V.Buterin: It Is Necessary To Build A Decentralized Exchange Between Bitcoin And Ethereum
The co-founder of Ethereum Vitalik Buterin spoke about the need to establish a reliable and secure exchange system between Bitcoin and Ethereum. In his Twitter account, he focused on the following:
Vitalik Buterin believes that now there is a need to create a decentralized exchange between cryptocurrencies. He notes that users should be able to exchange between Bitcoin and Ethereum and be confident in the safety of transactions. Vitalik Buterin also believes that this system should be based on a model similar to Uniswap, which allows for more efficient and transparent bidding.
The advantage of Uniswap is the decentralization of financial transactions, which eliminates the commission fee for the transaction. According to this model, the transaction price is generated automatically.
Decentralized exchanges are an alternative to traditional trading platforms. But in this segment the competition continues to be fierce: in order to attract the attention of users it is necessary to “go by the head”. According to CryptoCompare, in December, decentralized exchanges conducted only 0.01% of trades of the total financial transactions in the cryptocurrency market.
Buterin also noted the importance of building a decentralized exchange between Ethereum and other cryptocurrencies. He has already actively engaged in discussing this project with representatives of other crypto companies, in particular with Zooko Wilcox, CEO of Electric Coin.