The world’s first DPOSS decentralized financial transaction system, NGK creates a DeFi rookie!
The volatility of these days in the currency market is a bit big, but news of various investors being scammed and traditional exchanges running away are constant. Fortunately, there was a small rise yesterday, which temporarily calmed down the pessimism. The scamming of the boss is actually a joke in my opinion. When this matter is said in the currency circle, no one will sympathize. After all, who doesn’t have a zero coin? As a boss, I only lost 30% on this project. While all these big investors are accusing OKEX and blockvc with blood and tears, the scammers are stealing fun, and the whole network is commenting on these big guys! “I am so embarrassed to defend my rights” “You are only allowed to scam, but you are do not allowed yourself to be scammed” “Are you not scamming yourself? Very happy. There seems to be a curse in the currency circle where every round of bulls, there must be a platform facing problems. The MT.Gox incident in 2013 had not been wiped out, and OKEX was stolen in 2020.
Let’s take a look at the shortcomings of centralized exchanges and how the decentralized exchange NGK overcomes these shortcomings.
There are two main reasons why centralized exchanges can do whatever they want, or even run away and the ultimate loss can only be borne by users. In the final analysis, there are two main reasons. First, the cryptocurrency industry is lacks effective supervision, especially cryptocurrency exchanges. Without a relatively complete industry regulatory framework, platforms use user data to do evil, use user assets, and even guard and steal from time to time. Once the platform runs off or steals money, users often cannot take up legal to protect themselves. Secondly, when we put assets on a centralized exchange, our assets are not in our own hands. The user’s assets are hosted in the platform’s digital wallet, and the platform can of course misappropriate and control the user’s digital assets because most DeFi is released through ETH. However, NGK will be the world’s first DeFi project run by DPOSS!
Take NGK’s DeFi project as an example to see how decentralized exchanges overcome the disadvantages of centralized exchanges.
First, in a centralized exchange, the user’s assets are placed in the wallet of the platform for custody, while in the NGK decentralized exchange, the user’s assets are in their own wallet. When trading, there is no need to register on the exchange, and the NGK wallet is used to log in to these decentralized exchanges for trading. Therefore, the exchange cannot use and control the user’s assets, and solves the possibility of evil in the transaction from the operating mechanism. Corresponding to the centralized exchange, users must register an account in the centralized exchange, and reload their token assets into the platform. After the reload is completed, the assets are in the hands of the other party, and the exchange shows in the user assets, which is just an interface and numbers designed by the exchange. The real assets may have been misappropriated by the exchange. Second, when trading on a decentralized exchange, there is no need to deposit and withdraw assets like a centralized exchange. Decentralized exchanges use their own digital wallets to connect to the exchanges, trading assets in users’ own wallets. After the transaction is completed, the corresponding digital assets will be automatically transferred to the user’s digital wallet, and there is no need to withdraw money, which greatly shortens the time the user’s assets are outside and further improves security. Then, when trading on the NGK decentralized exchange, all operations are performed on the chain, and even the matching of user orders also occurs on the NGK chain. Running the DeFi project with DPOSS, all transaction data can be queried and rolled back on the chain, which solves the shortcomings of opaque data in centralized exchanges. Therefore, the decentralized exchange has overcome some of the drawbacks of the centralized exchange, and the user’s assets are more secure, because the assets are stored in their own wallets, and the private keys are kept by themselves.
Of course, from the perspective of the technical team, the DeFi project technology to be launched by NGK comes from the Spirit Stone in Silicon Valley. Most of its members are from top technology companies such as Oracle and Amazon. Its technology has been strongly affirmed by the crypto industry giant Ken Huang and others! NGK’s DeFi project is bound to create a new decentralized trading platform star project, and the future can be expected!