To begin with, it is worthwhile to understand what the project FireFly is.
In short, FireFly — a decentralized cryptocurrency exchange, in common parlance DEX.
And DEX (Decentralized Exchange) based on the blockchain network does not have any management body. They are managed either automatically (by smart contracts) or semi-automatically (by developers and the community).
The functionality of a decentralized exchange is designed to find a match for requests to buy/sell cryptocurrency. In addition, on some exchanges the possibility of stacking is implemented.
One of the features of DEX against the background of centralized exchanges (CEX) — Binance, Huobi, Kraken, Coinbase and others — is that liquidity, that is, the stock of funds necessary for uninterrupted exchange, provides users, not the company.
Examples of DEX: Uniswap, Serum DEX, Pancakeswap, SushiSwap, etc.
From this information, we can understand that all the advantages of DEX over CEX can automatically be applied to FireFly.
DEX Advantages:
- Anonymity of the exchange. No registration or KYC required;
- Only the owner has access to assets and private keys. A decentralized exchange allows trade between people, but does not control their coins;
- Large selection of assets for exchange;
- On a decentralized exchange you cannot be blocked.
Also DEX have a number of disadvantages:
- No support for fiat currency;
- Limited functionality: no margin trading, no possibility to place Stop-Loss, etc;
- Lower liquidity than CEX;
- Lack of support service: there is no single manual, there is no technical support.
But some of these disadvantages FireFly corrects
First of all, it is worth saying that all the tools for trading futures will be implemented on this platform.
By the way, the functionality and interface of this platform is currently being tested by closed user groups recruited from the project community. Users are actively trading and submitting bug reports.
Just a question of support this project does not plan to ignore. Communication with the support will definitely be, but so far there is no information on how exactly it will be implemented on the platform. To this aspect, we can add the fact that the project collects / builds around itself a friendly, knowledgeable and competent community, which will also be able to help on the Internet to find answers to questions related to the project.
Conclusion
On the one hand, decentralized exchanges are safer and more reliable than traditional ones. On the other hand, they offer fewer opportunities and can be difficult to master for newcomers, but it is just the FireFly project that has taken the course against/contrary to entrenched associations with
DEX’s about poor functionality and difficulty in use.
Firefly — https://firefly.exchange/
Discord — https://discord.gg/fireflyexchange
Twitter — https://twitter.com/fireflyprotocol
Telegram — https://t.me/FireflyExchange
Автор — NP900#1047
