Sofia, Bulgaria
–News Direct–
Centralized wallets and exchanges have historically been the subject of malicious attacks, and many have succumbed to their attackers. Without mentioning any names, the combined amount of assets lost in such attacks is mind-boggling to say the least. The pickle that FTX finds itself in now is just another nail in the more and more real coffin that centralization seems to fall into.
The love for CeFi (CEntralized FInance) can be easily explained, of course: it’s much, much easier to use than its decentralized counterpart, it offers more functionality, and gives access to a wide range of investment and earning instruments. But all that comes at a cost – the centralized nature of it all brings out the old “weakest link” trope, because one single point of weakness is enough for a malicious actor to expose the data and funds of thousands, possibly millions of users at once. Therefore, sticking with absolute centralization isn’t ideal, because we can’t rely on hackers to go away or stop hacking – it’s what they do.
DeFi was supposed to solve this problem, which is why some projects veered off to the other side, going fully decentralized in every sense of the word. While this is perfect from a security perspective, it can be limiting from a functionality standpoint – very much so actually. Complete decentralization has its cons and costs, namely that it’s too difficult to use, not to mention that it’s actually not very usable at all. There’s no point in pretending – decentralized exchanges can be overwhelming even to experienced users. It’s just too much stress. But it also has a tremendous upside.
Therefore a mix of DeFi and CeFi’s best elements would be something to behold. CeDeFi is not a new term, but even now there isn’t much to show for its promise. This is where Changex steps in.
Changex is a CeDeFi project, which goes completely decentralized in terms of its wallet, how it handles user data, access to assets,…
