By On September 25 2019, Atomex announced that their Built-In Hybrid Exchange and multicurrency HD Wallet has officially launched on mainnet. Through its convenient interface, users can now make atomic Swaps for pairs XTZ/BTC and XTZ/ETH.
In the announcement, Atomex stated that the thorny cross-chain atomic swap process has finally started to bear fruits. Atomex has successfully transitioned its pure atomic swaps protocol into a fully developed and functional application called the Atomex App.
Atomex reports that they have combined the advantages of centralized and decentralized exchanges into their hybrid exchange-multicurrency wallet. Atomic swaps anonymous and secure digital assets exchange technology do not involve a third party for transactions.
Understanding the Atomic Swaps Process
Atomex’s goal is to create a secure and revolutionary product for cryptocurrency enthusiasts. The Atomex wallet stores your private keys securely encrypted on your desktop computer while atomic swaps carry out cross-chain transactions.
Atomic swaps uses on-chain implementation of smart-contracts that are based on hashed timelock. An atomic swap is a smart contract that seeks to close the gap that exists between centralized and decentralized money transfer systems.
A TCP/IP protocol (centralized) enables information transfer on the internet in the same way that a blockchain transfers money and other digital assets in a decentralized system. The two systems create a gap that leads to value separation, which necessitates an atomic swap intervention.
What Happens After Launch on Mainnet
Mainnet is a common term in the blockchain developer circles. A mainnet refers to a functional blockchain-based network. Any new blockchain project goes through testing to establish its capabilities.
It is now a common practice for blockchain project prototypes to be run through an experimental testnet.
Developers can safely experiment functionalities of a complete blockchain project on the testnet environment without risking the mainnet. Developers are usually confident to put their product into the market after carrying out a testnet before launching a mainnet.
The mainnet launch for Atomex means that their project is now fully functional, open to the public, and ready for mass adoption.
During the announcement, Atomex stated, “We want to thank all the early testers for their feedback. It is very important to us.”
Implementation of the Atomic Swaps Protocol
Atomex will start their operations with an XTZ and ETH multi-crypto setup. The Atomex wallet will take 8 minutes to process an XTZ/ETH swap, depending on the confirmed time for a particular blockchain. Although the community has already started fuming about the prolonged transaction period, it is a relief that no third party would be involved.
Atomex is also working on availing other different order types. As soon as the swaps market becomes consistent, Atomex will enable users to use their Atomex App to place their limit orders. Atomex has also put up a tutorial for setting up an Atomex wallet.
What You Should Know About Atomex
Atomex consists of an independent developer team that takes advantage of the great potential being manifested by blockchain technology, to improve user experience in the crypto world.
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