exchange

Stellarport Decentralized Exchange is a one of a kind decentralized exchange that runs on the Stellar network. Stellarport is a reliable, flexible and secure portal to the Stellar network where you can view your wallet, send payments and trade on the decentralized exchange.


Stronghold is your on stop shop to trading digital currencies. Stronghold accepts deposits in USD and can issue tokens of any kind on the Stellar Network as well as the traditional assets of Bitcoin and Ethereum.


Tempo is a European money transfer company that recently transitioned to the Stellar Network. This in turn will make money transfers using the platform cheaper and easier for its users. Clients are able to send global remittances from Europe through the Stellar e-wallet, online or by visiting TEMPO locations.

Satoshi Pay

Satoshi Pay launched its integration into the Stellar network back in December. The project switched from the Bitcoin network to that with Stellar as well as partnering with TEMPO for fiat payments.

Open Garden

Open Garden was on of the finalists in the Stellar Build Challenge that was organized by the Stellar Foundation. The project aims at turning your phone internet connection into an Open Garden WiFi hotspot as part of a global bandwidth-sharing community. The revolutionary network protocol enables everyone to offer up surplus bandwidth in exchange for cryptocurrency, or purchase Internet service from other people nearby.


TillBilly is an integrated ‘tap and go’ terminal connected to a regular POS (point of sale) terminal. It is based on the Stellar Network and aims at making the payment process cheaper than the regular Visa and Mastercard platform. TillBilly also has a digital receipt system that solves the problem of having massive paper receipts after visiting your regular grocery store.


Slice is tokenizing the real estate industry in the United States making it possible for individual investors to access projects that were previously accessible only to institutional investors. Slice allows private investors to gain access to wealth building opportunities, while real estate owners and operators gain access to a large pool of untapped capital.


As the name suggests, SureRemit is a cross border remittance service that is used mostly by African workers abroad to send money home. It has joined the Stellar Network with 300 locations across Kenya, Rwanda and Nigeria. You can even use SureRemit to pay Utility Bills and send Airtime to loved ones.


Smartlands is setting out to tekonize assets in industries such as real estate, manufacturing, private shares as well as agriculture. The platform manages auditing, legal due diligence and other preparatory procedures of a token issuing company. Investors buy tokens of the company with the possibility of trading them and receiving profits.


Chynge is a digital payments platform that aims at making remittances free. Chynge uses tokens to digitalize payments on the blockchain to transfer funds immediately. Liquidity pools created by Chynge in various countries eliminate bank credit lines.

In conclusion, these 12 projects on the Stellar blockchain are impressive and more reason to look forward to a future powered by blockchain technology and cryptocurrencies.

Disclaimer: This article is not meant to give financial advice. Any opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.


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Here Is Why Tron’s (TRX) Price Drop Is Only Temporary

The cryptocurrency markets have lost a staggering $20 Billion in the last 24 hours. The total market capitalization of the crypto markets stood at $273 Billion only yesterday; now it is valued at $253 Billion. The King of Crypto, Bitcoin (BTC), has somewhat held its own with a drop of 6% in the same time period and now trading at $6,392. BTC has since increased its market dominance to 43.2% as more traders prefer BTC in times of turmoil.

It is with the latter act of preferring BTC that the price of Tron (TRX) has also been dealt a major blow in the last 24 hours. TRX has lost 9.5% of its value in 24 hours and is currently trading at $0.033.

However, this is only temporary.

Initial reports indicate that the loss in market value has come as a direct effect of the Bancor Exchange hack that has resulted in the loss of digital assets worth $23.5 Million. The crypto market reaction follows a similar trend after the last 3 hacks (Coincheck, Coinrail and Bithumb) were announced in the crypto verse. What then proceeded, is a market recovery only a few days later. Therefore, all the TRX HODLers have to do, is to keep holding their TRX.

Another reason why the value of TRX will not be so low for too long, is that Binance plans on resuming withdrawals and deposits on the exchange sometime this week. This means that TRX holders can now move their TRX around to their wallets and cold storage thus decreasing the circulating supply available for trading. The influx of TRX into exchanges for the token migration, was a contributing factor for the decline in value of TRX by increasing the supply in exchanges whereas the demand was low.

Thirdly, the Tron MainNet has been working flawlessly since the Genesis Block was released on the Tron Independence Day. With a capability of 2,000 transactions per second, it is only a matter of time before the Tron Network decentralizes the web as well as the entertainment industry. Ethereum World News had earlier hinted that the Adult Film industry might be willing to tap into the Tron Blockchain and offer DApps for its viewers.

In conclusion, the current price decline of TRX is temporary due to the Bancor hack as well as the lack of liquidity of TRX from the numerous exchanges still facilitating the token migration. Once that is done, and the market recovers after the hack, it is all systems go for an increment in the value of TRX.

Disclaimer: This article is not meant to give financial advice. It is an opinion piece. The opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.


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Hackers Steal $23.5 Million From Decentralized Cryptocurrency Exchange Platform Bancor

Bancor, a decentralized cryptocurrency exchange project has become the latest victim of cryptocurrency hackers. The company announced on Monday (July 9, 2018) that it experienced a security breach forcing it to shut down its operations. Bancor was one of the high profile ICOs of 2017, raking in $153 million during its token sale event.

Details of the Hack

Issues began yesterday when the platform announced a security breach. A few hours later, Bancor released a follow-up statement revealing that suspected hackers had stolen $12.5 million in ETH. The hackers also took BNT and NPXS tokens to the combined tune of $11m making the total loss to be $23.5 million.

According to the Bancor, the breach came via an online wallet being used to effect upgrades to certain smart contracts. The hackers were able to gain control of the wallet using it to siphon the stolen coins.

The Bancor team also announced that they were able to freeze the stolen BNT tokens – BNT is the native token of the Bancor platform. However, there is no way to freeze the stolen ETH and NPXS. Thus, the company plans to work in tandem with other exchange platforms in tracing the stolen ETH and preventing the cybercriminals from liquidating them.

Effect on the Bancor Cryptocurrency Price

Since the news of the hack became public, BNT token price has taken a significant tumble. At the start of yesterday’s trading, the BNT price was $3.15. By the end of the day, the price fell to $2.50. The decline has continued into its second day, today (July 10, 2018), dropping to $2.45. BNT has lost more than 20 percent since the attack.

The theft is yet another snag in the Bancor project development roadmap. Despite its fundamental premise and the successful ICO, the project has many doubters. Bancor is a decentralized exchange platform that employs a fluctuating price system for selling virtual coins even when there is no demand.

In 2017, Kyle Samani of Multicoin Capital said that Bancor didn’t provide any utility for the market. According to him, if exchanges decline to list any token, it is because that token isn’t good enough. He summarized his critique of the Bancor project thus:

For assets that actually have value, there will be a market. For assets that people don’t want to buy. Why should there be some pity-based programmatic market maker to provide liquidity? My inner capitalist is just dumbfounded by the concept of Bancor.

Will this latest hack adversely affect the prices of cryptocurrencies, especially Ether? Does this hack show that decentralized exchanges are just as vulnerable as their centralized counterparts? Keep the conversation going in the comment section below.

Image courtesy of Coinmarketcap.


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Vitalik Buterin on Centralized Exchanges: “I Hope They Burn in Hell”

Vitalik Buterin, creator of Ethereum (ETH) shared his ideas in an interview for Tech Crunch at a special event dedicated to the promotion of blockchain technologies.

Vitalik Buterin during the interview

On several occasions he discussed with Jon Evans (the interviewer) his views on how blockchain technologies have influenced society. For Buterin, the dilemma of centralization vs. decentralization is one of the main moral problems that blockchain technologies must solve in order to be globally accepted.

Today, concern for privacy and decentralization is evident, yet most people easily sacrifice privacy for convenience and are more than happy with centralized solutions in trade for a sense of security.

This vision is translated into the public’s conception of the importance of decentralization. For Buterin now that cryptos have a larger user base, such concern does not seem to be a major focus:

Back in 2013, when GHash had 51 percent everybody freaked out. It’s happening a second time and people aren’t really talking about it this much,

Vitalik Buterin

The concern over the possibility of a 51% attack was touched on several occasions. For Buterin it represents a latent problem because of the control that a centralized group could exercise over an entire network.

Ethereum is studying the possibility of moving to PoS to avoid this situation. However, many have criticized this proposal as benefiting those with more resources invested (or staked).

Bitmain Logo

Vitalik Buterin disagrees, taking as an example the excessive power of Bitmain, which controls approximately 53% of the total hashing power of Bitcoin and BCH. He commented that if PoS is “rich get richer”, PoW is “Rich get richer, squared”.

“Burn in Hell”

When asked about centralised exchanges, Vitalik was not ashamed to openly express his opinion:

“I definitely hope centralized exchanges go burn in hell as much as possible,”

Clearly, Mr Buterin is not particularly a fan of centralized exchange houses; however, it was not just a senseless statement. The main reason for his viewpoint is precisely the same as that he has to criticize the centralization of blockchains and any technology in general. The abuse of power – potential or real – is one of his main concerns.

For Buterin, there is no logical explanation to justify why some tokens have to pay 10 or even 15 million dollars in fees for exchanges to support their listing.

The only reason why he believes these exchanges exist is to serve as a man-in-the-middle between crypto value and fiat value. However, in the event of a global adoption of cryptocurrencies, the standard of crypto to crypto exchanges should aim at decentralization.

The full interview is available here:

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John McAfee Continues To Throw Jabs At HitBTC

John McAfee has asked his twitter followers, and the crypto-verse at large, to boycott the exchange known as HitBTC. According to McAfee, the exchange has embodied the corrupt powers that decentralization had set out to eliminate.

He would state the following via twitter:

The crypto exchanges have become the thing that we have originally fought against. Their power is immense. Hitbtc, for example, has increased suffering for millions of poor people who cannot afford the minimum buy-in since it is greater than their monthly income. Boycott them.

In reply to his tweet, many of his followers expressed their frustrations with the exchange as can be seen below:

One of McAfee’s twitter followers would recommend that decentralized exchanges were the only way to get rid of the power hungry centralized exchanges such as HitBTC. Others elaborated their experiences of how the exchange ‘held’ hostage their coins for weeks without an explanation. This was after one of McAfee’s associates offered to offer his help in solving all issues related to the exchange. Evidence of this can be seen in the tweet below:

McAfee has vowed to continue fighting the exchange until it realigns its priorities to mirror those of the crypto community and those who cannot afford the high fees on the exchange. John would issue this warning via twitter when he said:

HitBTC I will be your worst enemy until you prove that you are aligned with our community and are truly interested in helping the poor. You have not done shit to help access the only free healthcare in the world.

One of McAfee’s chief goals is to take down the entire system of power hungry governments, banks and exchanges. This is why he has expressed his intentions to run for President in 2020. Although he admits his chances of winning the elections are slim, he is confident that it will provide him a global platform to air his views to a listening audience. He plans on showcasing the almost-free healthcare solution of Docademic, as a solution to the healthcare debacle in the United States.


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Coinbase Acquires Decentralized Exchange “Paradex”

Coinbase, one of the leading companies associated with the crypto sphere in the United States and owner of Gdax, the #8 Exchange regarding volume worldwide, announced the recent acquisition of Paradex, a Dex that runs on the 0x platform.

The company made the announcement without going into too much detail. A short post on its official blog revealed what could be an essential step towards the global decentralization of exchanges:

“We’re thrilled to announce the acquisition of Paradex, a relay platform that will allow our customers to trade hundreds of tokens directly from their wallets. The move not only reinforces Coinbase’s commitment to investing in decentralized infrastructure and participating in the nascent world of wallet-to-wallet trading, but also our focus on the international crypto trader. After making some product enhancements, we’ll initially offer this experience to customers outside the U.S., and eventually to U.S.-customers.
Welcome Paradex to the Coinbase team!”

The decision to initially provide services to non-US residents is made on legal grounds. This is the same reason why som ICOs are not available in the United States.

This is latest move of the veteran company which seeks to expand its services while adapting to the changes in the world of cryptocurrencies.

Currently, there are more than 1600 altcoins in the market and Coinbase, despite its high volume, only offers four altcoins for trading: BTC, ETH, LTC, and BCH.

Coinbase did not disclose the terms of the deal. However, they expressed their enthusiasm regarding the purchase of this Dex:

“[Paradex is] a sophisticated and secure relay platform that will allow our customers to trade hundreds of tokens directly from their wallets.”

One of the aspects to note is that being Paradex a Decentralized Exchange, the control of the tokens does not fall on Coinbase, so the responsibility for trading is unique and exclusive to the users. This is a pioneering policy in a company that is known for being so conservative and meticulous.

Coinbase Bets on Changes and Innovations to Succeed on the Cryptomarket

The improvements that Coinbase is making are both technological and logistical. On April 16, Coinbase Welcomed Balaji Srinivasan as CTO, and the next day Alesia Haas joined as CFO

Alesia Haas: New CFO of CoinbaseAlesia Haas recently joined the Coinbase Team as CFO. Credit: Coinbase

Regarding services and infrastructure, the last few months have been very active for the company:

  • On March 30th they announced support for ERC20 tokens
  • Later, On April 5th they added support for Bitcoin Forks
  • On the same day, they began a startup financing program called Coinbase Ventures
  • Then, on May 15 they published the release of a suite of institutional products
  • On May 23rd they announced that the Gdax exchange would evolve into a rebranding. Its new name will now be Coinbase Pro, offering “professional trading tools and services” through a new UI

These developments put Coinbase back on the crypto-map, not only for their solidity but also for their visionary strategies.

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Waves (WAVES) Platform To Challenge Ethereum With Own Smart Contracts

In a tweet on the 28th of April and less than 3 days ago, Waves Platform announce that the much anticipated Waves (WAVES) Smart Contracts are now available on Waves’ TestNet. The TestNet with the added feature can now be downloaded from

@Wavesplatform tweet on smart contracts

As can be seen with the screenshot of the tweet above, the project anticipates a Moon landing once the Smart contracts are full available and functional on the Waves platform. This adds Waves to a growing list of platforms that are gunning for Ethereum’s dominance in the industry of smart contracts. The other contenders are Stellar, Zilliqa, Tron, EOS and Ripple with is revived Codius project.

This announcement comes at a time where Ethereum smart contracts have been the subject of scrutiny due to the discovery of security vulnerabilities in the smart contract platform. A classic case of the dire security situation in Ethereum smart contracts is the infamous Parity debacle where a user locked up $200 Million in Ether indefinitely on the smart contract by killing it through a bug in the code.

The Waves smart contracts will include the following benefits and more:

  • Support for multi-signature wallets, which cannot be controlled by simply one person alone
  • No gas for non-Turing complete smart-contracts
  • Comparable service to Ethereum, but both easier and cheaper to use
  • The ability to immediately distribute and trade created tokens on DEX
  • Support for atomic swaps in the future
  • Support for token freezes
  • Support for decentralized applications (DApps)

Another added advantage of the Waves platform is the currently active decentralized exchange. All trading transactions happen on the blockchain and only the order list is held on a centralized matcher. The Waves project has managed to increase the network’s capability to hundreds of transactions per second. Its decentralized exchanged dubbed Waves DEX has no restrictions on withdrawal of funds. As soon as the trade is complete, your funds appear in your wallet and not held by the exchange.

With all the above mentioned developments, Waves is now en route to making a debut to the top 20 coins according to With the current value of $6.64 per Waves coin, perhaps it is not too late to buy in and watch the coin orchestrate a Moon Landing and assist in buying that Lambo.

[Photo source,]