Most Pose as Decentralized Exchanges, Here's a Real One: Blocknet DX

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LINKS FOR ADDITIONAL READING FOR THIS VIDEO & ALL INFO IN TEXT DOWN BELOW

EtherDelta Hack: http://bitcoinist.com/etherdelta-cryptocurrency-exchange-hacked/

How to Check Balances on EtherDelta: https://deltabalances.github.io/

How to Withdraw w/o logging onto EtherDelta: https://youtu.be/slru097RrfM

List of DEX’s: https://distribuyed.github.io/index/

Blocknet Website: https://blocknet.co/

Blocknet Protocol Dashboard: https://blocknetprotocol.com/dashboard

Blocknet Wallet Releases GitHub: https://github.com/BlocknetDX/BlockDX/releases/tag/v3.9.10

Blocknet Tutorials and Guides: https://blocknetsupport.cayzu.com/KnowledgeBase/Folder/4471

Blocknet FAQ: https://github.com/BlocknetDX/blocknet-docs/blob/master/blocknetFAQ.md

So here’s why centralization is a problem, especially for things like exchanges. Think about it, exchanges are where EVERYONE goes to access cryptocurrency. This is where the investors go to buy, where day traders go to trade, they are where hackers go to get your coins, and where governments go to regulate. Exchanges are the access point for everyone. It is for this reason that exchanges especially need to be as decentralized as possible. As I mentioned earlier, EtherDelta is, or was technically classified as a decentralized exchange because they did not act as a custodian for your coins. Even IDEX, the other decentralized exchange I featured two days ago isn’t technically completely decentralized. IDEX has a public CEO. Meaning one man is at the head of this exchange, and one man who can be pursued and pressured by governments, or hackers. Again, certainly not an ideal situation and I’m sure that many wouldn’t qualify this as being completely decentralized.

Thanks to the awesome tip from a commenter on a previous video, I want to share with you all a website that displays different decentralized exchanges with the type of protocols they use along with pointing out which ones are fully decentralized. There aren’t that many that make the cut on this website, but one that does qualify as fully decentralized is Blocknet DX.

Blocknet is a protocol that allows nodes of different blockchains to essentially communicate with each other.
The Blocknet network itself is its own blockchain, comprised of service nodes and staking nodes. The service nodes provide the computer power that enables Blocknet’s capabilities and ultimately protects the order book. Staking nodes protect the network by using Proof of Stake. Both of these receive rewards with the service nodes receiving 70% of the block reward, and staking nodes receiving 30% of the block reward.All fees on this network are paid in Blocknet’s coin, BLOCK. This also explains why they have their own wallet available.One of the first dApps created with this protocol is the Blocknet DX.
With Blocknet DX, you don’t have to worry about sending your coins from your wallet and onto an exchange, like you would have to do with IDEX. The trades done with this DEX is truly peer-to-peer, wallet to wallet.
Also, unlike EtherDelta or IDEX, Blocknet DX opens the door for different blockchains to interact, meaning you can use it to trade Bitcoin for Litecoin, or PIVX, or Dash, and a number of other options. If you’re interested in adding a coin to Block DX it’s free to do so and according to their website, it generally requires no coding.
They’ve just released a new version of their wallet and you can also now find new documents that help you understand better how this all works.
When you download their wallet onto your desktop keep in mind that you will also be downloading the Blocknet blockchain, so you’ll need 1GB of storage available initially and this storage requirement will grow over time.

Once you have the wallet installed, and the blockchain has synched, you’ll notice you can access the Blocknet DX right from within your wallet.
You can also pretty easily set up a staking node within your wallet, you’ll need 5000 BLOCK coins to qualify for this.

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