Decentralized cryptocurrency exchange Switcheo has announced the listing of XIO Network (XIO). User’s of Switcheo can trade XIO for Ethereum.
Switcheo is the first cryptocurrency exchange that allows cross-chain trading in Ethereum, NEO, and EOS.
Decentralized exchanges are different from centralized ones in that the exchange has no wallet to hold the user’s cryptocurrency. Thus, during the time users trade on the exchange, the Cryptocurrency remains in their wallets. It protects users from hackers who have previously hacked into centralized exchanges and stolen cryptocurrency.
Earlier decentralized exchanges were very cumbersome as users had to wait till their transaction appeared on the blockchain, and this took a few seconds to a few minutes. Switcheo has solved this problem by creating smart contracts and an off-chain Switcheo Matching Engine. Cryptocurrency traded by a user is stored in a smart contract and not in a centralized wallet. The off-chain matching engine records a transaction and reflects it on the blockchain. It also verifies the digital signature of the user. A user’s private keys can only access the cryptocurrency stored in a smart contract. Thus, Switcheo cannot get a hold of the user’s cryptocurrency. This mechanism allows Switcheo to carry out transactions at high speed despite being decentralized.
In August of this year, XIO, the native coin of BOMBX, did an airdrop for BOMB token at the rate of 1 BOMB: 25 XIO. Switcheo has clarified that users should only send the XIO token for trading and not their BOMB tokens held on the platform. Thus, only XIO will be traded for Ethereum.
XIO uses a crowdfunding mechanism where token holders have voting rights and access to exclusive airdrops to projects incubated under XIO.