I find it quite well mentioned in the whitepaper. The advantages of the exchange of distribution are very clear. The assets of good traders are protected, transaction costs and clearing fees are low; Traders can freely join and leave, and they can trade with anyone in the world as long as the other party uses the same exchange. Despite all these advantages, however, distributional exchanges also have serious disadvantages, particularly in terms of liquidity, in line with speed and flexibility. Because of these disadvantages, distributed exchanges never become widely used in electronic money transactions.