Peer to peer, distributed exchanges are possibly the most popular topic right now in the bitcoin community. Everyone holding a single bitcent or more seems to be so angry at the bottleneck caused by the exchanges that they’ve all decided to start their own distributed version.
I’ve literally counted dozens of attempts that they have started working on; and a few like BMOT and Metalair and even (uggh) Ripple have gotten some funding!
Well, not to be outdone, I’ve made my own whitepaper for a Distributed Exchange too:
DEX Whitepaper – 22 pages .pdf format
What’s so special about DEX?
It gives everyone a financial incentive to download it and keep the software running.
Think about that. Bitcoin doesn’t PAY you to use it; it facilitates storing and sending your cash. It can save you a lot once you know the power of bitcoin, but people aren’t being BRIBED to use it…
Meanwhile BitTorrent did bribe people in the form of free stuff; you get free movies and free music and free software etc… All can be seen as bribes to download and run that software.
Guess which one is more popular?
You get the point… DEX does the same by paying transaction fees to a middleman between all transactions! It’s going to spread like wildfire.
DEX is Also:
- Point-and-click easy to use. Your grandmother can trade for her first bitcoin with it.
- Completely without any central points of failure, even externally. Everyone on earth can trade with it!
- The first exchange to offer cryptobonds, which are a new way to represent Fiat currency inside software.
- Totally impervious to DDoS attacks and other attempts to manipulate or shut it down.
- 100% Open source, like bitcoin, so the community can improve upon it over time.
- Able to trade any national currency and any cryptocurrency with each other, in either direction.
- Offering two other ways to make money that were not previously available; as a cryptobond vendor and as a VPN regional arbitrager.
Wish me luck as I attempt to get this whitepaper turned into reality. If you’ve got any questions about DEX, swing by the bitcointalk announcement thread for DEX here:
…and if you’d like to donate any time, skill, or money towards making bitcoin a reality, it would be very appreciated over on the Dev thread here:
Wish us luck!