Huntington, NYC (Crypto Press Release) July 27th, 2017 – BarterDEX, from SuperNET, is a decentralized exchange that uses atomic swaps to trade between cryptocurrencies. Atomic swaps are a concept that a lot of developers tend to stay away from due to its complex nature, but SuperNET is ambitious and able to do the job. Atomic swaps allow users to swap directly with other users without moving through a medium of exchange, like Bitcoin.
Centralized exchanges and other decentralized exchanges present different disadvantages. Firstly, centralized exchanges have a history its hot wallet being hacked through the backend of the website. Because all the coins are centralized this allows it to be vulnerable. Other decentralized exchanges like NXT and WAVES rely on pegged or proxy tokens. These require the maintenance of gateways.
The vision of SuperNET is to add every coin (that wants to participant) into the Agama wallet which is itself a multi coin wallet. Once a coin is added, that coin can now trade with any coin that has been previously added in the past. What this means is the user will have the option to trade with thousands of trading pairs.
Audo, SuperNET community manager stated, “The BarterDEX testing team is constantly doing successful atomic swaps. A week ago we reported that we had done over 100 swaps among ten different people. At the first stage, we tested the atomic swaps between Native Mode coins, which means each participant must have downloaded the full blockchain locally. The testing has been focused on the most crucial issues. There is still a lot of work to be done for sure. After the swaps work in Native Mode we can move to test the Basilisk Mode. That would allow the people to use BarterDEX without downloading any blockchain. To make the exchange process really convenient and easy to use we must get this part working.”
BarterDEX aims to be a traders dream in the near future. With other features, such as pegged fiat currencies and the “Money Multiplier”, traders will fling to BarterDEX in droves. To participant in the testing of BarterDEX, head to slackinvite.supernet.org. Furthermore, if you wish to read the whitepaper, click here.
- The value of investments can go down as well as up
- Investors may not get back the amount they invested
- Past performance is not a guide to future performance
- Please consult an independent registered investment advisor before making any investment
- The news site hosting this press release is not associated with EasyDEX. It is merely publishing a press release announcement submitted by a company, without any stated or implied endorsement of the product or service.
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