Gluwa Exchange is a non-custodial cryptocurrency exchange based on Gluwa mobile app and Gluwa API. The goal of this release is to (1) to give you a native experience and (2) enable you to exchange cryptocurrencies without losing control over your assets.
“Your keys, your Bitcoin. Not your keys, not your Bitcoin.’’ — Andreas Antonopoulos.
How Gluwa Exchange Works
On a high level, Gluwa matches a market taker with market makers based on the amount and the price. Each party accepts the match by reserving their funds on the blockchain. They also send signatures required to create the exchange transaction to Gluwa. Gluwa validates the signatures and executes them by publishing them to the blockchain. Once the transaction for the exchange is processed by the blockchain, each user will receive their promised funds and the exchange gets completed. Note that the funds for the exchange were not held by Gluwa or any other third party, but by the blockchain alone. Thus, enabling the decentralized transaction of assets.
Types of Users
Gluwa Exchange has two types of users: market makers and market takers. Each type of user plays a different role in the exchange.
If you are using Gluwa mobile app to exchange your cryptocurrency, you are a market taker. When you ask for a quote, your app shows you the weighted average price of the best orders in the market. When you choose to accept the quote, you are taking the matched orders.
If you make offers instead of taking what’s in the order book, you are a market maker. You can add orders on the order book by using Gluwa API. Your orders will get matched with market takers based on your price. Instead of using Gluwa mobile app, market makers are expected to run a webserver to communicate with the Gluwa API and webhook.
Invitation for Market Makers
We invite you to be a market maker of the Gluwa Exchange! You can learn how to become a market maker of Gluwa Exchange here.
Contact us at firstname.lastname@example.org if you have any questions.