Atomex, the Hybrid DEX and HD Wallet enabeling atomic swaps on Tezos, is now available for Windows, Linux and Web Platforms.

Atomex, the Hybrid DEX and HD Wallet enabeling atomic swaps on Tezos, is now available for Windows, Linux and Web Platforms.

By Allen Walters | Publish0x posts | 6 Jun 2020


To avoid any confusion: This article is not about the Atomic wallet, or in any way related to the ongoing writing competition on Publish0x.

Atomex is a HD Wallet that supports XTZ (Tezos), BTC, ETH, LTC (Litecoin), Stablecoin USDT, and Tezos-based BTC stablecoin tzBTC. The platform enables Atomic swaps through its Hybrid DEX that works by applying on-chain implementation, based on hashed timelock smart-contracts on the Tezos blockchain. (For Tezos and FA1.3 token deals.) This means that you can exchange assets in an anonymous and secure way without the need to trust a third party.

Atomex is non-custodial, which means that you own your private keys. There is no centralized database that stores the keys of Atomex users. Your keys are stored on your device, encrypted, using AES-256. (256 bits Advanced Encryption Standard.) Because you own your keys, transactions are made directly from one blockchain address to the other, and you don't pay any fees. Neither Atomex nor marketmakers can charge fees. The only commission you pay is the staker fee, since the transaction is made on-chain.

And off course you can delegate your XTZ on the Atomex wallet. The creators of Atomex are after all, the "Baking Bad" team, which is well known in the Tezos community for its website where you can find the rankings of Tezos bakers (Bakers are stakers that run a Tezos node to which XTZ holders can delegate their XTZ and earn staking rewards.) 

The Atomex desktop wallet (also offering cross-chain atomic swaps) was launched September last year. "During this period, the most volumes were traded in Bitcoin, Ethereum, and Tezos and have exceeded $ 1 million." You can follow the executed smart-contracts here:
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Storing and trading cryptocurrencies on centralized exchanges means that you always depend on third parties. This means that risks are involved in losing ownership of what you have stored on these exchanges. This can be due to the fact that exchanges still get hacked every now and then. Exchanges are obviously very interesting targets for hackers due to the fact that exchanges hold way more value than individual targets. Other causes of customers losing funds are exitscams which still happen sometimes, although this would be extremely unlikely for bigger exchanges. There are on the other hand still quite a few stories of customer accounts that are blocked by exchanges due to violation of regulatory standards or terms and conditions that somehow change and become more strict. Not to mention the fact that Coinbase always seems to be down during price spikes. Trading cryptocurrencies in a decentralized matter is the only way of avoiding these dependencies. Wallets like Atomex offer enable decentralized trades while at the same time enabling you to store your funds in that same decentralized manner. Atomex is a great product and a great addition to the Tezos ecosystem. 

 


Allen Walters
Allen Walters

Fascinated by blockchain and future proofing cryptocurrency. Discover the tech before it gets relevant.


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