When we rewind the movie, we can take the launch of Bitcoin as a cryptocurrency as a starting point.
“At the beginning, there was Bitcoin”. (https://money.usnews.com/investing/articles/the-history-of-bitcoin )
However, there was a database system on the basis of the emergence of Bitcoin, which neither bitcoin nor other cryptocurrencies can be understood without understanding this system.
Blockchain is the system that reveals Bitcoin as a product, and the Blockchain database system provides irreversible, immutable transactions, and it has the potential to exist in all areas of our lives today. Blockchain establishes an anonymous structure, eliminates third-party processors, and allows people to directly exchange information and documents with each other.
It didn’t take long for other crypto-currencies to follow Bitcoin. After 2009, the world faced the reality of crypto-money and today they have started to become a part of our lives.
There is a truth that has existed throughout the history of humanity or is present wherever people there are; ‘’If there is a product, there is definitely a market.’’
This constant rule also applies to cryptocurrencies that enter our lives as Blockchain products, the emergence of platforms where cryptocurrencies are exchanged, that is crypto-money markets entered our lives without wasting much time.
Again, one of the most important features that we encounter in human actions throughout human history is the ability to imitate. Humanity has always imitated previously created products to adapt to new situations.
Cryptocurrency exchanges have also emerged as a Market by imitating existing exchanges.
These cryptocurrency exchanges, which are managed from a center and solve the assets of the users quickly without any liquidity problems, were called CEX for short.
In the beginning everything was fine, but Cex exchanges were against the decentralized structure envisaged by the Blockchain philosophy in crypto-currency trading or the structure that proposes to exclude 3rd parties from bilateral trade.
Because in Cex exchanges, users were entrusting all their assets to the custodial wallets of the exchanges.
Again, as always in the history of humanity, if there was a product, there would definitely be people who wanted to steal it.
And Cex exchanges were pretty vulnerable in this regard.
Many exchanges, such as Bitcoin7, Bitcoinica, Cryptsy, MintPal, Bitfinex, Bithumb, Binance have been devastated by hacker attacks. (https://www.investopedia.com/news/largest-cryptocurrency-hacks-so-far-year/ )
Hackers damaged many of the cex Exchanges, but this also caused the creation of new types of Exchanges.
Another phenomenon in human history is that innovation is inevitable.
Dex exchanges emerged with the claim of disabling the 3rd party in cryptocurrency trading, following the Blockchain philosophy.
And they’ve succeeded. They did not keep their users’ assets on their own servers.
However, this new situation led to various problems. In a market with extremely high price volatility, such as cryptocurrency trading, dex exchanges were working like a turtle.
Liquidity was a problem and users could not find an answerer on dex exchanges. Moreover, they were accused of being money laundering platforms, as dex exchanges did not ask for credentials like KYC while maintaining anonymity.
It was at this stage that the idea of hybrid cryptocurrency exchanges was born:
In fact, Hybrid exchanges wanted to synthesize the previous two exchange types in their own spirit.
It came up with the idea of incorporating the well-functioning features of both Cex exchanges and dex exchanges.
By taking the ease-of-use and liquidity solutions of Cex exchanges and the security features from dex exchanges, they have established the most perfect system for users today.
Byte Exchange was born as a hybrid exchange. (https://bytedex.io/ )
Byte Exchange completely disables third parties in cryptocurrency trading. ByteW non-custodial wallet, which is suitable for transacting on three different blockchain networks at the same time, allows its users to secure their crypto assets.
In addition, Byte Exchange not only provides its users with super-fast transactions and ease of liquidity, but also offers features such as Stake, token launcher, and Broker panel. (https://bytedex.io/exchange/ )
The most important thing is this: Byte Exchange, in accordance with the Blockchain philosophy, allows its users to perform both secure and fast transactions at the same time.
Hybrid exchanges are the newest solution humanity has found, for now.
Let’s see what the next days will show?