Hello steemians , I hope you all are doing very well. In this post , I am here to submit my homework task 3 which I have carried out as required by @gbenga, crypto professor.
The Ethereum blockchain was founded in 2015 by Vitalik Buterin, who was interested in the development of Bitcoin, then thought it would not contribute further to the development of Bitcoin. Buterin found it insufficient for Bitcoin to only work for money transfer. It aimed to develop a more comprehensive blockchain. He also developed his thinking. Revolutionary work is carried out in every field under the leadership of the Ethereum blockchain.
Decentralized applications have become very popular today. Decentralized finance and decentralized exchange projects in particular have become very popular. Decentralized finance will gradually replace traditional finance. Ethereum blockchain continues to lead the way in smart contracts, decentralized applications.
Vatalik Buterin, one of the founders of Ethereum, gives very good information about blockchain here. If you haven't watched the videoyet, I recommend watching the video.
There are a lot of decentralized applications running on the Ethereum blockchain. One of them is; 1inch.exchange
Decentraxchange: '' 1inch.exchange ''
1inch is a decentralized cryptocurrency exchange running on the Ethereum network. It was established in August 2020 as a result of a fund of 2.8 million dollars provided by many entrepreneurial organizations. It then raised another $ 12 million in December 2020. After a while, the crypto currency of the decentralized exchange, 1Inch, was launched. After a while, the crypto currency of the decentralized exchange, 1Inch, was launched. During the same period, 1inch.exchange introduced its own automated market maker task mooniswap. We said that the exchange's crypto money is 1inch. The total supply of 1inch is unlimited. Total number of 1inch in circulation: 143,903,616
How To Uexchange
Platform website: https://1inch.exchange/#/To use the Exchange, we first need to log in to the website. Because it is a decentralized exchange, we can log into the exchange via a decentralized wallet so that we can trade.
Before logging in to the exchange, you should check the terms and rules section. You will then need to choose either the Ethereum or the Binance network. Next you will need to choose a wallet. As you can see in the picture, I first accepted the terms and then marked the binance network. Then I chose the Fortis wallet.
Yes, I am connected to the 1inch.exchange exchange through fortis wallet. Since there is not enough crypto money in my account, I cannot show you the exchange part. On this decentralized exchange, you can convert Ethereum to cryptocurrencies running on the ERC-20 network and backed by your chosen wallet. It is the opposite process, i.e. You can convert any ERC-20 token to Ethereum. While doing this, you are doing this very comfortably.
You can make various adjustments by clicking on the settings section on the upper right. You can change the options offered for the gas price and examine the charts of cryptocurrencies.
Advantages and Disadvantages of 1inch.exchange
Because the exchange is a decentralized exchange, you are in complete control. You cannot experience any attack. Because you completely provide the security. Transaction fees on the Ethereum network are huge right now. Since the transaction fees are high in the Ethereum network, the transactions made on this exchange also cause very high commissions. While you pay a commission of around $ 1 to central exchanges, the commission fee for transactions here varies between $ 20-40. Once the ETH 2.0 update is complete, the commission fees will be quite reasonable. Thus, they will reach very advantageous levels compared to central stock exchanges.