Articles
NEXT - A Next Generation Hybrid Cryptocurrency Exchange
by Bruce Bates Cooperative marketing
In the world of cryptocurrency, there are two types of exchanges. There are centralized exchanges and there are decentralized exchanges. Examples of centralized exchanges, also called a CEXs, would be Binance, Bittrex, and Poloniex.
These are considered centralized exchanges because a single entity controls all your coins while you are trading and controls all the trades themselves. This means when using a centralized exchange, you do not have access to your private keys and you must trust the security of the exchange not to allow your coins to get stolen, misplaced, or have anything else bad happen to them.
A decentralized exchange, also called a DEX, is very different from a centralized exchange. Typically a decentralized exchange is not controlled by any single entity but instead runs through the blockchain in a decentralized way. You hold all your cryptocurrency keys. So you can save them offline to ensure of your coins are safe and in the event of a breach of some kind, you can transfer them to a new wallet address. Some examples of decentralized exchanges would be the Waves Dex, IDEX, and Bishares (OpenLedger DEX).
Then along came Next Exchange. Next Exchange is a Next Generation Exchange that has coined itself as neither a CEX nor a DEX but rather as a HEX. Hex stands for Hybrid Exchange.
A hybrid exchange takes the best parts of both a centralized exchange and a decentralized exchange and combines them into one. This allows Next Exchange to work with fiat currency gateways such as banks and Paypal while also offering the best of decentralized exchanges by allowing users to download their own crypocurrency keys for security and privacy reasons.
Next Exchange allows users to trade directly to fiat currency pairings (which means trading bitcoin to USD, EUR, and similar currencies) by requiring the users who wish to use such features to go through a standardized KYC check (which means they verify your Identification). At the same time however, users are not required to do such processes if they do not wish to use fiat currency gateways.
This means without doing any sort of KYC verification users of the Next Exchange are still able to exchange currencies such as Ether (ETH) to Bitcoin (BTC).
Because Next Exchange also gives users access to their private keys for each wallet they have (for example if you hold Bitcoin you will be able to download bitcoin private keys from the exchange and if you hold Ether you will be able to download private keys for Ethereum) they will be able to add those currencies directly to their desktop wallets or cell phone wallets without having to pay expensive transfer fees to an exchange as is typically the case with centralized exchanges. They can just copy their private keys, import them to the wallet of their choice and spend them as they normally would.
Then along came Next Exchange. Next Exchange is a Next Generation Exchange that has coined itself as neither a CEX nor a DEX but rather as a HEX. Hex stands for Hybrid Exchange.
A hybrid exchange takes the best parts of both a centralized exchange and a decentralized exchange and combines them into one. This allows Next Exchange to work with fiat currency gateways such as banks and Paypal while also offering the best of decentralized exchanges by allowing users to download their own crypocurrency keys for security and privacy reasons.
Next Exchange allows users to trade directly to fiat currency pairings (which means trading bitcoin to USD, EUR, and similar currencies) by requiring the users who wish to use such features to go through a standardized KYC check (which means they verify your Identification). At the same time however, users are not required to do such processes if they do not wish to use fiat currency gateways.
This means without doing any sort of KYC verification users of the Next Exchange are still able to exchange currencies such as Ether (ETH) to Bitcoin (BTC).
Because Next Exchange also gives users access to their private keys for each wallet they have (for example if you hold Bitcoin you will be able to download bitcoin private keys from the exchange and if you hold Ether you will be able to download private keys for Ethereum) they will be able to add those currencies directly to their desktop wallets or cell phone wallets without having to pay expensive transfer fees to an exchange as is typically the case with centralized exchanges. They can just copy their private keys, import them to the wallet of their choice and spend them as they normally would.
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About Bruce Bates 
Cooperative marketing
4,316 connections, 91 recommendations, 10,840 honor points.Joined APSense since, July 28th, 2012, From Denver, United States.
Created on Jul 24th 2019 13:22. Viewed 1,852 times.
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