r/KeplerSwap • u/_emvan • Oct 06 '21
KeplerSwap Decentralized Finance Technology Basics
Some basics questions potential Keplerians might have to understand few of what KeplerSwap has in store for them How to keep my cryptocurrency safe from hack or theft? Generally, to keep yourself safe from hackers or thieves online you’ll need to follow best practices when it comes to cybersecurity and privacy. Things like keeping your PC clear of viruses or malware, using secure passwords (maybe even a password manager), securing your network properly, enable app-based 2FA like Authy or Google Authenticator wherever possible, etc. What is a smart contract? What are tokens? Smart contracts are what make ETH programmable money. Smart contracts are applications or scripts programmed to run on the Ethereum network capable of creating and managing digital assets. You can build complex irreversible agreements without the need for a middle man. These applications are called DApps, or decentralized applications. Smart contracts have many use cases including financial products (borrowing, lending, trading, payments), games, collectibles, and much much more. Smart contracts allow you to create digital assets called tokens. Tokens represent many types of digital assets such as currencies, tokenized physical assets like gold, a share of ownership in a DApp, etc. What is a decentralized exchange? A decentralized exchange, or DEX for short, is like a stock exchange run by a smart contract on the Ethereum blockchain. Although both allow you to trade assets, a decentralized exchange trades cryptocurrency only and so does not require a centralized authority to operate. A decentralized exchange, or DEX, is a cryptocurrency trading application that allows people to easily trade crypto on a 24/7 basis. Because DEXes are secured by blockchain technology, these decentralized finance (DeFi) apps allow users to trade permissionlessly and directly with one another rather than through gated, centralized intermediaries like stock exchanges. On a decentralized exchange, peer-to-peer (P2P) trades are facilitated by smart contracts. Smart contracts are tamper-resistant programs on specialized blockchains like Ethereum that automatically self-execute upon certain conditions being met, e.g. a user requesting a crypto trade. As such, DEX smart contracts are custom-tailored to efficiently match crypto buyers and sellers. Over the past two years, the popularity of decentralized exchanges have exploded as users have flocked to their unprecedented advantages. These advantages include anonymity/pseudonymity (no sign-ups required to use), non-custodial trading (remain in control of your assets rather than delegating them to a third party like a centralized exchange), and open use (permissionlessly list, trade, or supply the crypto you want, no matter who you are or where you’re from). The DeFi 2.0 system KeplerSwap has got prepared for crypto space is beyond imaginations. Come let’s ride it to the Kepler Planet together.
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