The highly anticipated EOSfinex encryption exchange with EOS drive is scheduled for the end of September. In a publication, Bitfinex announced that it would release the beta version of EOSfinex at the Blockchain live event in London.
The release, scheduled for September 26, highlights one of EOS’ most important and advanced applications. Bitfinex will be attending the event, which is dedicated to solving the blockchain adoption issues. It will be part of Block.One, where several other EOS technologies will be introduced. The project was first announced in February and has been under development ever since.
Bitfinex Announces The Launch
Bitfinex describes EOSfinex as a “high-performance decentralized exchange … based on EOS.IO technology,” providing a completely free, trusted commercial experience for users. The EOS Blockchain protocol allows for horizontal scaling of the network, which makes the peer-to-peer exchange network faster and more reliable.
In the publication, the stock market described the three main pillars of the EOSfinex platform. The first is decentralization. The exchange aims to facilitate online order books, to bring together order books through peer-to-peer exchange and settle accounts.
The second pillar is trust. Rather than opting for a “trusted” exchange, EOSfinex wants to focus on a platform without trust, where transparency will drive a verifiable network. The network can be monitored or verified by its participants at any time.
The third pillar is the performance. At this point, Bitfinex writes: “EOSfinex prioritizes high performance with a complete understanding of the requirements of professional traders.”
What to Expect at the Launch?
Initially, the platform will list some important cryptocurrencies with the US dollar: EOS / USD, BTC / USD and ETH / USD. The replacement agreement serves to exchange any kind of token on the platform. As a result, it could be used to exchange a complete list of tokens as the network evolves. Bitfinex also points out that adding a new trading couple is “trivial” and anyone can do so by using the trust agreement on the platform.
The contract can be used to place orders on the market, limit orders, cancel orders or place immediate orders. Moreover, it can be used to create different types of orders. However, this depends on the comments of the customers and “what is considered logical in a fully distributed exchange”.