Komodo Bridges the Gap Between Bitcoin and Ethereum
Komodo is the world leader in atomic swaps and we are proud to announce that we have performed an etomic swap by swapping between Ethereum and Dogecoin! An etomic swap is like an 'atomic swap' however it swaps an Ethereum/ERC20 token for any other coin. This is a groundbreaking development because it means we have succeeded in bridging the gap between the world’s two largest and most popular blockchains — Bitcoin and Ethereum.
In the past, cross-chain atomic swaps between tokens tied to the Ethereum blockchain (ETH/ERC20 tokens) and coins created using the Bitcoin codebase were not thought possible. For instance, if Alice had DOGE that she wanted to trade for an ERC20 token, she would have had to trade Doge->Bitcoin->Ethereum->ERC20. This would make the transaction extremely costly, as each trade made on a centralized exchange comes with a transaction fee. This is also extremely time inefficient.
With Komodo’s atomic swap technology, Alice is now able to trade directly with another individual who holds any ERC20 token. For example, if Alice wants to trade DOGE for an ERC20 she can connect with Bob who wants to trade ERC20 for DOGE and the trade will be executed in a totally decentralised way. The decentralized, peer-to-peer nature of this transaction makes it cheaper, trustless and extremely secure.
How did we make this etomic swap possible?
We completed this swap using BarterDEX, Komodo’s decentralized exchange, which allows users to exchange any cryptocurrency that has been linked to BarterDEX through optimally secure, peer-to-peer transactions. At present, BarterDEX features 100+ coins and will grow to support 1000+ cryptocurrencies once we fully integrate the ERC20 tokens into the DEX. Furthermore, this recent achievement opens the door to migrating ERC20 tokens away from the Ethereum blockchain and setting projects up with their own fully independent blockchain using Komodo Platform technology.
BarterDEX is the worlds leading atomic swap exchange with 66,139...and counting.
Komodo’s team has been performing atomic swaps since 2014 and was the first to create a scalable solution for everyone to trade atomically.
Our team is strongly driven by the vision of creating a flourishing, decentralized society. As a result, our development team has been focusing on constructing technology that enables world-wide blockchain interoperability. By executing the world’s first etomic swap, we are one step closer to this vision. Going forward, our team is working diligently to identify and close all remaining digital divides in the greater ecosystem of blockchains (e.g. Bitcoin-Monero).
Perform your own atomic swap today
If you’d like to make history with us and perform an atomic swap for yourself, download BarterDEX today. The current BarterDEX is a beta version, but it is functional and open to the public. Later this year, we will be releasing an updated BarterDEX with an easy-to-navigate user interface!
If you have any questions or need help getting started on BarterDEX, join the #Etomic channel on Slack and get live assistance and updates from Komodo’s core team. Our goal is to make cryptocurrency available to everyone & simple to exchange, so we are always happy to help.
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