Hey Hackers! I’m Igor and I’m the Atomex co-founder.
First of all, a huge thank you to the HackerNoon community and staff for nominating us for a 2021 Noonies award! We’ve been nominated in the following category; please do check out the award page and vote:
As a someone in the Decentralized exchange industry, I believe that the most exciting technology of the present is a cross-chain interaction because the number of blockchains grows and there is a need to exchange between them in a decentralized way. Learn more about my thoughts and opinions on cross-chain atomic swap technology and my journey in the tech industry via the interview below.
Atomex is our hybrid DEX based on atomic swap technology and a multicurrency HD wallet. It allows storing funds locally and keeping them liquid at the same time. So, users can make an exchange of their funds to another cryptocurrency just like they do an ordinary blockchain transaction. And it is done in a trustless, decentralized manner, without sending crypto to any third party.
If TCP/IP is a protocol used to transfer information on the Internet, the blockchain is the same for e-money and other classes of assets. However, there is still an interchain gap which leads to an inconvenient value separation.
The atomic swap protocol which we will examine a little further effectively closes that gap in a trustless way, relying on an essentially simple idea. Banks or another trusted third-parties are being replaced by a smart contract, and this is one of the few cases when it can be done with just the data available on-chain (without oracles or other off-chain data providers).
Many of us were studying together at university, having cryptography and maths as our majors. Then some of us got vast experience in investments, and others were working in software engineering. Fortunately, about six years ago, we were united by the inspiration of blockchains, which were very fitting to our background. Blockchain still needs another tone of reliable things to become adopted, so we are excited to bring our part!
Atomic swap technology as p2p interaction is simple enough, but making it work in automatic mode with minimal involvement of the parties is quite challenging. We are also working on algorithms for automatic market-matching, which will allow each user to provide liquidity to the atomic swap exchange and not have to confirm their transactions each time. We believe that this feature is what will allow to get the mass use of cross-chain decentralized exchanges (like Uniswap in the Ethereum network).
I am worried about the problem of front-running on current DEX-es inside a single blockchain. You can be bypassed, framed, or simply kicked off the block with your transaction. This all introduces some unpredictability to trading on DEX. Furthermore, the bot competition on DEX reduces the efficiency of the blockchain as a whole and increases the cost of using it.
Most likely in education. There is a certain lack of quality materials for learning decentralized technologies. It is the lack of knowledge that can inhibit development, creating a number of inefficiencies in the market. If we talk about investing for profit rather than developing the industry, then it is in the DEX trading algorithms, NFT gaming and social networking!
The new Bitcoin update - Taproot, once we add it, our atomic swaps with Bitcoin will look like regular transactions. We are also actively learning blockchain transaction analysis. This is a big challenge for us, as our DEX has many blockchains.
Don't short Bitcoin :)
Only the code can be trusted!
Yes of course! Atomic swaps and cross-chain interaction.
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