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 that allows worldwide blockchain interoperability.