The WandX decentralized exchange built on the Ethereum platform enables users to trade ETH-ERC20 or ERC20-ERC20 through our escrow based smart contract.
WandX decentralized exchange is an exchange market that does not rely on a third party service to hold the customer's funds. Instead, trades occur directly between users (peer to peer) through an automated process. This system can be achieved by creating proxy tokens (crypto assets that represent a certain fiat or crypto currency) or assets (that can represent shares in a company for example) or through a decentralized multi-signature escrow system, among other solutions that are currently being developed.
This system contrasts with the current centralized model in which users deposit their funds and the exchange issues an IOU that can be freely traded on the platform. When a user asks to withdraw his funds, these are converted back into the cryptocurrency they represent and sent to their owner.
The most obvious benefit to using a decentralized exchange over a centralized one is their "trustless" nature. You are not required to trust the security or honesty of the exchange since the funds are held by you in your personal wallet and not by a third party.
Another advantage to the decentralized model is the privacy it provides. Users are not required to disclose their personal details to anyone, except if the exchange method involves bank transfers, in which case your identity is revealed only to the person that is selling or buying from you.
Furthermore, the hosting of decentralized exchanges is distributed through nodes meaning that there is no risk of server downtime.
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Payment channels on Ethereum are used to enable multiple payments between two parties without paying gas fees for every transaction. This enables two parties to enter into a long term contract, while maintaining a regular payment scheduled that's automated on the payment smart contracts.