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Terms","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/crypto-101-glossary.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}],"nextSection":{"id":244,"original_id":null,"author_id":41,"translator_id":null,"title":"What is Decentralized Exchange (DEX)?","slug":"what-is-decentralized-exchange-dex","section":"D","keyword":"Decentralized Exchange (DEX)","status":"published","definition":"a peer-to-peer cryptocurrency exchange service that conducts trading without an intermediary.","content":"<p><strong>Decentralized currency exchange (DEX)</strong> is a cryptocurrency exchange platform that offers near-complete anonymity for traders. It conducts its services without an intermediary, meaning that the assets flow directly between the traders.</p>\n<p><strong>DEXs were created as an alternative to</strong> <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-centralized-exchange-cex/">centralized exchanges (CEXs)</strong></a>. The most popular crypto exchange platforms in the world, like <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/goon/binance/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Binance</strong></a> and <a href=https://www.bitdegree.org/"/crypto/goon/coinbase/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Coinbase</strong></a>, are centralized. They take orders from traders who want to purchase or sell their assets and match them with prospective sellers and buyers. <strong>CEXs function similarly to securities exchanges</strong>.</p>\n<p>However, centralized cryptocurrency exchange platforms have some disadvantages that have received criticism from crypto traders. CEX platforms are privately owned, which means that an intermediary is involved in all transaction operations. Their services are <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-custodial/">custodial, meaning that the asset used in a transaction is held by the platform.</p>\n<p>Centralized platforms also collect customer data and may be required to comply with regulations such as <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-know-your-customer-kyc/">Know Your Customer (KYC)</strong></a>. The concept of a currency exchange run by a central authority goes against the principles of decentralization and complete transaction anonymity which are the core ideas of cryptocurrency.</p>\n<p><strong>Decentralized exchange platforms allow users to perform crypto transactions completely anonymously.</strong> Since DEXs are still relatively new, they see far lower trading volumes than their centralized counterparts.</p>\n<p>Decentralized platforms create regulatory issues since they do not comply with KYC or similar policies. Furthermore, the use of decentralized exchanges can lead to traders getting scammed as there is no way to confirm the identities of the parties involved.</p>\n<p>&nbsp;</p>","level":"easy","meta_title":"What is Decentralized Exchange (DEX)? Definition & Meaning | Crypto Wiki","meta_description":"Decentralized Exchange (DEX) meaning: Decentralized Exchange (DEX) - a peer-to-peer cryptocurrency exchange service that conducts trading without an intermediary.","meta_keywords":null,"language":"en","created_at":"2022-03-02T09:39:45.000000Z","updated_at":"2023-04-07T12:05:04.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-decentralized-exchange-dex"},"prevSection":{"id":242,"original_id":null,"author_id":41,"translator_id":null,"title":"What is Decentralized Autonomous Initial Coin Offering (DAICO)?","slug":"what-is-decentralized-autonomous-initial-coin-offering-daico","section":"D","keyword":"Decentralized Autonomous Initial Coin Offering (DAICO)","status":"published","definition":"a funding campaign for new crypto projects that employed a decentralized governance model.","content":"<p>A <strong>decentralized autonomous initial coin offering (DAICO)</strong> brings the principles of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-decentralized-governance/">decentralized governance</strong></a> into the fundraising campaigns of new crypto projects. The idea was proposed by <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/who-is-vitalik-buterin/">Vitalik Buterin</strong></a>, the creator of <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-ethereum-eth/">Ethereum (ETH)</strong></a>, in 2018.</p>\n<p>The goal of DAICOs is to increase the investors&rsquo; trust in <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-initial-coin-offering-ico/">initial coin offerings (ICOs)</strong></strong></a>&nbsp;by allowing them to have more governance over the project funds.</p>\n<p>Initial coin offerings are campaigns used to raise funds for the development of new cryptocurrency assets. During an ICO, the development team dedicates a portion of the new asset to be sold to investors. ICOs set a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-soft-cap/">soft cap</strong></strong></a> for the funding target. If the soft cap is not reached, the project is considered a&nbsp;failure. All funds are returned to the investors.</p>\n<p>If the ICO reaches its soft cap target, the developers <strong>receive the total funds along with any excess raised</strong> at the end of the funding period. The development team acts as the central authority over the financial decisions of the project. In some cases, this can lead to unfavorable outcomes.</p>\n<p>ICO projects sometimes do not meet their deadline and are considered <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-vaporware/">vaporware &ndash; projects that <strong>never reached full development</strong>. In some instances, ICOs can be instigated as malicious campaigns or scams as developers do not intend to actually launch the project.</p>\n<p>Investors have to provide funds to centralized ICO campaigns based on good faith. Thus, in the instances of scams or vaporware, they may <strong>lose trust in ICOs</strong> altogether and withhold their funds to ensure that they are not scammed out of their investments.</p>\n<p>The concept of DAICO introduces the concept of the decentralized autonomous organization (DAO) <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-smart-contract/">smart contracts</strong></a> in ICOs. In DAICOs, all proceedings are kept locked in the smart project while the investors&rsquo; group takes responsibility for the <strong>shared DAO governance</strong>.</p>\n<p>Once the ICO campaign is finished, all funds are not released at once. Instead, the investors vote on the tap variable, which determines the per-second rate at which the funds are released. If the developers <strong>fail to deliver a finished project</strong>, the investors can vote on granting themselves a refund from the remaining resources.</p>\n<p>It is expected that DAICO will bring more democracy into the ICO campaigns and grant investors more trust in new crypto projects. DAICO can also act as a protective measure for investors by <strong>reducing the number of scam campaigns</strong>.</p>","level":"medium","meta_title":"What is Decentralized Autonomous Initial Coin Offering (DAICO)? Definition & Meaning | Crypto Wiki","meta_description":"Decentralized Autonomous Initial Coin Offering (DAICO) meaning: Decentralized Autonomous Initial Coin Offering (DAICO) - a funding campaign for new crypto projects that employed a decentralized governance model.","meta_keywords":null,"language":"en","created_at":"2022-03-02T09:28:16.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-decentralized-autonomous-initial-coin-offering-daico"},"currentChapter":"D","currentSection":"what-is-decentralized-currency","chapterTitle":"D","readingLevel":"easy"},"url":"/crypto/learn/crypto-terms/what-is-decentralized-currency","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">
Handbook Cover Page
Crypto Terms: Letter D

What is Decentralized Currency?

Decentralized Currency MEANING:
Decentralized Currency - wealth and commodity transfer method without the interference of banks.
Easy
1 minute

Let's find out Decentralized Currency meaning, definition in crypto, what is Decentralized Currency, and all other detailed facts.

Decentralized currency is the method of transferring commodities and wealth without the interference of a third party, such as banks or loan companies. The assets are not controlled by any central authority.

Centralized ownership via third parties creates certain systemic issues for the owner of the funds. Central banks have the authority to adjust the currency value based on certain funding obligations. This can impact the value of savings that clients have entrusted to the central authority institution.

Decentralized currencies rely on peer-to-peer networks. They are mainly used in virtual markets for trading. The value of decentralized currencies is created using encrypted code which is easily verifiable and irreproducible.

Since there is no centralized authority, the value of peer-to-peer currencies is determined solely by the demand of the coin. The value cannot be changed by other internal or external factors.

Decentralized currencies are often borderless, meaning that they are not tied to one nation. This allows them to be used for seamless international transactions with lower fees. Decentralized currencies are also less susceptible to inflation and deflation.
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