The Ethereum ecosystem has been attracting a lot of attention from both within and outside of the digital currency ecosystem in recent months. Most people attribute this to recent Ethereum price increase, but it can also be attributed to the number of projects set to launch in the next few months. EtherEx, a decentralized digital currency exchange, will be launching shortly after being in development for two years.
EtherEx Is A Decentralized Exchange
When people think of a digital currency exchange, they will associate the concept with a centralized party controlling user funds, both in fiat and digital currency. EtherEx will be something completely different as it will act as a decentralized exchange platform on top of the Ethereum protocol. Considering how EtherEx has been in development for two years now, exciting things are bound to happen when this platform goes live.
Creating a decentralized exchange on top of the Ethereum protocol from scratch takes a lot of time and effort. The EtherEx team remains confident they will be able to launch later this year, although no specific date has been announced just yet. However, a live demo of the platform has been deployed on the Ethereum testnet, and the team is hoping to collect valuable feedback from this process.
It is interesting to note EtherEx will be working closely together with Digix regarding the auditing of smart contracts. During this audit period, the team can iron out any remaining bugs and issues, as well as work on adding additional features to the platform. All in all, this process should take about two months to complete, but nothing has been set in stone just yet.
In a recent update, the team mentioned how they are planning to issue an ETX token on the exchange. If push comes to shove, these tokens could be used in a future crowdsale to fund this decentralized exchange, which has been completely self-funded since development began. More updates regarding this ETX token will be provided in the coming weeks.
Last but not last, the EtherEx will be focusing on improving their communication with the Ethereum community – and the media – over the next few months. Various channels will be used to spread the message about the project progress, including Slack and Twitter. Moreover, the team is looking for developers and partnerships in the form of Dapps.
If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.