Bithumb, one of the biggest cryptocurrency exchange platform in South Korea and the world’s leading exchange platform, has launched its decentralized exchange, Bithumb DEX. The announcement was made by One Root on their official blog earlier this week. This comes in the limelight days after the exchange platform’s 51% stake was acquired by BK Global Consortium for $354.09 million.
The decentralized exchange platform will be based on the Ethereum blockchain and will be using One Root’s R1 protocol as a core part of the exchange. The decentralized exchange platform will allow users to control their assets. Along with this, the assets will be stored in smart contracts as opposed to the centralized exchange. This would add on an extra layer of security as the asset would be safe even if the exchange platform is attacked.
Moreover, all the information related to transactions will be recorded on the blockchain. This includes the corresponding transaction details and cost deduction open and transparent, thereby eliminating covert operations.
The R1 protocol, developed by One Root, which acts as the core part of the decentralized exchange will be playing the key role of segregating matching and settlement orders. In addition, the decentralized exchange will be executing the work of matching orders off chain. This would result in the increase of transaction speed and also provide a better users experience in comparison to centralized exchanges.
Furthermore, the decentralized exchange’s order data and liquidity will be shared will all the R1 based exchange platforms. This is noted to be one of the key features of the R1 protocol, based on the concept of win-win and sharing. This would provide higer asset liquidity to traders.
The blog read:
“With R1 protocol as core, different exchanges can carry out cross-regional cooperation, which was defined by ONEROOT team as DDEX. This trading system is significant for the overall ecosystem of Bithumb, and contributes to the establishment of global distributed business system”
Subscribe to AMBCrypto’s Newsletter
Coinbase, HitBTC, WazirX report Cloudflare outage issues
The world’s leading cryptocurrency exchange, Coinbase, reported experiencing intermittent access issues which was traced to a Cloudflare outage. In a blog post, Cloudflare reported that it observed network related issues on Monday morning.
The support team revealed that Cloudflare identified a potential “route leak” which affected some of its IP ranges, shortly after the news broke out on mainstream media. The issue was solved in less than two hours after the network responsible for the route leak was fixed, the official blog post said.
Around the same time, Indian cryptocurrency exchange, WazirX, also reported access issues across its website and apps. The affected companies also included HitBTC, the Hong Kong-based exchange which also reported difficulties in their web interface.
“Half the internet is experiencing the same issues since the cloudflare and many internet routes appear to be down.”
After resolving the issue, Cloudflare, which is a US-based content delivery network service, stated,
“Traffic levels have returned to normal now that the route leak has been fixed. We are now marking this incident as resolved.”
Most of the affected sites showed an error which said, “Connection timed out.” Cloudflare has not revealed the name of the network involved as of yet. It is also unclear if all the affected websites had started operating normally. A myriad of websites including Overcast, Discord, WP Engine, Sonassi, Feedly, Crunchyroll among many others that completely rely on web hosting or who partner with Cloudflare for their CDN service, were also affected.
The affected areas can be seen in the picture below.
Subscribe to AMBCrypto’s Newsletter