SOKUSWAP: NEW KID ON THE BLOCKCHAIN
CRYPTO EXCHANGE
A crypto exchange is a business(usually online) that allows users to trade cryptocurrencies for fiat or other digital assets. They are central in the burgeoning 2 trillion dollar neophytic cryptoverse.
TYPES
The center where all coins and tokens are swapped, with billions worth of assets beings turned over daily, it is inevitably the focus of many bad actors like hackers. However, we would focus on the types here. It has 2 main types, Centralized and Decentralized exchanges. The great interest in decentralized financial applications (DeFi) caused a rush to decentralized exchanges (DEX). This type of trading venue describes an exchange that operates directly on a blockchain without a central controlling authority. As one of the most extensive forms of decentralized applications, DEX enable classic trading in cryptocurrencies. The advantage here is that users can trade immediately without logging in and have their private keys at all times.
In contrast, there are centralized exchanges, with CEX as short. A CEX is based on a central system based on its own infrastructure. In contrast to a DEX, a third party always controls the trading activity. Centralized exchanges leverage users with their huge liquidity volume. However, in this context, the user is always dependent on the exchange and has no access to his private keys, thus may be susceptible to hacks. Thus both types of exchanges have their advantages and disadvantages. The complete decentralization of a DEX drives in line with Satoshi Nakamoto’s basic ideas in Bitcoin development. For many traders, however, the performance of CEX clearly argues for the use of mainstream exchanges. However, many CEX have recognized the advantages of decentralized exchanges and are now working on their own variants or integrating DEX features into their systems. Therefore, a future merger of both variants at the corresponding interfaces is possible. (examples: Binance, Bittrex, Huobi, Coinsbit etc)
The Pros of DEXes
Privacy for users. There is no KYC as is the norm on many centralized exchanges. For regulatory reasons, individuals must frequently submit identity documentation and proof of address. This is a privacy issue for some and an accessibility issue for others.
No Counterparty Risks — The main attraction of decentralized cryptocurrency exchanges is that they don’t hold customer funds.
Unlisted Tokens — Tokens that are not listed on a centralized exchange can still be traded freely on DEX, provided there is some form of liquidity.
There are many examples of top Dexes. Uniswap, PancakeSwap and 1inch are the top in volumes. New kids in the blockchain like Sokuswap is taking up the gauntlet.
SOKU SWAP
With an IDO in the offing on BSC Starter, the Dex Soku Swap is a decentralized exchange that lives on Ethereum Network and the Binance Smart Chain. Basically an AMM(Automated Market Maker) create liquidity pools of both ERC-20 tokens and BEP-20 tokens without an Order Book like in Centralized Exchanges.
Contract Call
SokuFactory.sol is the smart contract where all the magic happens. It creates exchanges for each trading pair on Soku Swap. The public function createPair()allows any user to deploy an exchange contract for any pair of ERC20 or BEP20 tokens that do not already have one. The code below shows how the exchange is executed.
Details
Below are the succinct points of the Sokuswap
Blockchain Platform: Binance smart chain
Public sales: May 03, 2021 - May 07, 2021
Token supply: 222,222,222 SOKU
Total tokens for sale: 111,111,111 SOKU
Soft cap: 30,000 USD
Hard cap: 500,000 USD
Ticker: SOKU
Token standard: BEP-20
Token price in USD: 1 SOKU = 0.05 USD
Accepted currencies: BNB
Office address: 516 W Shaw Ave. Ste. 200-4 Fresno, CA 93704
SOKUSWAP RESOURCES
https://www.sokuswap.finance/
ABOUT THE AUTHOR
Joseph Johns is a successful Emergency Medicine Physician and an ardent cryptocurrency and Blockchain connoisseur.
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