Back in May, Coinffeine formed a company and blueprint for a decentralized exchange. The team has been testing for months. Friday, the team showed their decentralized exchange to a crowd for the first time.
Early tester Felix Moreno told CoinTelegraph in an email:
“Centralized Bitcoin exchanges should take note. They are a few months away from becoming obsolete.”
The idea behind the exchange is to give users the option of exchanging bitcoin for fiat directly over the Internet, bypassing middlemen like Bitstamp and the defunct Mt. Gox exchanges. Users can connect directly with other users and make the exchange over the protocol. They call it a “BitTorrent for your bitcoins.”
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