The Komodo network has launched its AtomicDEX which would enable users to transact on peer to peer basis. The decentralized exchange is an end-to-end blockchain solution through which users could make transactions to one another without the need of an intermediary.
Decentralized exchanges have increasingly become popular in the light of losses exchanges have suffered in the past due to hacks. Its main advantage is that people are able to have their assets in their own wallets as against having them stored in the wallets of the centralized exchanges.
AtomicDEX is the only DEX in the industry that satisfies all 4 of these requirements. It supports non-custodial, peer-to-peer trading via Komodo’s cutting-edge atomic swap technology.— Komodo (@KomodoPlatform) September 13, 2019
Other features as seen from the Komodo discussion on the Telegram channel were expressed by a user who said:
“It works just like any other exchange, people place buy and sell orders and where they are taken becomes the market price. You can make a sell order for 10X the current price but likely won’t get anyone taking it, and vice versa.”
The Komodo AtomicDEX public beta is available for Android and iOS operating system in the meantime. DEX do not just fulfill the concept of decentralization as promoted by blockchain technology, there are other benefits that accrue to users such as the speed of transactions and lower costs due to elimination of intermediaries.
“This also means prices on AtomicDEX may be different than elsewhere, just like prices on Binance can be different than Coinbase. Prices also account for things like non KYC and lower barriers to entry. It’s also a good way to arbitrage by siphoning liquidity from centralized exchanges to AtomicDEX, which some Komodo Devs are working on building an automated tool to do this,”
according to the community discussion seen by Cryptoinfowatch team.
The Komodo platform has made progress since 2018 when it collaborated with BarterDEX through which users of komodo coins transacted on a peer to peer basis in transactions denominated in KMD.