A new cryptocurrency exchange, Ethen, focused on an algorithm for acquiring and trading ERC20 tokens and wallets integrated with Ethereum-based smart contracts, launched on Thursday, aiming to make decentralized platforms easier to access. Ethen also provides a backup feature: it publishes its open source code for withdrawing funds on Github if the main site becomes unavailable.
“Our main goal in developing Ethen was to make decentralized exchanges more accessible to a wide range of users, not just to professional traders, while incorporating as many convenient features as possible from centralized exchanges,” the project creators said, in a statement.
Ethen believes its decentralization allows users to avoid problems related to wallet security, with user funds protected from hacking, as a decentralized exchange has no access to them.
“We brought on top-level developers with experience building high load systems to create the most stable system available on the internet,” the company stated. “Our decentralized algorithms for carrying out transactions with cryptocurrency of completely different volumes help to create an unparalleled trading experience for our users. The smart contracts at the trading core of the platform makes our system completely transparent and practically invulnerable.”
According to Ethen, although users are able to enter secret keys into the exchange’s interface, Ethen will never store or transfer these keys on its server, thereby ensuring security of the user data and finances, setting it apart from every other exchange on the market.
The exchange also features a double-signature verification mechanism for each transaction. Both the signed purchase and sale data are first sent to the server where these signatures are compared and verified, only then is the transaction confirmed, resulting in better security and performance, according to the statement. It also promised complete control over transactions, greater transparency and faster transactions compared to other exchanges.
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