One of the many fascinating things the Blockchain ushered into the world is competition. It began with Cryptocurrency bringing monetary competition, followed by Centralized exchanges.
Today, we have intense competition in non-custodial wallets, liquidity pools, staking and Masternodes platforms, lending, savings and borrowing dApps. One of such areas is Decentralized Exchanges (DEXs), which is filling the deep gap that exists between a decentralized technology and Centralized Exchanges that defeats the purpose of the whole tech.
More DEXs are coming into the system offering several choices, with various features and functionalities. It is very apparent that in a few years, the market will eventually give way to decentralization entirely.
Amid the DEX evolution is an exceptional development that is worth taking a look at for the interest of innovation. These come in the form of liquidity pools, AMM, lending, and borrow, which is sprouting alongside.
Bisq In Focus
Known initially as Bisquare, BISQ it is an open-source, p2p application that enables buying and selling of digital assets in exchange for national currencies. More impressively, you can use the platform without going through a registration process.
That means there is no identity verification, hence instant accessibility to everyone who cares for a new experience in the DEX world. Who doesn’t need a no registration or permission from a central authority? Those who love complete decentralization will love Bisq in its entirety. It achieves that through a global p2p network of users running Bisq on their computers.
Security is an element everyone in this industry makes sure it is in the best shape since we are dealing with money. Without holding your funds, the platform minimizes risk for you. Its security deposits and multi-signature trade wallets promote secure, successful trades.
If you prefer to trade in a private setting, which means your transactions are anonymous entirely. With the exception of trading partners, no one else will have access to your personal information.
What makes Bisq more exciting is the fact that the codes are open source creating the opportunity for anyone to verify. The team maintains that the project strategy is discussed openly on Keybase and Github has urged the public to join them.
One of the factors that make the project builders proud is how easy it is to use the platform. The team believe they have made all the sophistication involved in swapping simple permitting you to “make your first trade in under 10 minutes.”
The Bisq Decentralized Autonomous Organisation (DAO) has the purpose of decentralizing income distribution and decision-making to execute Bisq self-sustaining and censorship-proof. However, both the revenue sharing and the determination process is currently centralized.
The approach is to make Bisq resistant to restriction, as well as a system where the trading protocol is a p2p network accomplish that for traders. Consequently, the project aims to move away from centralization to decentralization when it comes to decision-making and revenue distribution.
The DAO, in this case, facilitates value exchange of traders to contributors with the BSQ token, which makes this conceivable in a decentralized manner. In that sense, trading fees are shared to contributors in a p2p method leading to voluntary and sovereign governance.
Also, contributors are issued new BSQ whenever stakeholders endorse compensation applications by voting when BSQ gets uncolored when traders accept it to pay trading fees. There is no intermediate outfit receiving commission for stakeholders or in charge of the issuance of tokens.
The focus is to have no central administration making stakeholders, traders, and contributors are the real owners of the project. Using the native token consensus is achieved, through voting to decide Bisq’s project plan.
Learn More About Bisq
Bisq is calling on those who are interested in the project to read the articles on their blog. They also have videos on the website, which can enlighten you about the entire ecosystem.
There is a growing community around the project that is a good point as well. Look into joining them on the following platforms: