ELI5 Bitsquare (BISQ)

ELI5 Bitsquare (BISQ)

What is Bitsquare?

Bitsquare is the former name of a decentralized cryptocurrency exchange.

It was renamed to BISQ in March 2017 due to trademark-related concerns.

BISQ

Bitsquare / Bisq is a P2P app that allows cryptocurrencies and fiat money to be exchanged in a fully decentralized fashion.

The end goal of the Bisq project is to create a DAO – Decentralized Autonomous Organization. Many previous attempts at creating successful DAO’s in several different areas have been unsuccessful.

No Identity Verification

There is no central entity to verify who you are.

It’d be impossible to require members to send their ID’s anywhere simply because there is no nationality or official entity to send any documents to. Bisq does not run in any particular country, it is fully distributed around the globe.

Decentralized

Bisq is 100% decentralized!

As mentioned in the identity verification section, Bisq does not belong to any country or geographic location.

No central entity controls Bisq.

Secure

Bisq is developed in the Java programming language. It is secure and peer reviewed through the open source methodology.

Bugs are reported in the open and fixes are made relatively quickly.

Privacy

Bisq runs on top of the Tor network. Connections are 100% private and secure. Strong encryption is used in all stages of a transaction.

Open Source

The entire Bisq code base is published at Github.

Currently there are 256 developers watching the project, 2554 developers who’ve favorited (starred)  the project and 712 developers have forked it to test their own programming ideas on top of the main Bisq source code.

Simple

The Bisq app is really simple to use. The interface is easy to understand and the operations are straightforward. Here you can see the main trading screen:

References

Formerly Bitsquare / Current Official Bisq Website



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