jackbrowny

Registered Member
A decentralized exchange platform is a cryptocurrency exchange platform that allows users to peer to peer exchange without any third parties and it's all done by smart contracts.

Benefits of decentralized exchange
1.User control funds
2.Privacy
3.No server downtime

In decentralized exchange you don't depend on any third party service. Whereas centralized service can be hacked and results in users loss of funds and trust.

Decentralized exchanges are safe because it is an automated way to find sellers and buyers and this platform allows global exchange and fiat currencies are not involved in the process.

working process:

Decentralized exchanges are work in the below logic

1.If the token owner raises an order to exchange his funds with another available on the DEX first the owner has to specify the number of units they want to sell and the cost of each token and they have to wait for their bidding time.

2.Once the selling order mentioned the user can set bids through a buy order.

3.When the time allocated by the seller expires, every one of the birds are investigated and determined for the best interest of both buyer and seller parties.

How it is seen from the outside.
1.first you are using your wallet address to sign in to the DEX entrance.
2.submitted a buy and sell request.
3.Then the smart contract logic gets executed and transfer of assets is done.
4.And you can get your requested assets in your wallet then disconnect.

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