Waves has released the GUI for its signature decentralised exchange. Users can now access the decentralised exchange from within the lite client – allowing anyone to use it without additional technical knowledge or blockchain downloads. Along with bitcoin and fiat gateways, this will complete the initial tranche of functionality pledged at the project’s crowdfund for businesses to create, deploy and trade their own blockchain tokens.
The decentralised exchange has been live on mainnet for about a fortnight, but the release of a new version of the lite client with a GUI has expanded access to it to everyone. The lite client trading experience will be recognisable to anyone who has used regular crypto exchanges, with order books displayed for the trading pair. However, users can trade any pair of tokens directly against each other, without the need for an intermediary currency or step.
Although all trades are settled on the blockchain for security, Waves decentralised exchange is designed to compete with and complement existing exchanges in terms of speed as well as security. ‘Matcher’ technology ensures that orders are matched in real-time – typically within milliseconds – meaning that there is no need to wait for the next block to know whether a trade has been executed successfully.
Sasha Ivanov, CEO of Waves, explained: “As we learned from the implosion of MtGox, and as numerous other exchanges have shown since, centralisation always introduces a point of failure. The bitcoin world desperately needs decentralised exchanges, and we’re pleased that Waves can offer one of the first solutions that is fit for purpose – fast, secure and with a familiar user interface”
Traders can deposit bitcoins through a secure bitcoin gateway, which holds the coins in multi-sig cold storage and automatically sends an equivalent number of Waves bitcoin tokens – WBTC – to the recipient’s account. Licensed and fully compliant gateways for fiat, starting with Euros, are also available. The Waves community can trade bitcoin against Euros, against WAVES, and against any of the other tokens that have already been launched on the platform.