Less than two weeks after bridging the gap between the Bitcoin and Ethereum blockchains, we have implemented ERC20 token support on BarterDEX! This means that you can now perform peer-to-peer atomic swaps between 95% of all coins and tokens in existence. For example, if you are holding BTC or BTC-based tokens (such as DOGE) you can now immediately trade for ETH or other ERC20 Tokens. No other exchange offers close to 100% coverage of all coins.
Originally, the Komodo developers had not planned to integrate support for Etomic Swaps on Komodo’s BarterDEX. However, after listening to insightful feedback from our Komodo Community, we agreed that expanding our Atomic Swap Network fit perfectly into our vision of creating interoperability between all blockchains. At that point, our new Head of HR recruited developers with the necessary coding skills, and our team made it all happen within a few months. The Komodo core team would like to give special recognition to Artem Pikulin and SHossain for all of their efforts in making Etomic Swaps possible on BarterDEX.
See here for the official records of the support implementation:
No More Exchange Vulnerabilities
As a refresher, BarterDEX (Komodo’s atomic swap powered decentralized exchange) is the world's leading atomic swap exchange with over 110,000 completed swaps. With BarterDEX, you can exchange directly between any cryptocurrency that has been linked to BarterDEX through maximum security, 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 swoop.
No More Limitations for Ethereum Projects
Thanks to our improved development team’s work on integrating ERC20 tokens into our decentralized exchange, Komodo’s BarterDEX not only protects traders, entrepreneurs, and developers, but also brings us closer to our vision of interlinking all blockchain projects.
To give more perspective, BarterDEX now supports direct tradability of 1000+ pre-existing cryptocurrencies through atomic and etomic swaps. At present, Komodo’s BarterDEX is the only decentralized exchange that has automated users’ ability to trade directly between the majority of cryptocurrencies on the market.
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. This makes Komodo’s Swap capabilities similar to Etherdelta, but better because we support non-ETH/ERC20- based coins as well.
As a result, we can now help entrepreneurs and developers solve some of the scalability challenges that their projects may face on the Ethereum platform, such as security risks, dependence on the Ethereum platform, blockchain sync errors, and inflated transaction fees.
How Komodo Can Help ERC20 Projects
One of Komodo’s goals is to remove all restrictions for all entrepreneurs and developers. Because we have implemented support for ERC20 swaps on BarterDEX, we have removed trading, security and fundraising roadblocks for ERC20 projects.
Planning to launch an ICO on Ethereum?
Komodo’s platform offers you a Decentralized ICO (dICO) model without the security risks that have plagued centralized ICOs and exchanges in the past. Komodo also equips you with Agama, our multi-coin wallet, which gives you and your investors a safe, offline storage option for your dICO’s tokenized assets and any of the supported cryptocurrencies on BarterDEX.
Already ICO'd, but outgrown Ethereum’s platform?
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.
Perform your own Atomic or Etomic Swaps Today
If you’d like to make history with us and perform an Atomic Swap for yourself, sign up for the 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 #support channel on Komodo's Discord server to 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.
Join us as we continue to accelerate the global adoption of blockchain technology.