What is 1inch?
This blog post will cover:
- What is 1inch?
- Where did 1inch come from?
- What are the advantages of 1inch?
- What are the disadvantages of 1inch?
- How to buy 1inch on SimpleSwap?
What is 1inch?
1INCH is a token of the 1inch Network. It serves as a governance and utility token.
It is already used in both existing protocols and will be used in all the protocols created on the 1inch Network. It is also a multichain token. At the current moment, it is possible to employ it on the Ethereum and the Binance Smart Chain.
1inch Network provides decentralized protocols for operations in the DeFi space. The main idea of the project is to enable DeFi users with the fastest and the most secure exchange service.
Where did 1inch come from?
1inch Network was created by two Russian specialists. One of them is Sergej Kunz, a former software engineer from Porsche. The other one is Anton Bukov, a former senior smart contract engineer at NEAR. They developed the idea of the future 1inch Network over the span of 36 hours at the ETHGlobal New York hackathon.
The 1INCH token was launched in 2020. Back then it was called “instant token”. A lot of tokens were distributed at the end of 2020 during the airdrop.
What are the advantages of 1inch?
Even though 1inch Network is a relatively new project, it has a lot of interesting and useful features. Here are the most significant of them:
- It’s an aggregator
The network eliminates the necessity to search for the best rates, the service does it for its users.
- Users do not lose control over their savings
Assets and cryptocurrencies are not stored on the platform.
- Good reputation
There is no news about hacking or fraud connected to the platform.
- Small amount of fees
The only fee users have to pay is a network fee.
What are the disadvantages of 1inch?
Let’s not forget that the project is still developing. Nonetheless, it is important to remember that there are some things that should be paid attention to:
- Only for crypto users
It is possible to use the network only if customers already possess cryptocurrency. It cannot be used for a first-time purchase.
- No fiat
It is a crypto-oriented platform only. Nevertheless, it may seem a little inconvenient to look for another platform for fiat-crypto exchange.
- Challenging platform
Even though the team is trying their best to make the user experience as simple as possible, there is an opinion that newcomers may find it challenging.
How to buy 1inch on SimpleSwap?
In case you got interested and would like to try 1inch Network, you are welcome to purchase the 1INCH token. We are here to help you. Just follow the simple instructions below:
- Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
- Select 1INCH in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
- Click the Exchange button.
- Enter the Recipient's Address. 1INCH will be sent to this address. Be careful and make sure you use the correct address.
- Create the exchange.
- You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.