Quick-Read ICO Review: AbacasXchange DEX
Did you just click the title and are already running out of time? I can help with that. This short ICO review will share top-level details about the upcoming AbacasXchange, for everyone who can’t wait to skim more info about another ICO.
Disclaimer: This is not financial advice. I’m not a financial expert by any stretch of the imagination. Most information within this article is speculative and merely my own personal opinion. Always conduct your own research before investing in anything, and always remember that what you do with your money is your decision to make.
I plan to receive a small allocation of tokens for creating this content. That said, I will do my best to remain unbiased and fair. I try to avoid all FOMO and FUD and never wish to impart those emotions on my fellow crypto-heads.
The Blockchain Wins Again
In another world’s first for an ICO, the AbacasXchange is creating a hybrid version of a Decentralized Exchange, known as a DEX. In the crypto space, centralized exchanges have diminishing popularity.
Why all the fuss? It all boils down to a pair of critical elements: Fees and asset custody.
Centralized exchanges — victim to plenty of recent hacks — are in full control of any funds you keep with them. And all users are subject to high fees when exchanging/buying/selling coins and tokens.
It only makes sense for my fellow crypto-heads to avoid both of these issues. And we’re beginning to see a surge in the number of DEXs coming online.
Let’s take a quick look at how the AbacasXchange project plans to disrupt the budding DEX industry…
Any Asset, Anywhere, Anytime
The AbacasXchange empowers users to exchange/trade/transfer any asset, so long as its value can be authenticated on the blockchain. For example, you can trade your BTC for some stock in TESLA.
Allowing these types of transactions qualifies the AbacasXchange as a ‘hybrid’ DEX. You won’t be trading fiat to crypto or crypto to crypto, you’ll trade a variety of assets for fiat and/or crypto. Your choice.
Powered by Asset-Backed Coins
The Abacus team chose to build an ERC20 token on top of the Ethereum network. Their native, asset-backed cryptocurrency trades by the ticker ABCS.
ABCS tokens fuel the platform akin to how ether runs Ethereum. And, the upcoming exchange uses a proprietary protocol that discovers prices, manages orders, and matches trades.
Remember our imaginary scenario where we traded BTC for TESLA stock using the AbacasXchange platform?
Let’s play that out by not using Abacas…
Transaction #1; Fee #1 = Sell BTC for fiat
Transaction #2 = Send fiat to stock brokerage
Transaction #3; Fee #2 = Buy TESLA on stock brokerage
The AbacasXchange slices the number of transactions by 66%, and the number of (not the dollar figure) fees in half. One trade. One fee. One and done.
The idea of a DEX is fantastic. You’re in control of your private keys and the P2P nature keeps costs down. But in order to increase security, most DEXs must sacrifice convenience.
The majority of DEX interfaces are clunky and downright confusing. And without an order book trading 24/7, liquidity can be an issue.
Abacas aims to relieve that pain by running their DEX with a full order book replete with market, limit, and stop orders.
I absolutely love where this project is heading. The team is expanding on the idea of a traditional DEX by adding non-crypto-markets like stocks and precious metals.
Rather than sticking to atomic and etomic swaps of coins and tokens, the platform will be filled with multiple classes of assets.
A best-of-both worlds solution does sound enticing, and the AbacasXchange aims to provide a better experience for users when compared to current DEXs.
The platform isn’t launching until early next year. And team Abacas may use that time to enhance upon features provided by competitors that have already launched. We’ll know more in the coming months.
Keep an eye on this one. Bringing stocks and other non-crypto assets onto the blockchain can only help bring exposure to the crypto industry as a whole.
Visit the AbacasXchange website to learn more about the project and the real-world problems it aims to solve.
By the way…
If you like what you see here and are in need of help getting your crypto message to the masses, I’d love to hear about your project.
Feel free to reach out to me here: blockchainauthor at Gmail
*This article was created in exchange for a potential token reward through Bounty0x. *** BountyOx username = blockchainauthor ***