æternity, the blockchain 3.0 platform, has partnered with weiDex, a decentralized cryptocurrency exchange. The Liechtenstein-Bulgaria partnership includes a $100,000 USD investment that will facilitate the development of the first decentralized exchange by weiDex, which will operate on the æternity blockchain utilizing the protocol’s technological stack.
The collaboration aims to allow users to carry out cross-chain, trust-free atomic swaps between AE tokens and a variety of other cryptocurrencies, including bitcoin, ether, and NEO. In addition, a decentralized exchange that can be integrated in æpps will reportedly provide a gateway to æternity’s ecosystem and enable new users to acquire AE tokens for use on the platform.
“Users of centralized exchanges face a number of issues in their day-to-day transactions, the main ones being the significant risk of hacks, unannounced downtimes, blocked funds and personal data leaks,” explained æternity CBDO & æternity Ventures CEO Nikola Stojanow. “We’re excited to see a growth in the usage of decentralized exchanges like weiDex that address these issues. æternity is the ideal platform for weiDex to build on, as it can handle large amounts of secure trades, allowing users to swap tokens privately and as quickly and conveniently as possible.”
In addition to helping to develop the exchange, æternity will provide weiDex with the $100K in funding, which the company will invest in its ongoing research and development. Initially, weiDex indicated that it would develop a version of the exchange with current Ethereum smart contract combined with contracts on the æternity blockchain, allowing users to trade ERC-20 tokens and æternity tokens from the same interface.
“It is clear that decentralized exchanges are the future of crypto trading. Trading decentralized assets in a centralized way, as is the status quo, renders the main ethos of blockchain technology — decentralization — void,” averred weiDex CEO Tito Titov. “This is why we have partnered with æternity to develop the first decentralized exchange on the æternity blockchain, letting users trade tokens in a way that is safe and transparent.”
Founded in 2016, æternity is an open-source, blockchain-based ecosystem and computing platform that builds on decentralized cryptographic P2P technology, sesigned to deliver productivity, transparent governance and global scalability. æternity Ventures was established to support and enable projects by building applications on the æternity blockchain. The company also oversees the global incubator and accelerator program Starfleet.