Komodo, the open-source blockchain technology group announced that its secure and universal decentralized exchange BarterDEX now covers 95% of all tokens in existence for atomic swaps. This was achieved after the app’s latest update which successfully enabled ERC20 token support. For users, this means that if holding BTC or BTC-based tokens it is now possible to instantly trade for ETH or other ERC20 tokens.
Currently, no other exchange offers close to 100% coverage of all coins, and the Komodo team has been working long and hard in its development.
According to Komodo, BarterDEX developers had not yet planned to integrate support for Etomic Swaps. Though, after listening to feedback from the Komodo Community, there were quick agreements in expanding the Atomic Swap Network as it perfectly fits with the vision of Komodo to create interoperability between all blockchains. From this decision, the new Komodo Head of HR recruited developers with the necessary coding skills, and the team made it all happen within just a few months.
BarterDEX is Komodo’s atomic swap powered decentralized exchange and is the world’s leading atomic swap exchange with over 80,000 swaps and counting. With BarterDEX, users can exchange directly between any cryptocurrency that has been linked to BarterDEX through maximum security and peer-to-peer transactions.
By permitting peer-to-peer transactions, BarterDEX eliminates the risks and worries of trading and holding assets on centralized exchanges. The most notable risk that BarterDEX removes is the potential for hackers to attack and steal everyone’s assets and information in one shot.
The current BarterDEX is still a beta version, but it is functional and open to the public. The first full version is tentatively scheduled for Q3 of this year.
No Restrictions for Ethereum Projects
Having been the Komodo priority for a long time now, last June, the platform was renamed from EasyDEX to BarterDEX. As of writing, the DEX now supports direct tradability of 1000+ pre-existing cryptocurrencies through atomic and etomic swaps.
Etomic swap implementation allows users to not only exchange BTC-based coins with ETH/ERC20, but it also allows for users to exchange ETH with ERC20-based tokens and ERC20 with ERC20, the team says “this makes Komodo’s Swap capabilities similar to Etherdelta, but better because we support non-ETH/ERC20- based coins as well.”
How Komodo Can Help ERC20 Projects
One of Komodo’s goals is to remove all restrictions for all entrepreneurs and developers. Due to the realized support for ERC20 swaps on BarterDEX, Komodo has removed trading, security and fundraising roadblocks for ERC20 projects.
Komodo’s platform offers projects a decentralized ICO (dICO) model without the security risks that have plagued centralized ICOs and exchanges in the past. Komodo also equips teams with Agama, our multi-coin wallet, which gives stakeholders and project teams a safe, offline storage option for a dICO’s tokenized assets and any of the supported cryptocurrencies on BarterDEX.
The Komodo team stated:
“Komodo can migrate you over and offer you your own independent blockchain that is unaffected by other projects’ blockchain activity. And if you need more blockchains to support your scalability, Komodo allows you to deploy and interlink as many blockchains as you need to grow sustainably.”
“If this were not already enough, your project will also be secured by Bitcoin’s hash rate and integrated into BarterDEX. Going forward, Komodo aims to support and interlink all types of cryptocurrencies and blockchain projects. As we grow our network and technologies, your network will enjoy all of the benefits as a result.”