One of the most interesting developments in the cryptocurrency space is the introduction of a free to use WordPress plugin that allows anyone to use decentralized cryptocurrency exchanges through WP sites that opt to enable the plugin.
This marks the latest major move by the Tim Draper backed blockchain venture capital firm Draper Goren Holm.
This seemingly small event is made significant by the fact that WordPress’ intuitive user interface and well stocked plugin platform have led to more than 450 millions websites being built using their back end offering.
Draper Goren Holm, Who Are They?
Draper Goren Holm is a blockchain incubator and venture capital firm and was founded by Alon Goren and Josef Holm. The pair are also responsible for the Los Angeles Blockchain Summit and the Security Token Summit.
Tim Draper, the billionaire Bitcoin bull who predicts a BTC price of $250 000 by 2023, joined the firm in 2019. Altogether, the company also boasts an impressive list of companies they work with, these include CasperLabs and Ethereum Sport Betting Degens.
How It Works
For the interested user, setting up the plugin is a process that is simple to follow. It is as a matter of downloading the zipped file, unzipping it (using the plugins menu) and adding it to by clicking on the “add new” option to get the process started.
After activation, adding the [wpdex] short code to your site’s portal, the plugin should be ready for use.
From beneath the skin, the plugin leverages the Totle De-Fi aggregator to automatically find the best rates across multiple Decentralized Exchanges, thus ensuring that the user buys or sells at the best possible price.
An important note to keep in mind is that this does not mean that you are now able to host an exchange on your WordPress site. Instead, this is more along the lines of a window to a network of many well established DEXs.
Why It Made The News
Data gathered through 2019 suggests a significant leap in the use of DEX. This may be a result of the security risks associated with the more centralised cryptocurrency exchanges, which account for most day-to-day trading of digital assets and are known to be attractive targets for cybercrime.
For some people in the blockchain and cryptocurrency market, Decentralized Exchanges stay true to one of the crypto-community’s core values. Which is decentralisation. Whatever it may be, the sheer number of sites built on WordPress makes this little plugin a potentially big move for the DEX side of the market.
For example, Decentralized Exchanges have been viewed as being complicated and difficult to use. This has been one of the barriers that has kept their centralised counterparts in the lead. However it may be a lot easier for first time investors to use a DEX via a website they already trust to give them reliable news.
Conclusion
To the advocates of full decentralisation, this is a bold gesture that ensures the freedoms of the decentralized economy that seems to keep on growing from strength to strength.
