Komodo’s AtomicDEX Development Update 1H 2020

Komodo’s AtomicDEX Development Update 1H 2020

AtomicDEX is a cryptocurrency wallet of one of the leading multi-chain platforms named Komodo. The platform came into existence 2014, and since then, it has managed to consistently maintain its position as one of the top multi-chain architectures in the blockchain ecosystem. AtomicDEX is one of the recent developments of Komodo; it is an Atomic Swap powered, a decentralized wallet that has been developed to store hundreds and thousands of cryptocurrencies. 

The recent achievements of AtomicDEX in Q1 and Q2 of 2020, include a complete revamping of the P2P backend, with a more user-friendly GUI and UX. Currently, the AtomicDEX multi-crypto wallet supports 17 cryptocurrencies, of which Komodo, Ethereum, Dash, and Bitcoin are the most popular ones.

AtomicDEX still being in the beta phase (successfully launched in July 2019). It cannot support a large list of varied cryptocurrencies. Still, the team is making indomitable efforts to add more assets in each update. The launch of the beta version was marked as the first-ever agnostic powered mobile compatible decentralized exchange built entirely on Atomic Swaps. 

Atomic Swap technology is a cross-protocol technology developed to overcome the limitations that most of the single protocol or proxy gateway or proxy-taken decentralized exchanges (DEXs) are facing today. These DEXs only allow trading between Ethereum and ERC-20 tokens. Therefore, the users who want to trade a Bitcoin-Ethereum pair has to rely on centralized exchanges. The Komodo team has been steadily putting forth their efforts to make this Atomic Swap technology more practical for adoption.

2020 has been a great productive year for AtomicDEX. After launching the beta version of the technology, 130,764 Atomic Swaps had been completed on AtomicDEX by the middle of July 2020. Currently, AtomicDEX supports most of the blockchain protocols of any of the Atomic Swap solutions. A new list of popular assets has been added to the platform like Zcash (ZEC), Qtum (QTUM), Ravencoin (RVN), etc. Very soon, Tezos (XTZ) is also likely to be added to the list of protocols.

The first community-led stress test was completed in November 2019. The stress-test helped in evaluating the capabilities of AtomicDEX in resolving potential bottlenecks in the various layers of the network. In the first half of 2020, the Komodo team emphasized the core improvement of the platform by expanding its support across various newly created mobile devices and applications of AtomicDEX.

Implementing a secure P2P backend has been a very crucial task for the Komodo developers in 2020. It aimed at building the necessary infrastructure needed for the mass adoption of the Atomic Swap technology. In June 2020, a total of 350+ respondents were surveyed representing the core community of Komodo, like the traders and the industry influencers.

Based on this feedback, the Komodo team will add more features to the AtomicDEX wallet, like candlesticks charts, portfolio tracking, asset support, etc. Along with developing new features to the app, the Komodo developers will also focus on refining the new user interface.