CRYPTOCURRENCIES

Why TrueDEX chooses Bitcoin SV

Bitcoin SV (BSV) is the best blockchain to build on—that’s the conclusion the TrueDEX team came to after trying to build their platform on several other blockchains before deciding on Bitcoin.

We had the chance to catch up with TrueDEX co-founder, investor, and CEO Armen Azatyan to learn more about why BSV was the right blockchain for their team, and why other blockchains came up short.

What is TrueDEX?

TrueDEX is a leveraged derivatives trading app, where you can use BSV to trade any of the world markets—from equities to foreign currencies. At the moment, TrueDEX is in beta, and individuals interested in using the platform can sign up here.

“Right now we are developing Bitcoin Trading Protocol. BTP is the last step to get out of beta and become fully distributed,” Azatyan said. 

“BTP is a second layer protocol on top of BSV. BTP holds mutual liquidity, TrueDEX is a broker, and there will be many other brokers like TrueDEX, built on top of BTP.”

why-truedex-chooses-bitcoin-svMarket making on TrueDEX (Source: TrueDEX)

What blockchain networks did the TrueDEX team try to build on in the past, why did TrueDEX move away from those blockchains, and why did TrueDEX decide that BSV was the right blockchain for their platform?

Azatyan: Before BSV we tried Ethereum, Bitshares, EOS, and closely considered Cardano, Waves, and Tron. [However these] platforms are not stabilized (in prototype stage), [and] fees are very high both for ETH and EOS. [The] key reasons why we switched to BSV [are because it has a] stable development environment, helpful community, and established infrastructure (Money Button and MatterCloud in our case).

Why Bitcoin?

According to TrueDEX, BSV is the only platform ready for enterprise scaling, with smart contract functionality, and has already outpaced BTC and ETH in many ways, such as transaction volume. We look forward to the launch of TrueDEX; it is an innovative product that erases the barriers that exist between cryptocurrency markets and other world markets. The fact that users around the globe will have the ability to use their BSV in these markets is revolutionary, and we are excited to see it in action. 

New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.

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