Bithumb Teams up with ONEROOT to Build Distributed Decentralized Exchange
Under the witness of executives of both firms, Bithumb and ONEROOT formally signed a cooperation agreement —— Bithumb accesses R1 protocol ——that decentralized transaction protocol serves the world’s leading centralized exchange for the first time.
With the unique structure of R1 protocol, Bithumb and all future R1-based exchanges are able to share order data and liquidity, providing users with a better trading depth and experience, and forming a global distributed business system.
Bithumb is the largest centralized cryptocurrency exchange in South Korea with more than 5 million registered users. Since the start of trading service in January 2014, the daily transaction volume has experienced explosive growth, with the highest record reaching 15 billion yuan. As one of the top five Bitcoin exchanges in the world, Bithumb trades more than 13,000 Bitcoins per day, accounting for about 10% of global Bitcoin trading volume. Bithumb is also the world’s largest Ethereum, accounting for about 44% of Ethereum transactions in South Korea. In addition to cryptocurrency, Bithumb, the world’s leading digital financial platform, also has extensive involvement in cyptocurrency-based payment, investment and other fields.
In order to expand the business system, establish a complete ecosystem and provide users with safer and more efficient services, Bithumb is committed to becoming the world’s first large-scale centralized exchange that provides decentralized trading services. After a comprehensive comparison, Bithumb finally chose to access the R1 protocol, which is a decentralized transaction protocol based on Ethereum, to build it’s own decentralized trading platform. So, what is R1 protocol and why is the R1 protocol?
R1 protocol is an efficient decentralized token exchange protocol developed by ONEROOT team.
It separates order matching and order execution, far more efficient than other decentralized transaction protocols. Based on R1 protocol, Bithumb is able to provide users with stronger security, higher matching efficiency and better experience. In addition, with its unique structure, R1 protocol allows all exchanges accessing it to share order data and liquidity. With more and more transaction platforms access R1 protocol in the future, Billions of trading data and excellent liquidity will be brought in, complementing Bithumb’s globalization strategy and truly forming a win-win ecosystem.
ONEROOT is the world’s first blockchain project to propose the concept of traffic sharing. With R1 protocol as the core and Rootrex as the model, ONEROOT supports traffic holders to quickly build their own decentralized exchanges and truly grasp transaction freedom. At the same time, all exchanges based on R1 can share transaction data and liquidity, achieve a win-win ecosystem and build a solid underlying infrastructure for the entire industry.
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