[EN]A small comparison of centralized exchanges with centralized gateways on the BitShares exchange.

Good afternoon!

Very often there are disputes about the differences between centralized exchanges and gateways at the BitShares exchange. I decided to try an objective comparison. It may not be complete, because I do not use centralized exchanges in accordance with the principle.

Transparency.

On centralized exchanges there is no transparency. Gateways have partial transparency. You can see which coins issued the gateway. To whom he sent these coins, etc.

Auditability.

On centralized exchanges there is no auditability. On gateways there is no auditability too. The exception is RuDEX, providing data on their wallets. Together with transparency it makes it possible to audit the operation of the gateway absolutely to anyone. OpenLedger also promised to give an opportunity to conduct an audit, but...

Variety.

On centralized exchanges only one gateway is the exchange itself, so there is no need to use prefixes. In BitShares, there are already 4 gateways.

Confidence.

Both options require trust. Centralized exchanges requires trust for the entire trading period. Gateway allows you to at any time to go into the asset of another gateway, BTS or bitassets.

Control.

Centralized exchanges own both your cryptocurrency and the tokens that they give you in return. Gateways store only your cryptocurrency. The tokens they give you in return are stored in your personal account BitShares.

Transfers.

To transfer the cryptocurrency to someone at the centralized exchange you need to use withdraw. Gateway's tokens freely move between users for 3 seconds at any time of day.

Mobility.

In the case of closing withdraw on the centralized exchange you are very much limited in the choice of actions. In case of closing withdraw from one of the gateways, you can take another gateway.

Arbitration.

In centralized exchanges arbitration is accompanied by very high risks. Gateway here is clearly predominant. In addition to the classic arbitration on the exchange BitShares you can arbitration between the gateways.

Scam.

In the event of the closure of centralized exchange you lose everything at one time. In case of closure of the gateway you have some time to sell their tokens at least 50% of the price.

In my opinion - the choice is obvious. But each of you decides for yourself what to choose.

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