The Ocean going live Aug 15, hoping to be a new model of decentralized exchange

08 Aug, 2018
by Arthur Sillers
News
The Ocean going live Aug 15, hoping to be a new model of decentralized exchange

The Ocean, a 0x-based decentralized trading platform which allows direct wallet to wallet transfer of ERC20 tokens, has announced that they are planning to officially launch their mainnet August 15.

The Ocean is a crypto trading platform built on 0x, a derivation of Ethereum's ERC-20 token paradigm. The startup launched their beta in July in order to collect information on trading activity and in order to iron out any kinks, and are preparing to go fully live this month.

The Ocean distinguishes itself from other similar trading platforms as a Decentralized Exchange (DEX). A DEX is a platform on which tokens can be traded directly between users, rather than utilizing the exchange itself as a third party broker.

Most exchanges are centralized, meaning that to, for example, give an ERC20 token to another user, someone must first give it to the exchange, which then transfers it to its destination. This introduces a number of problems including longer wait times, transfer fees, and the possibility of funds being frozen or disappearing altogether, which can be as devastating as the loss of $450 million worth of crypto following the bankruptcy of Mt Gox.

The Ocean is not the first DEX, but it asserts that it will come to be more popular than the centralized exchanges which currently hold sway in part because the current iteration of DEXs tend to neglect enforcement and unilateral intervention. The Ocean seeks to merge the democratic trading model of a DEX with the ability to ensure security and reverse fraudulent trading, for example through the use of KYC and anti-money laundering monitoring, which are typically associated with centralized exchanges.

The Ocean is planning on rewarding 10 Ledger Nano hardware wallets to the top traders on its beta version, which is still taking applications for accounts until the mainnet launches.

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Read more about: Ethereum (ETH)

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