EOS explodes on news of a DEX on its blockchain in which 10 billion are invested
Block.one , a blockchain platform whose longtime supporters include billionaire Venture Capitalist Peter Thiel, is launching a virtual currency exchange that seeks to combine the attributes of traditional exchanges with the benefits of decentralized finance.
The exchange – apparently it will be called “Bullish Global” – is capitalized by Block.one with around 10 billion dollars in digital assets and cash. The investment includes 164,000 Bitcoins worth approximately $ 9.7 billion, $ 100 million in cash and 20 million EOS tokens, which power Block.one transactions. The exchange will use EOSIO, the EOS blockchain software program, and EOS itself.
The exchange will offer new automated market making, lending and portfolio management tools to its users to deliver functionality that had previously been monopolized by traditional finance incumbents, while driving greater liquidity towards digital assets.
The structure, even if not yet completely clear, seems to present itself as a DEX; a Decentralized Exchange. As a reminder, Decrypt explains that decentralized cryptocurrency exchanges (DEX) do not ask users to enter private information, such as social security numbers or addresses, which centralized exchanges are obligated to request as part of the Bank Secrecy Act, as they do NOT take control of the resources. Furthermore, since the resources are always available to those who make the exchanges, there is no danger of hacker attacks.
The news blew up the value of EOS, the cryptocurrency linked to the Blockchain of the same name. You can see the effect in the graph below.
The operating system is the native cryptocurrency for the EOS.IO blockchain platform with smart contract functionality, which is necessary to run a DEX. The Block.one company created EOS.IO in September 2017 and now has over 100 dapps with thousands of daily active users. It allows software developers to build decentralized apps, or dapps. The platform is more scalable than many other blockchain networks, with the ability to process one million transactions per second with no fees. Its dapp development capability makes EOS similar to Ethereum with the notable distinction that transaction confirmations are made through a different type of consensus system and above all an infinitesimal transaction cost compared to ETH.
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The EOS article explodes on the news of a DEX on its blockchain in which 10 billion are invested comes from ScenariEconomici.it .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/eos-esplode-sulla-notizia-di-un-dex-sulla-sua-blockchain-in-cui-sono-investiti-10-miliardi/ on Tue, 11 May 2021 18:16:58 +0000.