Bitcratic - a decentralized stock exchange of ERC-20 tokens. All exchange operations on the service are carried out with a help of the smart contract on the Ethereum blockchain. The main goal of Bitcratic - to decentralize the world and expand the possibilities of currency exchange.
Contents:
- About the Bitcratic
- How can a blockchain resource be of interest?
- How do transaction fees work in dapp?
About the Bitcratic
Since the creation of Blockchain, centralized cryptocurrency exchanges have been dominating on the cryptocurrency market. More than 95% of transactions are made on such exchanges. This decentralized platform was created on the blockchain network in order to strive to expand the network and the possibility of decentralized exchange. Bitcratic - a decentralized exchange for ERC 20 tokens. The service uses an over-the-counter order bag with chain settlements. You don’t need to register or log in to make the exchange. User can simply use MetaMask / MEW / Legder Neno to trade. Also, you can log in with a help of a private key. It’s also a common method of authorization on decentralized exchanges.
All the innovations, introduced by the project team, are always focused on the user convenience in the platform use.
How can a blockchain resource be of interest?
Bitcratic - as the decentralized exchange, it’s very convenient for its users. Firstly, you can take advantage of technical support directly on the site. By the way, this is the first decentralized resource that has this feature. A number of other significant advantages can be noted on this exchange platform:
- Funds are stored in the smart contract, associated with the user account. Therefore, the user is the only person who has an access to funds. It makes the resource more resistant to hacking than a usual cryptocurrency exchange;
- The service works through many nodes, so there is no server that could fail or be hacked;
- It provides a higher degree of secrecy, as data isn’t transmitted to the exchange operator;
- Users keep control of their funds in their account.
It’s also one of the few decentralized exchanges that have their own token.
How do transaction fees work in dapp?
Each Ethereum transaction includes a fee, that is paid to miners on the Ethereum network. Using this coin, you can make deposits, withdrawals and, also, trade cryptocurrency. If you use the service with MetaMask, you can lower the gas price, when you accept the transaction. If you use it without MetaMask, the gas price will be set at 4 gwei. Without going into technical details, the gas price of 4 gwei corresponds to the next general operating fees:
| ETH replenishment: | ~0.0003 |
| ETH withdrawal: | ~0.0001 |
| Token replenishment: | ~0.0001 |
| Token withdrawal: | ~0.0002 |
| Trading: | ~0.0003 |
| Canceled order: | ~0.0002 |
An important feature of the decentralized exchange is that Ethereum payment isn’t required to place an order. Placing the order includes signing a contract that doesn’t include payment for gas. It means that placing an order is completely free. There is no transaction fee for Ethereum. The only usage fee is 0.3% of the commission paid by the person, executing the order. You can follow the news and the latest events of the exchange on Bitcratic social networks, such as Twitter or Facebook.
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