- Komodo is launching a mobile app for AtomicDEX.
- The app is in the beta stage but offers a mobile way for consumers to perform atomic swaps.
One of the common activities for the crypto world is the process of swapping. To ensure that consumers are able to perform atomic swaps effectively and easily, Komodo has created a new solution. In an article by Decrypt, the crypto wallet maker has decided to launch a beta version of their existing AtomicDEX platform for Android devices.
With this new launch, smartphone users now have the ability to perform atomic swaps on their device but will not need a separate third party to get involved with the funds. The whole transaction is established on-chain, run by Komodo.
Speaking on the new feature, Komodo CTO Kadan Stadelmann said,
“The biggest benefit in this trustly manor is that the atomic swap protocol won’t allow any participant to scam the other participant. We have hashes and timelocks that won’t allow the spending of funds unless specific conditions are met.”
Google Play Store will soon have this app available for download, but users that are more tech-savvy will be able to use it like a decentralized app, which means that Google is not actually necessary. GitHub already features the source code, whether these advanced users can download it for themselves.
AtomicDEX is already established as a non-custodial decentralized exchange, requiring that users take care of their own coins and private keys. Binance, on the other hand, looks after the users’ funds, which poses a greater risk when it comes to hacking and other attacks. Even though all of the transactions on AtomicDEX involve peer-to-peer interaction, Komodo charges 0.15% per trade.
One of the issues that has plagued decentralized exchanges in the past is the lack of users and lack of liquidity. With these two concerns, using the exchanges is difficult, because fulfilling a trade can take a long time. With the use of market makers, Komodo hopes to have individuals on the exchange that commit to major sales and purchases of coins on the platform.
Komodo recently added a blockchain builder to the platform, making it possible for anyone to create their own blockchain via Amazon Web Services, only taking a few minutes to do so. Users should keep in mind that this platform will be going through a full design rebrand in about two weeks, which has been in development already for 10 months.