Cryptocurrency project Zilliqa and exchange Switcheo that supports trade tokens based on Ethereum, EOS и NEO are working to build the non-custodial decentralized exchange Zilliqa DEX.
According to the developers initially on the new platform traders will be able to trade tokens Zilliqa (ZIL) in pairs with different digital assets based on Ethereum. Then, and as system exchange expanded, it will be added tokens based on EOS and NEO. Also, through integrating mobile money API users will not have to register at Zilliqa DEX for trading transactions.
The developers also stated that a new platform will solve the problem faced by current decentralized exchanges. In particular, Zilliqa DEX will use the Uniswap exchange protocol along with atomic swaps for the automatic exchange of digital assets without centralized intermediaries. Also, the exchange will be used improved mechanisms for harmonizing off-chain the orders and pool algorithms for sustainable system Zilliqa DEX.
The internal product testing with a minimum functionality will be completed by the end of the second quarter and in the third quarter the developers plan to organize an open test. Zilliqa estimates that a new decentralized platform will be ready by the end of this year. Amrit Kumar, the president and chief science officer of Zilliqa, means that cooperate with Switcheo would assist in developing the StraitsX stable coin and will reinforce the influence of startup in international system decentralized financing (Defi).
In turn, Switcheo General Director Ivan Poon said that owing to the absence of the central administrative authority the decentralized exchange Zilliqa DEX will ensure a high level of safety of assets and users’ personal information. He added that using improved instruments the holders of tokens ZIL can constitute a new experience of trade. In last year Kyle Samani co-founder of Multicoin Capital cryptocurrency fund said that decentralized exchanges will be a trend in the 2019 year and may make for a very different digital industry.