Bithumb Partner with ONEROOT to Launch Decentralised Exchange
South Korean cryptocurrency exchange Bithumb has formally signed a cooperation agreement to access ONEROOT’s R1 Protocol for the development of a new decentralised exchange. The R1 protocol is an Ethereum-based decentralised trading agreement that separates the matching and settlement of orders for efficiency. Soon we could see the ability to sell Ethereum through the platform.
The R1 protocol is unique in the way that exchanges using it will have access to share order data and liquidity. A user registered with another exchange looking to sell Ether will have access to the order book of this exchange and any using the R1 protocol to greatly increase liquidity and trading depth.
The protocol uses Relayer, an off-chain solution which collects orders for submission to the chain for settlement after matching. The protocol can provide greater protection for users’ assets as they’re stored within the smart contracts and not with any third party. When submitting an order to sell crypto, it will be locked away within the system until parameters are met. The user who submitted the order will have access to cancel the trade.
Relayer is said to be far more efficient than other decentralised transaction protocols when order matching which should provide users with a faster experience selling crypto. The project is devoted to developing industry infrastructure and systems adapted to the blockchain. The Ethereum-based protocol can transact all ERC20 standard tokens along the chain increasing the liquidity for any looking to sell crypto in this format. Users of the platform in the future might be able to sell VeChain or ChainLink using liquidity from another exchange.
Many centralised exchanges are exploring the possibility of developing a decentralised exchange as they realise some of the benefits they can bring. Though many are in development they still have problems to overcome and address in which some have not been encountered yet.
Keep informed on the latest happenings in the crypto space by checking out our site BC Bitcoin. Don’t forget you can use our platform to cash out crypto!
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