Decred Announces Launch of DCRDEX - First Exchange with No Trading Fees Seeks to Disrupt Billion-Dollar Crypto Exchange Market

CHICAGO, Oct. 21, 2020 /PRNewswire-PRWeb/ -- Decred (DCR), a digital currency that emphasizes security and scalability, today announced the launch of DCRDEX, the first decentralized cryptocurrency exchange of its kind. In an unprecedented move, DCRDEX does not collect trading fees and is the first exchange to utilize a new order matching system that levels the playing field between retail and professional traders. Other notable features are added security, as servers never take custody of client funds, and privacy as it's completely permissionless. The initial release allows users to exchange Decred, Bitcoin, and Litecoin cryptocurrencies. However, DCRDEX will be open to all cryptocurrencies, putting projects on a more equal footing and easing the process of acquiring crypto assets, which will benefit the overall ecosystem.

The launch comes at a time when, despite the growing DeFi movement, existing exchanges, both centralized and decentralized, are still in many ways antithetical to the spirit of blockchain. "No DEX to this day has been solely created in the name of the public good, for the users of crypto in the original spirit of crypto," said Jake Yocom-Piatt, Co-Founder & Project Lead at Decred.org. "Having the ability to exchange cryptocurrencies with minimal friction, risk and centralization is crucial to the process of cryptocurrency adoption by the wider public and will substantially improve the resiliency of the ecosystem as a whole. Decred is leading the way in helping crypto stay true to its original ideals and keeping crypto decentralized."

Key features of DCRDEX:

• Fees - There are no per-trade fees that go to the server operator and there is no superfluous token or blockchain that is used to monetize the project. Clients pay a one-time small account fee in DCR to use a given DCRDEX server, which disincentivizes bad behavior.
• Fair - DCRDEX is the only DEX that uses pseudo random order matching within epochs to substantially reduce manipulative, abusive trading practices by high frequency trading using first-in-first-out systems.
• Secure - Server operators never take custody of client funds. Non-custodial exchange is accomplished using cross-chain atomic swaps.
• Permissionless - The simple client-server architecture makes it easy to set up new servers and clients and enhances censorship resistance.
• No gatekeepers - Projects can get their cryptocurrency supported by DCRDEX by simply adding support for atomic swaps.
• Verifiable volume - Volume data can be externally verified against the corresponding blockchains and the atomic swaps that occur on-chain, preventing wash trading.
• Private - Know your customer (KYC) information is not required
• Transparent - By performing exchanges on-chain and using cryptographic attestation, both clients and servers can be held accountable for malicious behavior.

DCRDEX was built by a team of six developers led by Jonathan Chappelow. Simple payment verification support for client wallets, a P2P server mesh, accountability and arbitration infrastructure, and support for additional cryptocurrencies including Ethereum and Bitcoin Cash will be deployed incrementally in the coming months. For more information visit http://www.dex.decred.org

About Decred (http://www.decred.org)
Decred is a community-directed cryptocurrency with built-in governance to make it a superior long-term store of value. Decred's hybrid Proof-of-Work/Proof-of-Stake consensus mechanism, transparent proposal and voting system, and continually funded treasury make it secure, adaptable, and sustainable. Every Decred community member with "skin in the game" - stakeholders, developers, and miners - can vote on the direction of the project. Stakeholders collectively determine the policy, development plan, budget, and consensus rule changes. They also approve the miners' work - effectively aligning interests to ensure the best possible outcome for all. As it moves towards becoming a Decentralized Autonomous Organization (DAO), Decred is intentionally designed to fund all the parties involved in its governance. Each block reward compensates miners, stakeholders, and the Treasury, which pays contractors who work on Decred.

SOURCE Decred.org