The first decentralized cross chain atomic swap DEX with locally created orderbooks
No, it isnt barterDEX, the first one was actually InstantDEX back in 2016!
InstantDEX - decentralized shapeshift proof of concept
Previous threads: https://bitcointalk.org/index.php?topic=1340621.msg13828271#msg13828271…
I had been experimenting with atomic swaps back from 2014 onward and had both atomic swaps and subatomic swaps (channel based) using the NXT platform. Just as InstantDEX was approaching completion, NXT unilaterally decided to increase txfees 10x and limit the amount of data that can be stored. This made InstantDEX instantly nonviable and it made me realize the tyranny of the platform coin. Addon projects, even if they are assets issued on a platform has ZERO power to affect decisions of the master chain. If the master chain decides to tax all the projects that run on it, the alternatives are to pay the tax or to move to a different platform.
Usually the latter is cost prohibitive, so most projects just allow the transfer of value from their project to the platform coin. This becomes especially unavoidable as the sum of projects that are built ontop of a master chain exceeds the value of the masterchain. The logical and inevitable thing that happens is that the rules are changed to transfer value from the addon projects to the masterchain. It is a master/slave arrangement afterall.
I was fooled once, but vowed to never be fooled again. And I set out to build a platform that can be relied on not to tax any of its projects, nor to make arbitrary decisions that affects all of its ecosystem. I realized that to achieve this, a platform had to be a fully tax free platform without any lockin. Then and only then would the power to abuse the ecosystem projects not be used, when there was no power over them!
Now that the komodo platform is reaching its initial completion, it is providing a wonderful way to quickly develop ground breaking new tech and with each project being a totally independent chain, there is no temptation for the KMD holders to decide to vote on value transfer, since there is no such power. By having limited power over the other projects in the ecosystem, each project is free to succeed to its full limits. Whatever it finds useful that exists, it can utilize and most all of it are free to use, only a few services like dPoW that has out of pocket costs have some additional fees, but these are all purely optional.
Anyway, the 2016 InstantDEX was already the third rewrite for a decentralized DEX and it had synthetic price scanning, automatic arbitrage, lots of cool features. It was quite unfortunate I had to abandon it and start barterDEX from scratch, being the fourth version to create marketmaker1 and now we created a dedicated team to create marketmaker2, which solves all the usability issues that were found from the ground breaking marketmaker1 version of barterDEX.
I see a lot of proxy DEX claiming to be decentralized, but if it is a proxy token DEX, then at best it is distributed and that is only if it uses something like an automated multisig gateway, see my post on gateways CC. How decentralized is the DEX if a single party can just one day decide to disappear with all the deposited real coins and you end up with a worthless token?
Anyway, a fully decentralized atomic swap DEX is another project that has taken years to perfect, but it is also near to reaching completion and more and more of my initial concept of the SuperNET back from 2015 is being completed with the revenue generation finally having a chance to generate revenues.
I said all along that it would take years and likely wont be ready until 2020 and at the time people maybe didnt believe me, but here we are knocking on the door of 2020 and indeed it has taken that long for most of my projects to be completed. My only excuse for having taken so long is that half a dozen different never before solved big problems in crypto, had to be solved along the way. That simply takes years to do.