On June 17th, the company announced on the official website that it would launch a token-based bitcoin (BTCB) on the currency security chain. The token can be used for both currency transactions and future plans to be traded on the currency center. It is reported that BTCB will be 100% supported by the BTC in the reserve. The currency also said that in the future, the exchange will launch a series of tokens to anchor different mainstream currencies.
According to Caijing.com, in the decentralized exchange (DEX) test version launched on February 20, the company launched a gateway mapping asset model similar to the well-known decentralized exchange BitShares. That is, the currency security through its own centralized gateway to manage and save the user's actual mainstream currencies such as BTC, ETH and USDT. The BTC.B, ETH.B, and USDT.B that the user sees in the coin security DEX test version are only the shadow assets of the mapping, and the total amount corresponds to the assets of the user account.
Some insiders believe that this model has an over-centralization problem. As we all know, the most attractive advantage of decentralized exchanges is that users can control their own account assets and will not be constrained by centralized trading. However, the gateway mapping mode of the currency security actually concentrates the user assets in the hands of the currency security management, and the mapped assets of the users in the coin security DEX account have no value.
The person also said that the gateway model is a bit-share company launched a user asset management method based on the technology development at that time in 2014. Five years later, if the currency security is still using the old method five years ago, and the centralized technology solution is The decentralized exchange will return the control of assets to the core spirit of the user. At the same time, this is also contrary to the original intention of the industry to become more community-oriented.
A senior technical expert in the industry told Finance Network that the reason for the currency-selective DEX gateway model is that the problem of technical cross-chain trading is still difficult to solve.
All decentralized exchanges, including the currency DEX, face the problem of cross-chain trading of mainstream cryptocurrencies such as BTC, ETH, EOS and USDT. Previously, decentralized exchanges were basically fighting each other, some were carried on Ethereum (such as EtherDelta), some were built on EOS (such as Newdex), and there was a center on the wave field (TRXMarket). Exchange.
The decentralized exchange based on the Cosmos SDK is not technically capable of atomically interacting with mainstream cryptocurrencies such as BTC, ETH, and EOS. Although the Cosmos project is studying the interaction with Ethereum, it has not yet been implemented. That is, the currency DEX can't realize the interaction with several major currencies through technical means, and can only be solved by means of mapping.
Perhaps it was influenced by the outside world's over-centered comments. In April 2019, when the currency DEX launched its official version, the mainstream cryptocurrency trading area had disappeared, leaving only BNB related transactions.
“The introduction of mainstream currency-related programs by Coin’s is expected. The mainstream currency is undoubtedly the best in terms of the activity and liquidity of the exchange. The currency will not give up this market,” said the analyst.
According to the coinmarketcap data, the total market value of the cryptocurrency market is currently about $285.5 billion, while the combined market value of BTC, ETH, EOS, and three currencies accounts for 70% of the total market value. In terms of 24-hour trading volume, the above three currencies accounted for 43.38% of the total trading volume.
"In addition to reluctance to abandon the mainstream currency market share and increase market activity, the introduction of mainstream currency stable currency by the currency is also paving the way for the subsequent launch of more financial services, such as lending, leverage, etc." The above technical experts believe that.
If it is a native statutory stable currency or a main chain currency, they will do some financial operations such as pledge or leverage. The exchange will have a higher operating agreement, but if the currency is a third party, there will be some operational aspects. Inconvenience or risk.
In addition, the Cosmos cross-chain protocol can be understood as such that the old technology protocols before this protocol are basically difficult to be compatible, but new technology protocols are possible. The idea of coin security is to constantly weaken the impact of BTC or ETH. This is the same as the purpose of they (coin security) to do IEO. ICO used to use BTC or ETH as the target, while the IOE of the currency is based on BNB. Similarly, the DEX is based on BNB.
Standing on the position of the exchange, weakening the influence of mainstream cryptocurrencies such as BTC and ETH, and strengthening the value and application scenarios of the own main chain coins, this is also the deep-seated reason for the currency security to choose “do more than one move” to do cryptocurrency stabilization.