What I understand is that it uses the NXT asset exchange, but claims to be a peer-to-peer exchange. My understanding of both NXT, the NXT exchange and InstantDEX is very limited.
Is it due to this limitation that I perceive using NXT asset exchange and claiming to be peer-to-peer as contradiction?
I thought NXT would be dealing with proxy assets? How can this act as a broker for peer-to-peer transactions?
If this works like advertised, it could be both a competitor and a complement for B&C Exchange, right?
InstantDEX charging fees only when trades happen, might be an advantage for traders that are quite actively moving orders. But the traders need to maintain a full blockchain of all coins/assets they want to trade.
And when exchanging big values, even the fee of 0.1% to 0.2% can be higher than the B&C Exchange fee, that is based on transaction size and not transacted (financial) volume.
I’ve been invested in NXT for some time. As well as SuperNet which is supposed to be the underlying platform of this InstantDEX. If I may offer what I know…
SuperNet wants to do what B&C is promising to do. Bring all coins together. However they are staring with a set of “core coins” under their umbrella. I brought this up previously - the idea started with multigateway. This started with proxies.
But it has morphed and changed - grown. InstantDex wants to use the coins themselves. Its goal is to do this through RamChains. They seem like a hybrid actual coin/asset system as they are described:
These are “micro wallets” that compress and pull minimal blockchains to create a functional multiwallet that loads quickly. Actually I think RamChans has morphed into something new like “LChains” or something. Anyway - it is supposed to be very like B&C. Actual coins on the market, and they are using their pilot coins.
However, there is a problem. NXT currently does not have MultiSig so the process is not secure and not implemented. But NXT is implementing a version of multisig, so time will tell.
I invested a good amount in SuperNet because the claims were it would be like B&C: a decentralized exchange to bring everything together. Things have been produced. But the product the InstanDex is half a year late from estimates and in a constant beta stage.
So I add up to my summary:
overly complex, hard to understand, unsafe until multi signature at NXT is available, constant beta, finished soonTM - the latter reminds me of opentransactions. And the complexity makes me shy away from it.
Thanks, but no thanks.
B&C Exchange wins!
My thoughts…
If/when it comes out it will be a competitor to B&C. However - as a crypto open source free community - don’t we want more decentralization and competition?
I like the concept of B&C better, and it its more focused - just the exchange. Where SuperNet is MANY things and InstantDex is just a piece. Which is probably why the Dex is not out yet. But neither is B&C.
I’m rooting for both.
Disclosure: I’ve backed both. I have a lot in NBT - more than I have NXT.
Oh for sure! I’d be happy to see some development at Mercury Exchange, but to the best of my knowledge it highly depends on OP_CHECKLOCKTIMEVERIFY to be implemented in the traded coins/assets - at least if people want to trade safely.
And I’m happy to see projects like Coinffeine (which is open source and appears except for the order book quite decentralized).
But both MercuryEx and Coinffeine are quite simple compared to InstantDex. I don’t like to deal with things I don’t understand (which sadly is true for a lot of things…). A lot of other people think the same way - or should think the same way.
[politicalStuff]
The current financial crisis we are in (yes we are still in, it’s not over yet) could happen, because people were dealing with things they didn’t understand; derivative activities masked as financial innovations were able to hide what’s going on, because all was overly complex.
[/politicalStuff]
That’s why I like B&C Exchange. It’s so close to what one already knows or could/should know about blockchain technology, that it’s quite simple to understand the basic function (I’m not talking about understanding the source code here…).
As an ultra abstract I understand BCE as a broker for multi signature transactions in foreign blockchains based on specific rules.
That’s why I said “B&C Exchange wins!”
…and because I hoped it would remind people of Counterstrike - it should have sounded a little funny
…but not because I want B&C Exchange to be the only decentralized exchange - which would be less decentralized than having more than one decentralized exchange
I see all that blockchain related stuff from two points of view:
to have a (business) segment in which one can make (or lose) money
to provide the world with a technology that can bypass governmental control (which is especially important if governments go crazy)
I hope my intention for saying “B&C Exchange wins!” is a bit more clear now.
