However, contrary to Satoshi's original intention, the market system that was built had centralized control. This is the Centralized Market System (CMS) of the Crypto Market with Centralized Exchanges as key elements of the system.

However, as the Crypto Market grew, some people became dissatisfied with cryptos being used just for buying and selling. They started asking: “Can’t more be obtained from cryptocurrencies?”

In late 2013, a 19-year-old man, Vitalik Buterin, a Russian-Canadian programmer, conceived an idea – to develop smart contract capability on a blockchain. He took time to write down his idea in a 36-page manuscript, which he named Ethereum Whitepaper and published in 2014.

However, Vitalik didn’t stop there. He went ahead and assembled seven other persons to form a team that would execute the idea.

He was able to assemble a team that consisted of Gavin Wood, Charles Hoskinson, Anthony Di Iorio, and Joseph Lubin. Later, Amir Chetrit, Jeffrey Wilcke, and Mihai Alisie joined the team.

In 2014, the team started working on the manuscript idea. The team built a blockchain from scratch and added smart contract features like lending, savings, insurance, gaming, etc. They named this blockchain Ethereum and it was launched on 30th July 2015.

The launching of the Ethereum blockchain marked the birth of a new kind of market system in the Crypto Market. This is the Decentralized Market System (DMS).

The main difference between CMS and DMS is that the latter does not have any centralized authority to control transactions. Thus, DMS does not require anyone’s trust or permission to operate.

In other words, DMS is trustless and permissionless, reflecting the original idea behind the creation of cryptocurrencies.

The key element of the DMS is the Decentralized Exchanges (Dex).

Most Dex utilize the Automated Market Maker (AMM) model to execute the buy and sell orders. The AMM model is powered by blockchain smart contracts.

Dex are becoming popular and growing rapidly. You can see all the listed Dex at the Dex Listing arena, which is part of EdaFace Listing Platforms: https://listing.edaface.com/.

Please, note that the Dex Listing arena is not yet in mainnet, hence, not available to the public presently.

EdaFace Dex is a modern form of Dex and utilizes a modified AMM model for its MIM Pool System.

EdaFace Dex can be accessed here: https://dex.edaface.com/.

(button will be activated once EdaFace Dex has entered the mannet).