For the first several years of the cryptocurrency revolution, centralized exchanges (CEXs) offered crypto owners the only simple means to buy, sell, and trade their assets. But it didn't take long for the CEXs to become a target for hackers and scammers, leading to millions of dollars in combined asset losses.
Soon, the crypto community recognized the growing problems within the CEXs and began to devise a new trading approach. And that's what led to the proliferation of decentralized exchanges (DEXs), which eliminated gatekeepers from the equation and put control back into the hands of asset owners. And they've proven wildly popular, with the number of DEXs doubling between the beginning of 2019 and today.
But the first generation of DEXs had a weakness. They're single-blockchain solutions, which limit the variety and types of crypto assets they handle. And that's one of the reasons we built Gamestar. It's a peer-to-peer exchange built on Polkadot, giving us true interoperability – and the ability to handle any kind of crypto asset on any blockchain. Here's a bit about what we're doing with that ability, and some of the latest announcements about what's next for us.
Gamestar is a peer-to-peer exchange that gives users the ability to buy, sell, and trade crypto assets with ease. And because we can accommodate multiple asset types, our users don't face the same limitations they would on other platforms. We've used that flexibility to bring together three of the biggest parts of the crypto universe under a single umbrella: BTC/ETH/BSC token transfers, DeFi project access, and NFT sales and swaps. In short, if it's a crypto asset, you can use Gamestar to transact in it.
But that's not the only thing that makes us different from previous peer-to-peer solutions. As our name suggests, we're also a platform built with the gaming community in mind. Using Gamestar, gamers can buy and sell items and currencies from their favorite games, or even purchase CD keys from people around the world. And, they can trade gift cards, too. And because our platform uses a unique dispute resolution system, users need not fear losing their assets in the process.
On conventional centralized exchanges, transaction disputes can become a minefield for users. That's because their customer service response is often slow and inefficient. And on top of that, because crypto trade disputes aren't always black-and-white matters, CEXs have a reputation for issuing unfair, irreversible decisions. And that can cost users a great deal of money if they're unlucky enough to be on the wrong end of a poor judgment call.
But on Gamestar dispute arbitration is handled by expert users with a real stake in getting things right. The system's called the Taurus protocol, and it guarantees fair and even dispute resolution. Under it, preselected expert node operators get access to the entire history of a disputed transaction – attachments, chat transcripts, and any other pertinent data. They may also ask the participants for any additional information they feel is relevant to the dispute.
After reviewing the dispute, the expert nodes pass judgment. And whatever their consensus decision is, stands. But that's not what makes the system fair. To participate as an expert judge, node operators have to stake a certain amount of our platform-native GMS tokens. And any judge that shows bias by repeatedly voting against the consensus will face fines, while those who vote with the consensus receive mining rewards and a cut of platform transaction fees.
We've been hard at work building out the major components of the Gamestar platform, and we're making excellent progress. But there've been a few big developments that we're pleased to be able to share with the community. The first is the launch of our staking system. Using it, anyone who wishes can pair their GMS tokens with BUSD to participate in our liquidity staking program. Those who participate can earn significant returns in the form of additional GMS in exchange for their support.
And, we're also happy to announce that we've secured a partnership with Gamerse, which is positioning itself to become the home of the NFT and metaverse social economy. Their audience is a natural fit for us since we share a focus on the gaming community. We hope that the Gamerse community and our own will soon be one and the same – helping to facilitate and feed the growing crypto gaming and NFT markets together.
Although we're pleased with the progress we've made so far, we know there's still a long way for us to go before we fulfill our mission. And we're excited to take our next step toward that goal. That's why we're happy to announce that our platform will go live for user testing this month. It's a major milestone on the journey to where we're heading, and one that we hope our community will participate in.
And as we move ahead, we're going to remain committed to becoming the go-to decentralized trading platform for crypto and gaming assets of all kinds. It's something we know is missing from the market and we're going to make it a reality. We hope you'll join us as we do.