You are reading about: "Andrew Gazdecki of Altcoin.io on the Community Approach And The Future of Decentralized Trading"
The CEO and founder of Altcoin.io is Andrew Gazdecki kindly took the time to answer our questions about what’s new at Altcoin.io and the approach that makes this DEX project distinct from other cryptoasset trading platforms out there.
- In a recent blog post you announced the decision to open-source your atomic swap wallet. That is an unusual decision now that most blockchain tech projects are becoming protective of their assets, relying on private deals and so on. What was behind it?
Community approach is one of the core values of Altcoin.io and there is a reason for it, so the decision to open-source the atomic swap wallet was mostly strategic.
Clearly the crypto community has amazing power and blockchain industry is full of talented people, but I also think the best path forward for blockchain advancements is through more open collaboration and less closed competition.
This is the case especially when it comes to decentralized trading. After all we are all working on the same mission to create more secure cryptocurrency trading environments.
- Is this a hint at the issue with getting initial liquidity that new cryptocurrency exchanges face?
That is one of the implications of closed competition. I believe the liquidity problem is partly self-inflicted because new trading platforms silo technology and customers to protect market share.
Quite generally in the cryptotrading industry, it is our combined talent and effort that is the key to unlocking a market that will be decentralized also in the practical sense of the word - truly liquid, not just “located on a DEX”. If we work together we can leverage each other’s strengths to overcome the toughest challenges as a community, creating a better market for everyone.
To facilitate this we are developing an SDK for pooled liquidity among multiple decentralized exchanges and dApps because sharing the liquidity is simply one of the easiest ways to solve this problem.
- Altcoin.io is not the first platform with plans to pool the liquidity, though. How are you going to appeal to other DEXes and dApps to work with you?
First point is scalability. We first started out working with atomic swaps to address both trustless trading and blockchain interoperability and we had some success with that. But in the end atomic swaps fail to provide the great user experience we aim for - transactions take minutes to confirm and fees can get high.
The crypto trading community wants security but not at all costs, which is why we have completely moved away from atomic swap research and are building a Plasma-based DEX instead.
Apart from our focus on scalability, what makes Altcoin.io different is user experience. That is an often neglected aspect in decentralized trading.
Currently all decentralized exchanges suffer from unintuitive, slow, multi-step user experiences which leads to low user adoption and low daily trading volume. Especially newer traders are not going to trade on your platform if the learning curve is steep and the process of submitting an order complicated.
It is already starting to show - as Diar.co reported recently, all dApps have been losing their user base at a rapid rate. I believe user experience plays a role in that.
The goal of Altcoin.io is to be the first DEX that can truly compete with centralized exchanges and we know exactly what it takes as four of our six technical advisors are active cryptocurrency traders.
So we are very aware that in order to compete we need intuitive, user-friendly platform not only in terms of trading interface. Even the SDK we are launching is a complete out-of-the box solution. You can launch your own DEX without being a developer.
- An onboarding path from fiat to crypto is surely part of the package to compete with centralized platforms. In August 2018, Altcoin.io partnered with SendWyre while DEXes are typically choosing to directly implement a stablecoin. Why SendWyre?
The main point here is to reduce friction for both new and experienced users.
Crypto trading old-timers may be comfortable with scenarios like buying a cryptocurrency directly, storing it anonymously and hedging its value in some way to capture the market movements, but people who are new to cryptocurrency trading are interested in different kind of products.
SendWyre is a regulated service that provides a fiat to crypto on-boarding path. They verify that you are who you say you are, mint an ERC-721 non-fungible token for you and after this one-time process you are free to start trading with compliant liquidity on a DEX.
MakerDAO who is the creator of Dai stablecoin has partnered with SendWyre as well which means we will be working with both.
We are definitely not avoiding working with stablecoins, if it seemed like that. Partnering with SendWyre was just the most efficient way to open up our exchange to those who may be entering cryptocurrency for the very first time, which is huge.
- In terms of potential collaboration with Altcoin.io, what other blockchain technology projects are you watching?
I think blockchain scalability is one of the most important issues to be working on right now. Without scalable solutions, mass user adoption will not happen no matter how good the blockchain applications get.
Introducing the Altcoin.io Team
The CEO and founder is Andrew Gazdecki who was also the founder of Bizness Apps, the number #91 on Inc. Magazine’s list of the 500 fastest-growing companies in 2015. Andrew lives in San Diego and travels back and forth between California and Bosnia where the Altcoin.io engineering team is based.
Sule, or Sulejman Sarajlija, is the Altcoin.io CTO and lead developer. He specializes in back-end development and blockchain technologies. He leads Djenad, Anto, and Azra, who are the engineering team.
Fabian Vogelsteller is one of the six technical advisors to Altcoin.io. Fabian’s worked on many open-source projects in the blockchain space, including Ethereum’s Mist browser and the Ethereum Wallet. He also proposed the ERC20 standard, ushering in a new era of token trading, and brings a wealth of technical expertise and insight to the team.
Other than Fabian, the advisory board has crypto trading personalities such as Josh Olszewicz, Nick "Pizpie" Cote or Nate "Coinrun" Freire.
More from Altcoin.io
Although the altcoin exchange is not operational yet, the platform has been open to sign-ups since its testnet launch. If you have not already, make your account at Altcoin.io to test the atomic swap wallet and the Plasma DEX user interface.
Full Data File: Wyre - Full Data File in Crypto IntelligencePresales and promos success, social media presence, location...
We are also on medium.com/cryptolounge - follow us!
Wyre - Full Data File
Presales and promos success, social media presence, locations, related companies...See The Data File
The Day in Crypto
More & Better:
Email alerts (2-3 a week)
- Opinions, Analyses & Interviews
- Industry News Releases
- Blockchain Tech Intelligence
Data is beautiful
Infographic: Blockchain Technology, Ledgers, Blocks and the Role of Price
Blockchain technology 101: What is blockchain, what types of blockchains exist and what role does the cryptocurrency price play.
Infographic: The Good And The Bad Of ICOs
Infographic: The good and bad of ICOs - Which token sales raised the most money in 2018?
New Horizons in Fintech: Payments, Big Data and Partnerships [Infographic]
The global fintech market saw a period of consolidation in 2018, which is exactly what we saw also in terms of price evaluation of crypto assets. In spite of the “crypto winter”, which is apparently...
The Business of Esports: All The Numbers [Infographic]
Esports is a rapidly emerging category as a real sport. It’s even beginning to compete with traditional sports.
Shocking Facts About Cryptocurrency Heists [Infographic]
If there is one question in the history of Bitcoin that cannot be answered with anything more than an estimate, it is the problem of how much of Bitcoin’s supply is actually ever available on...
Comparing Forex Market with Crypto Markets [Infographic]
One of the few metrics that cryptocurrency markets have in common with the forex markets in 2018 is the high percentage of total trades being located on few most popular markets.
Brand development in forex and crypto: Most expensive domain names [Infographic]
Crypto infographics - Most expensive domain names in forex and crypto. Targeted brand development in forex and crypto with domain names.
East vs. West: Which One Sides More With Blockchain?
Digital cash schemes were the holy grail of the late 90s, but since the bitcoin blockchain was invented, suddenly nobody in the West cares.
Top 8 Women in Blockchain Technology [Infographic]
When it comes to women in crypto, the pre-2016 OG heads will probably come up with names like Alena Vranova and Blythe Masters. Alena Vranova is the former CEO of Satoshi Labs, the company that...
Blockchain Consortium in Trade Finance: 6 Notable Networks [Infographic]
The success of trade finance blockchain implementations depends on how widely they are adopted. That's why we have seen businesses form consortia based on similar interests.
Real-world companies that accept crypto payments [Infographic]
Infographic - Graphic map of businesses that let customers pay in bitcoin.
Infographic: Blockchain Hacks & Crypto Trading Platform heists 2018 vs 2017
Blockchain infographic comparing the biggest crypto heists of 2018 and 2017. In 2017 the focus lied more on ICOs, smart contracts and wallet.
15 crypto kings that are making history with their engagement in the field of cryptocurrencies
Coining The Bucks With Cryptocurrencies Have you ever wondered how much masters of the cryptocurrencies are worth? Like the guy who founded Ethereum, or the one who started Ripple, for example. The answer, in short,...
Industry News Releases
Duško Marković, the prime minister of Montenegro, said earlier this year that the country is...Read >>
- The Global Hackaton (April, Los Angeles) comes with free tickets to Crypto Invest Summit
- Etheremon celebrating #ChineseNewYear2019 with a series of bounties (Ends 8:00 AM UTC on Feb 11th)
- Crypto Marble dApp Game: Monopoly on Blockchain
- The dApp gaming platform VX Network launched the official VX Wallet in Apple App Store and Google Play
- Etheremon's first Chinese New Year Campaign: Chance to recall two rare mons
- Fuel Games and Cryptokitties bring you "The Cat in the Pack" until the end of January 2019