BarterDex news

Established in 2014, Mata. No. of pairs - 100+. Decentralized exchange.

World latest news

Testing Cryptocurrency Atomic Swaps With Barterdex

The method of atomic swap trading within the cryptocurrency space has become a hot subject, and a few software development teams have been working on this type of cross-chain technology. One group is Komodo, the creators of the decentralized exchange ‘Barterdex.’ The trading platform reveals a total of 90,663 successful atomic swaps have been executed using Barterdex, so news.Bitcoin.com decided to give the user interface and software a test. Also Read: Cobinhood Delists Six Tokens Susceptible to Pump and Dump, Limits Tether Pairs Test Driving the Komodo Platform Barterdex A few weeks ago in Mexico news.Bitcoin.com had a chance to see a walkthrough of an atomic swap between bitcoin cash and two other cryptocurrencies. A Komodo developer showed us the ropes of how to trade and how the platform’s decentralized order book works. When returning from Mexico news.Bitcoin.com decided to see how easy it was to use without any guidance so our readers can get an in-depth look at this technology. Barterdex stats on March 29, 2018. The Komodo project is a public blockchain with an associated token called KMD, and the team has also created a decentralized exchange platform called Barterdex. The open source software allows users to trade cryptocurrencies across multiple blockchain networks using a technique called atomic swaps. An atomic swap is a method of trading between two blockchain networks without relying on the use of a third party intermediary. The platform has a user-friendly interface but needs more liquidity across most trading pairs. Barterdex gives you a twelve-word seed phrase to get started. Peer-to-Peer Order Book What’s interesting about Barterdex is in contrast to other Dex protocols like the NXT and Bitshares competitors is that the platforms order books are peer-to-peer and decentralized. Komodo developers say the order book system is “analogue of a full relay node and a node that doesn’t relay.” All buys and sells are displayed for traders and updates are frequently propagated throughout the network. The Barterdex platform has a lot of cryptocurrencies to choose from alongside coins that are tethered to the SPV Electrum server.  There is a wide variety of cryptocurrencies to swap with, but some have a lot more volume than others and trading these coins will produce faster results if you are experimenting. When Barterdex app loads, users are given a twelve-word mnemonic phrase and asks you to copy the information like any other private wallet seed. After writing down the mnemonic phrase, users are greeted with a window that displays a portfolio data, and recently visited markets. There’s also a window for trade history, a debug menu, and a settings section where you can change the theme and language. A Successful BCH for KMD Swap In order to get started, you need to choose which currency you want to use to trade and which digital asset you want. You then need to deposit the coin to a smart address if to complete an atomic swap offer across the exchange’s network of peers. A full confirmation for the transaction is needed to see the deposit and get started using Barterdex. After the deposit confirms you can then select which currency you want to buy with the cryptocurrency you just added. To find some markets with good volume, you can peruse through a lot of well-known coins to offer a trade or look for peers by populating the list of offers. After roughly 30 minutes of testing the platform and waiting for a trade to execute the coins had finally swapped. Given the fact that one of the Komodo developers gave us some instructions it helped make the process run a touch more smoothly. Otherwise, it’s good to have some knowledge on how to use any cryptocurrency exchange and understand a basic order book process. More Traders Needed Much like Bisq, and the new Bittorrent application Joystream, the Barterdex platform needs more active traders. Most of the waiting is due to figuring out which coins have better liquidity, and waiting for a trade to be accepted across the network. The platform definitely works, the interface is sharp and charts are updated regularly. The use of decentralized exchanges is still light across the board, and this factor is the case for all of the trading platforms that enable cryptocurrency swaps without a third party. It’s safe to say it’s going to take some time for traders to leave centralized exchanges for platforms like these. Have you tried the Barterdex exchange? Let us know what you think about this trading platform in the comments below.   Images via Barterdex, Shutterstock, and Jamie Redman. At news.Bitcoin.com all comments containing links are automatically held up for moderation in the Disqus system. That means an editor has to take a look at the comment to approve it. This is due to the many, repetitive, spam and scam links people post under our articles. We do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published.   The post Testing Cryptocurrency Atomic Swaps With Barterdex appeared first on Bitcoin News.
Bitcoin News
More news sources

Trending

Hot news

Hot world news

OKEx’s Token Will See 17x Growth in Price, Blockchain Investment Firm Forecasts

The recent popularity Initial Exchange Offerings (IEO) have been experiencing over the last few months has brought what it appears to be like a new bull run. An incredible example of success is the OKB token issued by OKEx, one of the largest cryptocurrency exchanges by trading volume in the world, which has impressed the market beyond expectations having experienced an increase in the price of 163% since launched. Shinobi Capital, a leading blockchain advisory firm and also an investor in early-stage start-ups, has released its latest evaluation report estimating that the OKB price will grow further to US$30.75, 17 times the current price, by the end of 2020. According to Jason Hill, the founding partner of Shinobi Capital:  Exchanges tokens will be the powerhouse of the development of the digital asset market and even blockchain technology. Following a series of IEOs powered by exchange tokens in H1 2019, the market is marching to the next round of bull run. OKB, as a market leader of exchange tokens, is also welcoming its own uptrend. Backed by a number of use cases and a large user base of OKEx, OKB has demonstrated a huge potential of growth. The established blockchain and cryptocurrency advisory firm is well-known for its extensive experience in start-up investment. In their evaluation report of OKB, Shinobi Capital lays out the two most important factors that will affect OKB’s future trading volume, the development of the OKChain mainnet and the overall the crypto market condition. Furthermore, the report also establishes a comparative evaluation model with other major platform tokens, including Binance Coin (BNB), EOS, and TRON (TRX). This comparative evaluation studies different aspects of each token such as trading volume, price patterns, and usage demand. The latest OKB buy-back & burn program is also taken into account to evaluate the token’s future price trend. It is expected that by the end of 2020, the price of OKB will reach USD30.75 and its market capitalization will be about USD7.068 billion. There is a significant growth lag in OKB at this stage, and the potential of price growth needs to be further released. In the next round of market recovery and boom, OKB is likely to become one of the fastest-growing assets in the market. Disclosure: This is a sponsored press release The post OKEx’s Token Will See 17x Growth in Price, Blockchain Investment Firm Forecasts appeared first on NullTX.
NullTX

Ethereum Classic presents roadmap to improve DApp development and overall infrastructure

Experts of the cryptospace are making use of DApp services to simplify the entire blockchain process. Along these lines, Ethereum Classic’s [ETC] core development team has put forth an initiative to revamp its existing ecosystem. Moving forward with an aspiration for refinement, ETC’s team is developing fresh features over blockchain technology, a development that will […] The post Ethereum Classic presents roadmap to improve DApp development and overall infrastructure appeared first on AMBCrypto.
AMBCrypto

David Marcus Grilled During Facebook's Senate Hearing

During the first of two congressional hearings regarding Facebook's Libra cryptocurrency, project lead David Marcus went as far as to say he'd be willing to take his salary in Libra after intense grilling from Senator Sherrod Brown.
Ethereum News

David Marcus Questioned Over Libra by Congress

Facebook is finally facing its reckoning as David Marcus, head of the company’s blockchain division and the leader of Libra, the venture’s new cryptocurrency, was grilled by Senate members who refuse to believe in Facebook’s allegedly noble financial plans. Libra: A Congressional Issue? Many people have a hard time believing in Facebook’s morality following the Cambridge Analytica scandal. Discovered in 2018, Facebook had allegedly been selling users’ private data for years to third parties for advertising purposes. Following Mark Zuckerberg’s Senate hearing last year, trust in Facebook has fallen to an all-time low. In many ways, this new “congressional step” for the social media conglomerate should serve as a huge learning experience. When you’re a company of Facebook’s size and you do anything to compromise the safety or privacy of your customers, you can bet it’s going to take a long time to earn their trust back. Facebook is learning this lesson in spades right now, as several Senators taking part in the hearing commented about the lack of trust they feel towards the company and its executive team. Sherrod Brown, a Democrat from the state of Ohio, commented:  Facebook has demonstrated through scandal after scandal that it doesn’t deserve our trust. We’d be crazy to give them a chance to let them experiment with people’s bank accounts. Senator Martha McSally, a Republican from Arizona, stated that Facebook is simply trying to shift gears and get people to focus on something else entirely, in this case cryptocurrency. Rather than seriously attempt to fix its reputation, it’s working to divert people’s attention with an entirely new product. She says: I don’t trust you guys. Instead of cleaning up your house, you are launching into a new business model. In addition, Facebook is also being criticized for its complete lack of coordination with policymakers. Throughout the early development of Libra, Facebook’s executive team failed to make any contacts with regulators or legal authorities to potentially understand how the cryptocurrency could better satisfy present financial laws and terms.  Trust Takes a Long Time to Build At least David Marcus isn’t lying to himself. He acknowledged during the hearing that it would likely take a while before the company can earn people’s trust well enough that they would provide their banking details. He states:  I want to make it clear that we are only at the beginning of the journey. We expect the review of Libra to be one of the most extensive ever. Facebook will not offer the Libra currency until we have addressed the concerns and receive appropriate approvals… We will not control Libra and will be one of over 100 participants that will govern over the currency. We will have to gain people’s trust if we want people to use our network over the hundreds of competing companies. The post David Marcus Questioned Over Libra by Congress appeared first on Live Bitcoin News.
Live Bitcoin News

Waves CEO Has Sold His Stake At Vostok, A Waves Blockchain Affiliated Project

Alexander Ivanov, the founder, and CEO of Waves has recently decided to fully sell his stake of Vostok, blockchain spin-off of the Waves platform. According to a recent press release, now only the GHP Group, which bought all the stakes, will be the owner of the project. The CEO also affirmed on the press release that […]
Bitcoin Exchange Guide
By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.