Ethereum Token Trading Platform Radar Relay Exits Beta Phase - Bitsonline

Ethereum Token Trading Platform Radar Relay Exits Beta Phase

Peer-to-peer trading platform Radar Relay has exited its beta phase and is now ready to be tested by the public. The newly-launched version of the program is completely decentralized, and allows users to trade Ethereum-based ERC20 tokens.

Also read: EU’s Controversial Article 13: Considerations for the Blockchain Space

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Getting Things Off the Ground

CEO Alan Curtis explained in a statement:

“When we launched the Radar Relay beta, we took a leap of faith in taking on the challenges of creating a new category and bringing control back to traders. Nine months later, the answer is clear, the response has been humbling, and we are one step closer to onboarding the world to the token economy. Leaving beta is more than just a technical update; it’s an inflection point for our industry. We are excited to evolve past the traditional exchange with the creation of wallet-to-wallet trading.”

The Latest Enhancements

The platform’s new prototype is known as “Version 1,” and boasts an updated application programming interface (API) and software development kit (SDK). In addition, the program claims to have improved its overall global accessibility, security, and customer usability by employing a unique tool that guides users through the steps of connecting their wallets to the platform and enabling the necessary tokens for trading.

Users are not required to register their accounts or provide any personal data to the company’s organizers, given its decentralized status. This helps ensure higher customer safety standards. There are also no deposit or withdrawal fees associated with Radar Relay, as the company’s trading capabilities occur through Ox smart contacts.

Radar Relay Trying to Get Ahead

CTO Mike Roth said:

“With the newly-created API, we looked to be innovative with the concept of an API altogether by creating an intuitive and in-depth tool set. The same level of effort and attention to detail that went into creating our product was applied to our documentation as well, to ensure it is more than just code on a page. This enables users of all experience levels to plug into Radar Relay not only to create and execute automated trades, but also further enhance their existing applications.”

Interestingly, just as Radar Relay takes pride in its decentralized nature, the Bank of International Settlements (BIS) in Switzerland has released a document that is critical of the idea of decentralization, saying it destroys users’ trust.

BIS Radar Relay

A Little Misinformation?

The document states:

“For any form of money to work across large scale networks, it requires trust in the stability of its value and in its ability to scale efficiently, but trust can evaporate at any time because of the fragility of the decentralized consensus through which transactions are recorded. Not only does this call into question the finality of individual payments, but it also means cryptocurrency can simply stop functioning, resulting in a complete loss of value.”

The report has been widely criticized by top figures in the cryptocurrency space, including Circle CEO and co-founder Jeremy Allaire, who called the document “very shallow.”

Does Radar Relay sound like a tool you would utilize? Post your comments below.

Images via Pixabay

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