It says it right there in the name. Kelvin Decentralized Exchange is a decentralized exchange. But what does that mean exactly? Surely, if you’re reading this article you have some concept of cryptocurrency. Hence, you’ve heard words like “decentralization” thrown around. However, there are some people who really grasp this concept. So let’s uncover some blockchain facts and educate ourselves.
THE TRUE MEANING OF DECENTRALIZATION: BLOCKCHAIN FACTS
In a general sense, decentralization is the process in which the planning and decision-making aspects of an organization are distributed away from a central, governing body. This is typically used in the form of government but it’s taken on a new meaning in the realm of the blockchain. When people talk about decentralization in software terms, they are talking about three different streams. These are as follows.
- Logical Decentralization: Is the interface monolithic or not?
- Political Decentralization: How many individuals control the computers that make up the system?
- Architectural Decentralization: How many physical computers make up the systm
BLOCKCHAIN FACTS: WHAT IS A DECENTRALIZED SYSTEM?
Blockchains themselves are both politically and architecturally decentralized. It’s logically centralized though. This makes them incredibly secure as no one can just change the rules when they feel like it. the whole point here is for these systems to not act like the self-promoting, singular monopolies that plague this world. Now that we have a general idea of what decentralization is in the blockchain context, let’s see what it looks like as an exchange.
BLOCKCHAIN FACTS: KELVIN DECENTRALIZED EXCHANGE
Perhaps the best benefit of a decentralized exchange is the decentralization itself. For you, this means complete, person-to-person (P2P) exchanges. For example, if you have ETH and want to exchange it for BTC, you can do so simply and easily with no third parties. Furthermore, there is no need to open an account on any third party exchange. Also, because all transactions are P2P, this means no need for regulations like a traditional exchange has. No regulations mean increased functionality and ease of use for our community.
Another great benefit of Kelvin is the trustless nature. Users don’t rely on the security or honesty of the exchange. The user is in complete control of their funds. Sure, that means more responsibility for you but it also means more freedom. More freedom and efficiency is the future of decentralized exchanges. Fortunately for you, this future is coming very soon.