Less than two weeks after bridging the divide between Bitcoin and Ethereum blockchain through its innovative Atomic Swap technology, Komodo, the complete blockchain solution (and formerly known as BitcoinDark), has proudly announced that this technology now supports 95% of ERC20 tokens.
While initially not a part of the features the team had set out to implement, overwhelming community support eventually led to its development. And now, BTC or BTC-based tokens holders (such as DOGE) can instantly exchange their tokens for ETH or other ERC20 Tokens through the platform’s decentralized exchange, BarterDEX.
Atomic and Etomic Swaps: The Future of Cryptocurrency Exchange
With a current market cap close to $300 billion, cryptocurrency exchange is one of the hottest and most exciting playing field for investors these days. However, this emerging industry is often plagued by security breaches, loss of funds, and high commission fees for every transaction. All these problems steams from one source; centralization.
Whilst cryptocurrency touts decentralization and disintermediation of services, exchanging these currencies from one form to the other is most often a centralised process with servers that can be exploited and wallets that can be hijacked. As much as 10% of new cryptocurrency funds has been stolen and over $1 billion of stolen funds are currently in the hands of hackers.
Atomic Swaps eliminate these problems.
Cryptographically secured via smart contracts, Atomic swap enables two parties to exchange cryptocurrencies without needing to trust a third party to moderate the transaction. This mode of exchange utilises what is known as a hash time-locked contracts (HTLCs) to ensure that the pre-agreed terms are fulfilled before funds are transferred. The protocol requires payment recipient to acknowledge payment receipt prior to a deadline generated through cryptographic proof of payment or risk losing the right to claim and returning funds back.
Komodo has not only made it possible to swap cryptocurrencies across both Bitcoin and Ethereum blockchain, but now supports the swapping of tokens created on these blockchains through its novel Etomic Swap mechanisms.
Komodo is also pleased to announce the launch of its decentralized ICO (dICO) platform. Billed as the “world’s largest and most interoperable, open blockchain network powered by Atomic Swap Technology”, Komodo aims to create a secure, safe, and transparent environment for empowering blockchain development.
BlocNATION (BLOC), the world’s first Premiere dICO, has partnered with Komodo for its token sale event to unlock crypto-payment capabilities for Southeast Asia’s leading cashless payment community of events and venues, PouchNATION
