Cryptocurrency and blockchain technology was originally created to remove the middle man and dismantle central authorities. However, over time certain institutions (e.g. Coinbase) came about that contradicted this revolutionary spirit and put the power back in the hands of companies that are not much different than the banks we are all growing tired off. But thanks to innovative solutions like Ethereum and Kelvin, the future of crypto is looking brighter than ever before.
ETHERUEM AND KELVIN: DEX IS THE FUTURE OF CRYPTO
Ethereum founder Vitalik Buterin is a huge supporter of blockchain’s overall philosophy and greater purpose to humanity. He sees centralized exchanges such as Coinbase, Binance, and Poloniex as contradictory to the decentralized mission. Hence, Kelvin is working parallel to Buterin’s decentralized philosophy. Build a new, innovative platform that utilizes the peer-to-peer (P2P) trading of cryptocurrency. This lets one user trade their crypto from one wallet to another without a central force. Instead of giving funds to a centralized exchange like Coinbase, you give them to a smart contract (used on the Ethereum blockchain) that conducts this transaction.
ETHEREUM AND KELVIN: THE FUTURE OF CRYPTO IS EVOLVING
The future of crypto is evolving with the addition of Ethereum smart contracts and decentralized exchanges. For example, benefits of Kelvin include the bypass of the Know Your Customer (KYC) verification steps, avoiding trading/withdrawal limits, no heavy fees and reducing the risk of someone hacking the exchange to steal your valuable crypto. Meanwhile, centralized exchange systems like Binance require users to trust a single entity to protect all their information and funds and also properly execute their trades.
ETHEREUM AND KELVIN: THE FUTURE OF CRYPTO IS CONTROL
Do you want to be in control of your crypto? Of course! With a DEX like Kelvin, users are always in control of their private keys. Hence, they have complete control over their crypto as well. Since CEX’s don’t give you access to your private keys, you are trusting them to manage your funds properly. Maybe it’s worth the risk if you’re a small-time, casual trader but if you have a significant crypto balance, who do you trust more? If an exchange gets hacked or shut down, you are completely powerless as you watch your balance dwindle down to zero. The future of crypto is all about control. The current climate is lacking in that regards. But with new advancements in Ethereum smart contracts and blockchain technology, control is the new normal.