TOKENMOM EXCHANGE : The Innovative Future Of Decentralized Exchanges - REVIEW

adekogbe (53)in #cryptocurrency • 6 years ago (edited)

Introduction

The blockchain technology has been one of the biggest innovations over the past decade and the growth of the industry has been so enormous that and the time of this writing there are over 2000 of the currency is currently trading on the coin market.

These cryptocurrencies represent different production project and it is their native cryptocurrencies on their various platforms with some having cross chain applications. To acquire these cryptocurrencies traders and investors uses exchanges.

An exchange is a platform cryptocurrency can be bought or sold and we have both the centralized and decentralized exchanges. In this article, I'll be introducing the new innovative decentralized exchange for cryptocurrencies which is the TOKENMOM Exchange.

Pain Point

The centralized exchanges are the most used exchanges for cryptocurrency trading activities and these exchanges are owned by corporations or companies. While these centralized exchanges often have high trading volumes they pose a lot of other problems for trades.

Some of the problems of centralized exchanges include

Lack of privacy and anonymity: This is because KYC and AML procedures are required after signups
Susceptibility to hack and security breaches: Centralized exchanges are often a target for hackers because traders have to deposit their tokens on these exchanges. With the exchange owning the private keys to these wallets. There have been so many cases of exchanges getting hacked and millions of dollars worth of cryptocurrencies getting stolen in the process.
Susceptibility to data breach: Just has these exchanges store investors cryptos, they also store people's private data which are also vulnerable in the events of a hack or data breach.
High transaction fees and minimum withdrawal amounts: Centralized exchanges often charge high fees for successful transactions and also set the minimum withdrawal fees high.

These are amongst the many challenges that traders and investors are posed with on the centralized exchanges. The decentralized exchanges, on the other hand, do not have most of these problems but nevertheless, trades and investors also face some problems on decentralized exchanges.

Some of the problems of decentralized exchanges include

Need to deposit and withdraw tokens before and after trading.
Only Listed tokens can be traded
A possibility of hacking

To solve these problems for cryptocurrency traders a new innovative and fully decentralized exchange has been created, this exchange is called TOKENMOM.

Tokenmom Exchange

Tokenmom is a truly decentralized cryptocurrency exchange that offers traders a truly safe and secure way of trading their ethereum based tokens. The tokenmom exchange is different from other decentralized exchanges like IDEX and the likes because; unlike these exchanges, traders do not need to deposit their tokens into the exchange wallet to trade and they only connect their metamask or hardware wallets with the exchange and carry out their trading directly from their wallets.

Tokenmom is a no sign-up exchange that offers true anonymity to crypto traders. This decentralized exchange has a lot of other advantages over both the centralized and decentralized exchanges currently being used by traders in the crypto market.

Advantages Of Tokenmom Exchange

Security of tokens against hackers: Trading through the tokenmom exchange completely protects the traders against hackers as the exchange merely serves as a middleman initiating transactions between two traders and do not hold any of the trading tokens on the platform. In a rare case of a hack, the traders' tokens will remain protected in their wallets.
True anonymity for traders: On the Tokenmom exchange there is no signup with email and phone numbers needed and also no KYC requirements as well, thus protecting the personal data of the traders and keeping them anonymous.
Trading is available for ERC 20 and ERC 721 tokens: All unlocked ERC 20 and ERC 721 tokens can be traded on the tokenmom exchange irrespective of whether they have been listed on another exchange or not. Investors who wish to buy and sell tokens amongst themselves can do that on the tokenmom exchange rather than wait for the project team to announce listing on other exchanges which often takes a lot of time.
Trading fees and Reward system: The tokenmom exchange offers free trading for all pairs exercise the USDC market which is better than the present centralized and decentralized exchanges right now. To make it better, tokenmom exchange offers rewards of free TM token (tokenmom exchange token) every time a trader or a friend referred by the trader trades on the platform.

Tokenmom Exchange Token

The tokenmom exchange token is the native cryptocurrency of the tokenmom exchange. The holders of this token can exchange their other tokens for TM coins on the TM market and also request for the listing of a new coin or token on the TM market. This is also the means of getting trading rewards on the tokenmom exchange.

Conclusion

Stated above are some the advantages of the tokenmom exchange, setting it apart from the others in an innovative way. This platform brings to the crypto market the true values of anonymity and security for which the ideals blockchain technology has been based upon.

To read more about the tokenmom exchange kindly consult the official project whitepaper