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[Interview] The Role of Exchanges in the Shift Towards a Proof-of-Stake System with ExMarkets

Deemed to be a disruptor to traditional markets, digital assets exchanges as well can be disrupted if they fail to keep up the pace with never-ending developments and innovations in the crypto industry.

Digital assets or cryptocurrency exchanges have passed their peaks of being simply platforms which connect buyers and sellers in the sale and purchase of digital tokens. With the on-going development of variegated underlying assets, service providers need to get ahead of social trends.

SuperCryptoNews had a wonderful opportunity to speak with Gytis Trilikauskis, Head of Marketing and Growth in ExMarkets, British Virgin Island-based cryptocurrency exchange and staking platform, about the role of exchanges in the industry and how they consistently innovate to stay relevant.

We began the interview with Trilikauskis’ opinion on the proof-of-work (PoW) vs. proof-of-stake (PoW) debate. In simpler terms, should we choose security or speed? 

Trilikauskis said, “The PoW (algorithm) has been time tested and it works so you cannot discount that.” 

Going into further explanation, he shared that big projects such as Ethereum and Cardano are trying to implement the PoS system to cope with the scaling issue as it “seems to provide a lot of advantages and benefit for the users and the decentralization of the cryptocurrency”.

“How fast should we get there is up for debate,” he argued.

Moving on to the effect on the increasing shift by networks towards the PoS mechanism, Trilikauskis said, “It is going to be more accessible for the people and it [helps] incentivizing people to participate in the ecosystem.” 

He also added that this will help with the stability of the blockchains as people will have the incentive to be honest participants in the ecosystem.

When asked if staking through exchanges can lead to a centralization issue in the future and how exchanges can help to reduce counterparty risks for their users, Trilikauskis mentioned that exchanges are only the facilitators, responsible for smoothing the path for users. At the end, when the technology has become more user-friendly and easier to use, people will make their own choices on whether to stake through their own nodes or choose to continue with the exchanges’ services.

Trilikauskis also revealed that ExMarkets has its eyes on the Southeast Asia market and is getting ready by improving the platform’s user interface and experiences. The platform is also offering a wide range of services such as off-chain staking, margin tradings, as well as social tradings and all the tools users might potentially need in order to create a seamless experience and help them maximize their profits.

Last but not least, Trilikauskis believes that we are finally leaving the bear market behind and entering a new bull run. Traders can expect exciting times ahead. He also gave a friendly reminder that everyone should do their own due diligence and consider their own investment options wisely.

Watch the full video interview here

Learn more about ExMarkets: https://exmarkets.com/

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SuperCryptoNews is a global leading blockchain and crypto news provider, covering daily news on the latest tech and trading developments in blockchain, crypto, Web3, fintech and technology.

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© Copyright of Novum Global Consultancy Pte Ltd {2020, 2021}. All rights reserved.

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