NEO Blockchain’s First Decentralized Exchange Goes Live

NEO’s first decentralized exchange project, ‘Switcheo’, has finally gone live.

Switcheo’s launch has been highly anticipated, raising $8.5 million in its ICO; Crypto Globe reported that the exchange has seen an average $2 million trading volume in its first week. The exchange has reportedly risen to become the fourth-largest DEX (decentralized exchange), following Ethfinex, Idea, and Cobinhood.

Although there are already a number of successfully-operating decentralized exchanges on the market, the majority of them only allow users to ERC20 trade tokens built on the Ethereum Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term (ie Idex and EtherDelta). Switcheo is the first decentralized exchange to operate on the NEO blockchain, allowing users to trade NEP5 tokens.

Switcheo is now on CoinMarketCap as an exchange! #SwitchtoSwitcheo $SWH $NEO $GAS $TNC $ONT $QLC $DBC $TKY $CPX $RPXhttps://t.co/8JhfLoBjJc

— Switcheo (@SwitcheoNetwork) April 20, 2018

Plans for the Future: Accepting Fiat Currencies; Cross-Chain Capabilities

“With the increasing popularity of projects developed on the NEO Blockchain, Switcheo will strategically start trading NEP-5 Token contracts for the NEO Blockchain first, before moving on to QRC20 Tokens (QTUM),” reads the Switcheo whitepaper. “Using the dynamic call functionality of the NEO blockchain, users will be able to list and buy tokens the moment they are available for transfer on the blockchain.”

According to the Switcheo whitepaper, the exchange will not initially accept fiat currencies. Instead, the exchange will “first work towards a multi-chain decentralized cryptocurrency exchange platform where users may perform trades of virtual tokens and assets trustlessly (i.e. without the need to trust a centralized third party).”

So far, the exchange supports the trading of more than 20 different Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term. Switcheo also has its own native token (the Switcheo Token or ‘SWH’) which can be used to pay trading fees at a discount. At press time, the Switcheo token was trading for roughly $0.026.

Decentralized exchanges are, by nature, more secure and less expensive than centralized exchanges. Let's hope that the Switcheo platform is just a single step in a larger movement towards global decentralization across industries.