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The Battle of Decentralized Exchanges


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I've tried to diversify in cryptos, trying to select the best crypto of it's particular type, like Ripple for settlements, siacoin for data storage, etc., but when it comes to decentralized exchanges, that is not as easy to figure out. I was looking a blocknet (decentralized exchange platform) yesterday, and it seems they are trying to build an interblockchain platform for decentralized exchange. Then it got me to thinking, they are working on something that is similar to ILP, which makes me wonder how well would ILP lend itself to building a decentralized exchange on top of it? I'm not a coder, so I' wondering if any coders have any thoughts on this or if this is a far-fetched idea.

Edited by enrique11
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15 hours ago, enrique11 said:

which makes me wonder how well would ILP lend itself to building a decentralized exchange on top of it?

We already discussed this, take a look on the forum, I cannot find the topic but: ILP is basically already a decentralized exchange itself!
But the drawbacks are:

  • You can connect only to ILP-enabled ledgers
  • The exchange time is related to the slowest ledger in the network. So for example if BTC is involved it will take 20 minutes.

I was thinking of building a decentralized exchange on RCL, but the main problem is that only XRP will be enabled for ILP, while IOUs won't. Moreover 3.5 seconds of ledger can be a bit annoying when trading (see the difference between kraken and poloniex for example).

Edited by tulo
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