Then you’ve most likely considered the potential for government intervention.
Of course, familiarity with the decentralized nature of cryptocurrencies, will lead most to the conclusion that it would/will be pretty damn difficult for government policy makers to put a stranglehold and Bitcoin and friends.
Like the wasted efforts to curb peer to peer software and media exchange, any efforts to “kill” crypto will more than likely just result in the loss of millions of taxpayer dollars.. It seems the term “decentralized” simply isn’t in the political dictionary.
But that doesn’t mean that the big ole friendly gubment is completely helpless, IF they so choose to make an attempt to stifle the proliferation of digital currency… The exchanges are surely the weak point in this whole infrastructure that is being built up around us faster than we can keep track..
And that leads us to the point of the post..
MetaLair aims to be the Bitcoin of Crypto-Exchanges.
Interestingly enough, MetaLair is trying to be what the very first decentralized crypto exchange.
We know, right?.. Seems amazingly obvious that this would be the next piece of the puzzle to fall into place. Of course, hindsight is always 20/20 and unless your very comfortable with crypto technology.. perhaps obvious isn’t quite the best word. How about: inevitable.
If you’ve spent any amount of time on the current batch of exchanges, then more than likely you’re ready for an upgrade as well. Anticipating the release of a fully updated major exchange sometime in 2014 – We’ve been keeping you up to date on all of the developments regarding what exchanges may be coming down the pipe..
And while Incryptex and Coinsetter look like something that you would definitely want to keep your eyes on – The potential of a fully decentralized crypto exchange could have profound implications for young digital currency revolution.
Checking the MetaLair website, here are a few potential features and benefits of a decentralized crypto-exchange.
- An architecture resistant to distributed denial of service attack.
- Resilience to double spending: parties can specify the number of confirmations they require during an exchange, if an attack occurs during this window the network will issue a ‘refund’ to both parties rendering the attack ineffective.
- Fully decentralised history of trading data.
- Fully decentralised history of bid/ask data.
- Extensibility: cryptocurrencies can be added or removed from this new decentralised exchange without the need for a central authority.
- Back-porting these capabilities into existing cryptocurrencies will create further decentralisation. Each cryptocurrency then provides a full set of features to enable this decentralised exchange mechanism: as long as any one cryptocurrency with this capability exists so does the decentralised exchange. The more cryptocurrencies with this capability exist the more robust the decentralised exchange becomes.
- Ability to extend this decentralised exchange mechanism to allow cryptocurrencies to be exchanged for fiat currencies such as USD and EUR via the same API.
- Improved cryptocurrency accessibility for everyday users with a large amount of functionality being provided in one combined wallet-exchange based client. This will allow anyone to exchange fiat and cryptocurrencies unrestricted from their desktop, phone or laptop.
Sound promising, doesn’t it?
If this isn’t making any sense to you, then simply visualize an exchange just like we currently have available only instead of it being hosted on one server and owned by people that most likely have vested interests and relationships. There’s far more to it.. but that alone should make it clear just how great of an idea this is. Of course, like with any great idea.. it all comes down to how well executed it is.
That’s exactly what is needed in the Crypto world and we can only hope that MetaLair builds what they’ve set out to build, and execute it in a manner that benefits the entirety of the crypto community.
No worries though, if they don’t achieve it.. someone else will.
We’d love to hear your thoughts on MetaLair and the idea of a fully decentralized exchange.. So be sure to share in the comments section.