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Review on BitShares by Phillips Spencer
One of the primary problems being solved by Bitshares is the risk that is…
One of the primary problems being solved by Bitshares is the risk that is inherent in centralized exchanges. That doesn’t just mean traditional exchanges, but also the centralized cryptocurrency exchanges, which have proven to be unsecure as seen by the famous Mt. Gox hack and the more recent Coincheck hack. Bitshares seeks to eliminate the potential for loss through hacking by decentralizing, making it very difficult to compromise the exchange since the data is not being stored in one central location.
Pros
- The usecase of this blockchain technology is very unique and easily looked at by various firms. After the recent hacks on centralized exchanges, I feel there should be a need to look out to decentralized security on these centralized exchanges
Cons
- Decentralized exchanges have failed for the time being and trying to implement some of these features on centralized exchanges, to me, would look non useful. Even though centralized exchanges need more security, I feel bitshares wont help solve that fully.
