Altcoin.io pre-review: a P2P DEX & atomic swaps wallet

0 1,045

We wrote in our 2018 forecast for Bitcoin that decentralized exchanges (also abbreviated “DEX”) would be one of the factors shaping the future. First quarter into the year 2018 we still stand on that, and it seems that Q2 will be bringing some exciting updates DEX-wise. In fact, the current situation with lower Bitcoin price and calmer markets is good for research and development.

Several decentralized exchanges exist and work already, but their operation is often either not user-friendly or far from smooth (see further reading links below).

There is one DEX, however, that i just about to launch a quality and user-friendly platform, scheduled for Q2 2018. The name is Altcoin.io and they’ve been on a steady track to release a truly functional and innovative decentralized exchange solution that will also sport an actually user-friendly sleek interface.

In October 2017 Altcoin.io pioneered with an Bitcoin <-> Ethereum atomic swap transaction:

The exchange is P2P which means Altcoin.io cuts out the middleman – the trade is arranged between two parties and practically any tokens and cryptocurrencies can be exchanged. None of the two parties are submitting their private keys to any third party, and the funds are not held by a third party. As a result you get security, anonymity and true decentralization.

Here’s how the Altcoin.io DEX works in detail:

The first party:
  1. Deposit testnet coins by clicking “Wallet” at the top
    (Make sure to add both ETH and BTC)
  2. Choose what to exchange (e.g. BTC for ETH)
  3. Enter amount of currency for exchanging (eg. 0.12 BTC)
  4. System “tells” you how much ETCs you’ll get (2 ETH)
  5. Click “Submit”
  6. You share that link to second party
The second party:
  1. Receives link from you (sent via chat, email, etc.)
  2. System “tells” him that he will give 2 ETH and receive 0.12 BTC
  3. He agrees by clicking on “I agree” button
  4. System checks “Wallet” to see if funds are available for exchange
  5. Atomic Swap is initiated and completed (source)

Innovation, not money grab

Another thing that’s immediately puts Altcoin.io in a good light is they are NOT running an ICO. In the world of hyped-up vaporware crowdfunding campaigns having a team that’s actually focused on innovation is extremely comforting.

Here’s what the company states about monetization:

altcoin io on monetization

What’s in the roadmap?

Recent news from the company claim they’ve been adding a side-chain Plasma-like solution which make a lot of sense since off-chain scaling olutions (e.g. lightning network) seems like a most viable solution advocated by many cryptocurrency masterminds.

As a result of the sidechain scaling implementation the release of the exchange & wallet for the mainnet has been delayed. The mainnet releae is supposed to take place by the end of Q2 2018. Meanwhile you can sign up and run test swaps on their site.

Altcoin.io verdict

To recap, the main products coming from Altcoin.io will be:

  1. The atomic swaps wallet (preview with testnet coins here)
  2. Decentralized P2P marketplace (preview with testnet coins)

Altcoin.io is a prime candidate for the go-to DEX. Sign up and see the test version of their products today!

 

Further reading

on decentralized exchanges:

https://hackernoon.com/understanding-decentralized-exchanges-51b70ed3fe67

Understanding the Plasma sidechain:

https://medium.com/chain-cloud-company-blog/plasma-in-10-minutes-c856da94e339

 

 

Leave A Reply

Your email address will not be published.