Owing to increasing awareness and changing government perception, the cryptocurrency ecosystem is expanding rapidly. It now boasts hundreds of white-label crypto exchanges with more than 2000 digital coins and a market cap of $142 billion. Most exchanges, however, use a centralized cryptocurrency trading software or system.
Although the number of centralized exchanges (CEXs) far exceeds decentralized (DEX) ones, they are not safe. Centralized crypto exchanges face a constant threat of cyber hacks, unexpected shutdowns, and government seizures. In the first half of 2018 alone, cybercriminals managed to steal $1.1 billion worth of cryptocurrency.
So, is there a better alternative to CEXs?
Enter Atomic Swaps.
This blockchain-based technology has the potential to offer an efficient, secure, and fast peer-to-peer alternative to exchange crypto assets. It promises to provide a fully self-governing cryptosphere that hardcore crypto users have been dreaming of from the beginning.
Read on to know more about Atomic Swaps and their impact on centralized crypto exchanges.