A new concept looks set to revolutionise crypto. EOSfinex, a decentralised crypto exchange on the EOS platform, is set to be launched by Bitfinex in the very near future.
The idea behind the decision is to “decentralise the exchange community” according to a spokesperson for Bitfinex. In addition to this, EOS offers scalability and speed on a greater scale than Ethereum.
Many voices in the crypto community have decried the decision as “strange” and “unexpected” on account of Bitfinex’s relatively large current market share. Critics have further expressed concern over the idea that a successful business would wish to promote a fee-free crypto exchange when their current commercial endeavour is already performing so well.
However, Bitfinex officials defended the decision as ethical and good for the community. Many see the new EOS crypto exchange as a chance to claw power back from the biggest commission-based exchanges on the market – regarded by some to hold a monopoly on the conversion of government currency into crypto.
Bitfinex states that its latest endeavour combines cutting-edge technology with its own crypto industry expertise. The end result is an on-chain exchange which offers quick, transparent and trustless digital currency transfers. The site is expected to have the ability to handle thousands of transfers every second and could potentially push the boundaries of high-volume crypto trading.
The EOS blockchain protocol is ideal for horizontal scaling of decentralised apps. This allows developers to build high-performance applications which don’t operate on the same chain. It is a similar concept to sharding, a technology which Ethereum developers are currently working on. When rolled out, this will facilitate much the same processes as EOS.
EOS currently comes in at 9th place in the market capacity charts, and news of the impending partnership with Bitfinex is likely to significantly boost these figures.