23 Feb 2018 Marsha Tusk
Komodo Thins the Gap Between Bitcoin and Ethereum
An etomic swap is similar to the atomic swaps the cryptocurrency performs typically, but the difference is it swaps an ERC-20 token for any coin. The successful event, according to the team, is bringing the world’s two highest cryptocurrencies – Ethereum and Bitcoin closer together.
The advancement is genuinely innovative as in the past cross-chain atomic swaps between Ethereum-based tokens, and Bitcoin-based coins were not possible. Swaps between two opposite currencies could only be done through trading which is a costly method and is time inefficient.
With the KMD etomic swap technology, users can profitably trade directly with one another. The transaction is transferred to a decentralized, peer-to-peer system making it cheap, secure and reliable.
The team was able to create the etomic swap through BarterDEX – a decentralized exchange system owned by Komodo. BarterDEX allows users to exchange any cryptocurrency and as of now, it features more than 100 coins. After the integration of the ERC-20 token, the exchange will sustain 1000+ cryptocurrencies.
The recent accomplishment unlocks the opportunity for migrating ERC-20 tokens away from the Ethereum blockchain. Furthermore, it allows building projects with their independent blockchain by the use of the KMD Platform technology.
The current BarterDEX is a beta version. The team plans to release an updated BarterDEX later this year.
Komodo’s team is strongly motivated to create a prospering, decentralized society. They are focused on building a technology which allows worldwide blockchain interoperability.
Cryptocurrency Komodo KMD