This week, decentralized exchange Bancor has announcement on twitter, they was hacked and hacker can stole US$23.5 M of ETH, NPXS and BNTC. Most people of cryptocurrency world still have question, why this hacked can happened. With this fact, tell Decentralized Exchange still can hacked and other question is what better of both Centralized Exchange or Decentralized Exchange.
Digital asset exchange is platform that provided to user for saving, trade, buy and sell “digital asset” i.e; BTC, ETH, EOS, TRX and USDT. There are many more digital asset exchange, but not all exchange which have high trading volume, easy user experience and high liquidity. Digital asset exchange is a part of centralized exchange if that exchange controlled and founded by a company from an country. This company should followed goverment regulations for oparate trading activity and serve their user. To be trusted for user, centralized digital asset exchange must have experience to given their user for convinient trade and other data from user its requirements to completed KYC (Know Your Costumer). KYC is needed for user of Centralized Digital Asset Exchange, this for exchange data and controlled by regulations AML (Anti Money Laundry).
Digital asset exchange is platform that provided to user for saving, trade, buy and sell “digital asset” i.e; BTC, ETH, EOS, TRX and USDT. There are many more digital asset exchange, but not all exchange which have high trading volume, easy user experience and high liquidity. Digital asset exchange is a part of centralized exchange if that exchange controlled and founded by a company from an country. This company should followed goverment regulations for oparate trading activity and serve their user. To be trusted for user, centralized digital asset exchange must have experience to given their user for convinient trade and other data from user its requirements to completed KYC (Know Your Costumer). KYC is needed for user of Centralized Digital Asset Exchange, this for exchange data and controlled by regulations AML (Anti Money Laundry).
Trustworthy, safe, secure and stable system, easy user experience, expert development team and good serving support user is needed to be good centralized digital asset exchange. Huobi Pro have all point of that, and Huobi Pro has been operate since 2013 and have offices in Singapore, the United States, Japan, Korea, Hong Kong, and is prevalent in over 130 countries across the globe. You Can Register New Huobi Pro Account Here .
Centralized exchange have better liquidity. We can see how much volume trading on all exchange from site coinmarketcap com and in fact, centralized exchange like as Huobi Pro have high volume trading. More higher volume trading is better liquidity, because there are on centralized exchange have large user who has used that exchange. Centralized exchange can selected quality development asset for listed on exchange, but on decentralized exchange its not selected by quality, its selected by user who want to trade asset.
For beginner who want to try trading activity, centralized exchange provide easier to use just than decentralized exchange. This because on centralized exchange market trading of digital asset followed traditional trading (buy and sell) and user can trade from their smartphone app, exchange website and exchange desktop app.
Centralized exchange operate with adherence to regulations. Few of this regulations is centralized exchange should know identity of user who have trade on exchange, its doing by KYC (Know Your Costumer) with proof of document id card or passport of user. From KYC, centralized exchange can control their user account i.g; if some time user want to process withdraw fund, change account password or if user forgot or lost password.
Transaction speed on centralized exchange is better, because token or asset when user active trading, transanction on trading market is on blockchain centralized exchange. Process transaction on asset trading market it still on exchange, so that will be more fastest transaction every user account in centralized exchange. Every second, token or asset who right buy and sell received their asset instantly on their exchange account.
Decentralized exchange work without controlled company, trading engine on decentralized exchange work straight with blockchain network of asset on trading market and only user who can controlled their asset. There are popular Decentralized exchange is DEX, Ether Delta, and Bancor Dex.
Most provide of Decentralized exchange is anonymous, because user no need to applied document identity for KYC, and this exchange running by user. User can create order in every market if support with blockchain and smart contract asset on decentralized exchange. You can see this how trading work in Decentralized exchange.
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| Source: https://hackernoon.com |
For security section Decentralized Exchange secured fund only by user who used them and on trading transaction its secured by smartcontract when order executed by user.
Bancor is Decentralized Exchange and most recently, hackers were able to hack Bancor, and stole US$23.5M of ETH, NPXS and BNTC. On Twitter, Bancor said “This morning (CEST) Bancor experienced a security breach. No user wallets were compromised. To complete the investigation, we have moved to maintenance and will be releasing a more detailed report shortly. We look forward to being back online as soon as possible.”
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| Source: https://twitter.com/@Bancor |
The decentralized exchange platform said that they froze the stolen BNT token because of the Bancor protocol, built to recover from a security breach. However, they were unable to freeze ETH and other tokens.
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