Bisq Network is a decentralized open-source, peer-to-peer cryptocurrency exchange that launched its alpha-version in December 2014. According to the information on its introductory page, Bisq is not a company. It is described as “free software released under version 3 of the GNU Affero General Public License.” The Bisq Network is run as a Decentralized Autonomous Organization, which is why there is no particular governing company behind it. According to the website administrators, Bisq Network is built by individuals all across the world. The Bisq Network’s LinkedIn page, reveals that the company is from a “Partnership” type and is run by Manfred Karrer. However, aside from the information that the person resides in Barcelona, Spain, and is the CEO of the decentralized exchange, his profile lacks any additional details.
In fact, Bisq Network was previously known as Bitsquare, a decentralized open-source platform for Bitcoin trading, founded in 2014 in Barcelona, Spain.
In order to use Bisq Network, one is not required to register. He can simply download the app for Windows, Mac, Ubuntu, or Fedora devices. The decentralized character of the network allows for higher autonomy and anonymity. Buyers and sellers are connected with each other and share their personal information only with the other counterparty of the transaction. The Bisq Network, itself, does not keep hold of personal data or user funds.
Regarding security, it is worth noting that being a decentralized p2p network with no organization beneath significantly reduces the risk for the platform to be affected by a hacker attack or malicious activities. Aside from that, it does not hold any funds or user data that can become a subject to a security breach. To avoid the smooth execution of the transactions between users, Bisq Network employs mechanisms such as a requirement for both traders to pay security deposits before trading (which are later on refunded), an arbitrator system to handle trade disputes and 2-of-3 multi-signature address for all Bitcoins traded on the platform.
The platform’s infrastructure also contributes to its stability. According to the information on its website, the Bisq Network is built on top of Tor, and thus inherits Tor’s own censorship resistance. The platform design was focused around several features, which altogether contribute to better security. Such features are: lack of centralized servers, which eradicates one of the main points of failure for other exchanges; transfer of fiat or cryptocurrencies directly from one user to another, without intermediaries; no registration or identification process; decentralized arbitrator system; security deposits; atomic deposit transactions that lock up both traders funds to a 2 of 3 multi-signature addresses; an open-source license (AGPL); a separate contract for each trade that holds the details of both traders. More information about the platform is available in its whitepaper. Aside from that, Bisq Network provides an in-depth explanation of the organization in the form of an article and a few short videos. The development of the platform and its different stages can be tracked within the Bisq Network roadmap.
The Bisq DAO issues its own token, called BSQ. BSQ is described as a “unit of value that enables Bisq stakeholders – contributors, traders or anyone who owns BSQ — to make subjective value judgments.” The token’s value is determined by the market as stakeholders buy and sell tokens to perform various functions in the DAO.
At the time of this writing, Bisq Network’s online reputation is pretty solid. It is hard to find users who have complaints about the service’s transparency, which is something very uncommon for the majority of the centralized exchanges. However, there are plenty of users reporting platform implementation issues, such as slow order fulfillment (which is a case for most decentralized exchanges though) and unresponsive buyers/sellers. The case is the same with its ancestor, Bitsquare.
Bisq Network offers its users a variety of support channels. Aside from social media, the platform also has very active communities on Slack, Reddit, and the company forum Bisq Community.
At the time of this writing, there are no reported cases of hacks or government investigations against the Bisq Network. The reputation of Bitsquare is also clear.Read More
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