Greetings to all! We are glad to share everything we found about Komodo with you again. Komodo, an open and composable Smart Chain platform, has a few news that we want to share with you.
We observe the team is putting a lot of emphasis on its AtomicDEX. On 6th October, the AtomicDEX v0.2.1 was released. Also, the foundation explained in great detail Market Maker 2, the underlying protocol that powers secure, peer-to-peer atomic swaps on AtomicDEX. In support of this statement, Kadan Stadelmann, CTO, said that the exchanges are a fat target for hackers, and this is why decentralized exchanges offer a potential boon for those looking for additional security. Furthermore, ca333 shared with the subscribers in the discord the news about the first native web-browser atomic swap. He wrote that Komodo would offer its users a simple web-based AtomicDEX application that runs natively in the web-browser without any external binaries or applications. Let’s see what comes of it!
To sum up, the Komodo team has made much progress. The main focus has been AtomicDEX. In any case, the Komodo is growing and developing. So, we are going to monitor the Komodo further.
Development
GitHub metrics:
Developer activity (from Coinlib.io):
Market Maker 2: The Engine That Powers The AtomicDEX Protocol
The Market Maker 2 Trading Process
Here is a step-by-step look at how the Market Maker 2 protocol allows peer-to-peer atomic swaps to take place.
- Step 0
The Market Maker posts a trade order on AtomicDEX. This is listed as Step 0 because, technically, it’s not part of the atomic swap process. However, this step must happen before the atomic swap can begin.
- Step 1: <DEXfee> payment
The Taker sees Maker’s offer and accepts it. She commits to the trade by paying the DEX fee, which is just 0.15% of the total trade amount. The purpose of the DEX fee is to make sure Takers don’t spam the network with rapid requests. Note that Makers do not pay any trading fees on AtomicDEX.
Once Taker has paid the DEX fee, the atomic swap has officially begun. Maker receives the fee payment and initiates the second step of the swap.
- Step 2: <MakerPayment> Is Sent
Maker sends his payment, known as the Maker Payment, which is sent to a P2SH address (for Bitcoin-protocol coins) or to a smart contract address (for ETH and ERC-20 tokens).
The Maker Payment is locked with the hash of a 32 byte secret code that Maker randomly generates. Only Maker knows the secret but the hash of the secret is public. This means that Taker knows the hash of the secret but she cannot spend the funds until she knows the 32 byte secret code itself. To better understand the concept of hashes, read this guide on cryptographic hash functions.
The Maker Payment is also time locked. The length of the time lock varies according to the block times of the two assets being swapped. Since Bitcoin has long 10 minute block times, the lock time must be longer, too. In most cases, the lock time for Maker Payment is 15,600 seconds, which is 4 hours and 20 minutes.
If the time lock expires before the atomic swap is complete, then Maker receives the Maker Payment back.
- Step 3: <TakerPayment> Is Sent
Taker sees that Maker has sent the hashlocked and timelocked Maker Payment. At that point, she sends the Taker Payment to a second secure P2SH address.
Significantly, the Taker Payment is hashlocked with the same hash that Maker used to lock the Maker Payment. Taker can use the hash to lock the funds, despite the fact that she still does not know the secret code that Maker used to generate the hash.
The Taker Payment is timelocked, but with a length of time that is half of that used to lock the Maker Payment.
- Step 4: <TakerPayment> Is Spent
Maker sees that Taker has sent the Taker Payment, which is locked by the hash of the 32 byte secret code he generated in Step 2. Maker reveals the 32 byte secret code, broadcasting it to the blockchain network in order to send the Taker Payment to his own address. Once this transaction has been initiated, the secret code is publicly visible.
- Step 5: <MakerPayment> Is Spent
Taker sees that Maker has spent the Taker Payment and also sees that the secret code has been revealed. She uses the same secret code to unlock the Maker Payment and sends the funds to her personal address.
The atomic swap is now complete.
A Timeline Of Komodo’s P2P Trading Innovations
While Market Maker 2 is Komodo’s most recent innovation in decentralized trading, it is just one among many. For more than 5 years, Komodo’s Lead Developer James ‘jl777’ Lee and the rest of the Komodo Dev Team have continuously pioneered decentralized exchange technology.
- February 2014 — An alpha version of MultiGateway, one of the blockchain industry’s first proxy token decentralized exchanges, is released.
- April 2014 — James ‘jl777’ Lee first conceived of a way to code a cross-chain atomic swap protocol.
- September 2015 — One of the earliest atomic swap protocols is developed, allowing direct P2P atomic swaps between BTC and NXT/NXT assets.
- February 2016 — With the help of Tier Nolan, James ‘jl777’ Lee found a solution to a major technical problem, improving his atomic swap protocol.
- September 2016 — More improvements are made to the existing protocol, allowing direct P2P atomic swaps between BTC and BTC-protocol altcoins.
- January 2017 — Decentralized ordermatching is implemented, making it possible to build a fully atomic-swap-powered decentralized exchange.
- July 2017 — Komodo rebranded its atomic swap DEX technology to BarterDEX and began creating a basic GUI for traders to use.
- February 2018 — A public stress test of Komodo’s BarterDEX allows more than 13,900 cross-chain atomic swaps in a 48 hour period.
- March 2018 — After bridging the gap between BTC-protocol coins and ERC20 tokens, Komodo enabled direct P2P trading between 95% of all digital assets in existence.
- June 2018 — The Komodo Development Team began working on Market Maker 2, the second generation of Komodo’s fully decentralized ordermatching technology.
- April 2019 — Internal alpha release of AtomicDEX peer-to-peer trading framework. Private internal testing initiated.
- July 2019 — AtomicDEX begins a public beta phase.
As the Komodo team continues to improve upon the AtomicDEX protocol, the product is nearing a state that is fully prepared for mass adoption.
If you’d like to start making your very first atomic swaps, download AtomicDEX now:
Download AtomicDEX for Android on Google Play here.
Download AtomicDEX for iOS through Test Flight here.
You can also sign up for the AtomicDEX email list to be among the first to hear about new features, listings, and releases.
Social encounters
Ecosystem
There are all projects built on Komodo in one Google Spreadsheet.
Rumors
Social media metrics
Social media activity:
Social media dynamics:
- It seems that the community gets interested in Discord. It can be related to the last hack attack since Discord is the place used to communicate with developers in the crypto world and all users were able to know all actual news about solving the problem.
- JL777, Komodo’s Platform Core developer and founder, has started his own blog on Medium. This is aimed for developers who want to learn more about blockchain.
The graph above shows the dynamics of changes in the number of Komodo Reddit subscribers, Twitter followers and Facebook likes. The information is taken from Coingecko.com.
