Exchanges are key components of the cryptocurrency ecosystem, but centralization is a growing pain. Can we trade without trusting third parties?
01 - Narrator: "Exchanges play a key role in the crypto ecosystem. How will Decred's Decentralized Exchange work?"
Setting: A big city, NY style. There are lots of tickets walking. Some of them enter a big set of buildings that make up the word "DEX". The DEX is a place they attend to regularly.
02 - Narrator: "Centralized exchanges make its users life easy, but are failing to deal with market manipulation, solve security issues, and lower the fees."
Setting: There is a big building from CEX company. Looking at the windows you can see the different problems it faces. Close-ups show each case.
03 - Narrator: "To grow their business, they even post fake stats to appear to be bigger."
Setting: A small building with a huge front. Behind it, some tickets use a stair to turn on/off the light.
04 - Narrator: "But without exchanges, users face a big problem: Who sends the money first? Between unconnected blockchains, there is no way to ensure honesty."
Setting: Two tickets look at each other. They don't trust the other ticket because he could scam them at any time. They hold DCR and LTC.
05 - Narrator: "The Decred DEX will use Atomic Swaps so both parties have full control of their assets. Both transactions happen at the same time."
Setting: Two tickets look at each other because they know both transactions happen at the same time. We could do some "atomic stuff" in the background.
06 - Narrator: "Anyone will be able to set up a DEX node. More nodes means a stronger DEX network!"
Setting: A ticket has mounted a little DEX node stand. It should not be super fancy nor super cheap.
07 - Narrator: "The DEX won't have fees per trade, but a registration fee that will be lost if the user tries to cheat the network."
Setting: A bunch of tickets lining up to register.
08 - Narrator: A DEX does not have a single server. It is distributed across the globe, run by users like you. These are exchanges made by the users for the users.
Setting: "The Earth as seen from the space. There are lots of little DEX nodes. There is one in the moon. There are astronauts and rockets. One is a lovely shiba. The other one is a ticket."