spryDEX:Decentralized Exchange for Cryptocurrencies using Blockchain

Abstract

This study outlines the development and execution of a Decentralized EXchange (DEX) that utilizes blockchain technology. The DEX allows for peer-to-peer trading of various cryptocurrencies like Ethereum and Sprybucks (experimental new ERC-20 token) without the need for intermediaries, providing greater privacy, security, and autonomy for traders. By providing users with real-time data, news, and social media community insights, DEXs allow users to make informed trading decisions about cryptocurrencies based on up-to-date information. This information can help users identify emerging trends and opportunities, as well as manage risks in a rapidly changing market. The DEX is built on top of the Ethereum blockchain, utilizing smart contracts to handle the trading logic and provide security, immutability, and transparency. The DEX is implemented using a peer-to-peer network where traders can broadcast their orders and match with each other in a trust-less manner. To ensure that the order book is always up-to-date and reliable, we used the proof-of-stake consensus algorithm. Traders have the ability to add or remove liquidity from the implemented liquidity pool, which in turn provides the necessary liquidity for trades. The DEX is intended to offer a straightforward and user-friendly experience. The user interface allows traders to place orders, view their balances, and monitor their transactions in real-time.