The decentralized exchange is committed to countering Uniswap by addressing some of the biggest flaws associated with the DeFi platform.
According to Blocknet, Uniswap is growing exponentially, but they believe the popular decentralized exchange has limitations. Trading is limited to the currencies Ether (ETH) and ERC-20, all of which have drawbacks for network trading.
Other problems that Blocknet solves include the security risk associated with artificially pinning assets. For example, Blocknet refers to tBTC, where deposits had to be suddenly stopped after a security audit missed issues that could have put money at risk.
The obstacles don’t end there. Decentralized finance platforms can sometimes be complex – settlement delays are common.
Atomic swaps for the masses
Blocknet claims that the open source exchange system, Block DX, is a 100% unreliable platform that eliminates intermediaries that slow down and incur costs.
Nuclear exchange means that transactions are peer-to-peer and that funds always remain under the control of users.
Blocknet has already launched a fully functional Decentralized Application, or DApp, that offers Decentralized Exchange in Web 3.0. Support for the ETH / ERC-20 nuclear exchanges is expected in the near future.
As you would expect from DeFi, Blocknet states that decentralized governance is one of its most important priorities, and to that end, society has the right to decide which direction the project will take in the future. This independence also extends to book orders and ensuring that requests are made transparently and without third-party involvement.
Real financial freedom
Blocknet also notes that users can enjoy their services without the need to create an account – which means there are no KYC or AML controls, and no tedious registration process.
More information from BLOCK DX here
But the most important thing this platform focuses on is the wrapped proxy tokens, especially the WBTC known as the wrapped bitcoin. Blocknet claims this removes sovereignty over funds and requires users to trust a device, smart contract, or third-party chain.
The Blocknet team also says it is determined to prove that nuclear swaps should not result in slow trades because they are about execution. To ensure fast execution of transactions, “the trading time is independent of the closing time of the traded asset” – all this means that the completion can usually be completed within 5-15 seconds.
Overall, there is a willingness to integrate all platforms and assets, eliminating the status quo as there appear to be restrictions, which means that assets can only be traded as long as they are in a certain chain. “You can trade between Bitcoin, Litecoin, Dash, Syscoin, Digibyte and over 100 other assets from various blockchain chains with complete freedom to trade pairs,” the Block DX website says.
Crush the numbers
Blocknet emphasizes that it currently supports 125 assets, resulting in 7,750 trading pairs. The latest data shows that over 35,000 untrustworthy trades have been made – all without broker intervention.
The Blocknet network is run by a decentralized network of service nodes that charge fees from running services such as Block DX. This, in turn, allows service contract operators to make money in the form of transaction fees.
Block DX was developed by Blocknet, a draft protocol with the stated goal of ensuring that public and private blockchains can interact with each other, paving the way for unreliable and interoperable exchanges.