As security of cryptocurrency exchanges is being increasingly questioned in the wake of the recent Bitfinex hack, the developers at Blocknet are calling for an exodus to leave centralized exchanges behind.
Also read: Bitsquare: The ‘Missing Link’ for Decentralized Bitcoin Exchange
‘It’s Time to Remedy the Problem’ – Blocknet
This year there has been quite a few breaches of cryptocurrency exchanges. Platforms such as Gatecoin, Cryptsy, and now Bitfinex have all been hacked for a significant amount of user funds.
But now the Blocknet project (blocknet.co) is ramping up its efforts to encourage people to test their decentralized exchange platform, currently in beta. Blocknet claims to be the only technology that decentralizes the very foundations of exchange protocol such as coin deposits, order books, order matching, and transfer protocol. The Blocknet team says the time is ripe for a solution to failing centralized exchanges, and decentralization is the answer.
Blocknet developers explain:
Cryptocurrencies need decentralized exchanges like the dark ages needed vaccines. Every person in the crypto community will be uncomfortably familiar with ongoing exchange theft, attack, and fraud. One in sixteen Bitcoins have been stolen. Mt. Gox, Bter, Mintpal, Cryptsy, Bitfinex, and