Cryptocurrencies are digital or virtual currencies that are secured by cryptography, which makes it impossible to double-spend or counterfeit it. What truly defines cryptocurrency is that it’s not issued by any central authority therefore, it is decentralized and essentially should be free from any interference or manipulation of any government. But the truth about the most popular cryptocurrency exchanges, such as Kraken, Binance, Coinbase, Bittrex, etc. is that they are all centralized. In fact, it seems that 99% of cryptocurrency exchanges in the world are centralized.
This is how they do it. They act as middlemen who connect people trading cryptocurrencies, then they hold those assets in the wallets owned by the exchange company. This means that you as an investor, deposit your coins in the exchange and trust that the platform can truly protect your assets as you hand over the control of your private keys to them. This clearly goes against the true nature of decentralized cryptocurrencies. But it appears that many people still find it easier to trust a third party with their private keys, perhaps because the structure of decentralized exchanges requires a much deeper understanding. It seems that they are more comfortable going through regulatory requirements such as Know Your Customer (KYC) and Anti-Money Laundering (AML) than keeping their information private and secure.
While many exchanges claim they are decentralized, yet they have retained regulatory procedures such as KYC and AML because if they don’t comply, they may be subject to fines and other penalties. Technically, they are more of non-custodial exchanges than decentralized. While they do not own your digital wallets as the centralized exchanges do, they still hold all controls of everything within their platform. As a matter of definition, any exchange that still runs the KYC and AML procedures and depends on the traditional web to facilitate the order book is not a fully decentralized exchange. So, the question that arises is, can exchanges be fully decentralized? The answer is yes! An exchange that doesn’t use any third-party platform, doesn’t run KYC and AML procedures, and doesn’t use the traditional web structure to facilitate the order book is a fully decentralized exchange.
There is a strong demand for fully decentralized exchanges, and the good thing is that one has surfaced, Virie Market. It is a fully decentralized exchange network that doesn’t use the market. It is a market with its own native coins simply called Virie (VRE), which is exchangeable for everything of value, including other cryptocurrencies, fiat currencies, goods, and services. Its ICO is to watch out for as they will be launching it soon. Investors are highly encouraged to join the ICO because the developers have ensured that they have financed the completion of the project with their own money first before they do the crowdfunding. Therefore, investors can be assured that they are investing in a finished product, thus there will be no room for failure.
Virie Market’s platform has the most user-friendly interface that one doesn’t have to be a geek to use it. First-time investors are highly encouraged to take a look at it as it won’t take you long to learn how to trade in it. With its gradient color of white and blue, it’s so pleasing to the eyes and so pleasurable to work with. There is also essentially nothing to worry about security and privacy, as you will not be asked to submit any information that could be prone to data breach or hacking. All transactions are untraceable and unlinkable. Its source code is open to all so, download it here and see for yourself.0