Apollo Foundation Launches Decentralized Exchange With Atomic Swaps
Apollo DEX beta version includes TradingView, and uses Ethereum smart contracts.
GLOBAL / October 3, 2019 / Apollo Foundation is announcing the launch of Apollo Decentralized Exchange (DEX), a proprietary software package for the exchange of digital assets in peer-to-peer networks. The beta version features atomic swaps, which is smart contract technology that enables the exchange of different cryptocurrencies without the need for intermediaries or third parties.
Unlike traditional exchanges, Apollo DEX does not have a central entity or guarantor of transactions. Digital assets are transferred directly from sender to recipient without the involvement of outside parties. The beta version will collect feedback from users to optimize the platform.
“Apollo DEX is one of the safest ways on Earth to trade crypto. Unlike nearly all ‘decentralized’ exchange platforms that still have the ability to freeze assets, take funds and implement KYC, the Apollo DEX has no governing entity. Trades are accomplished through atomic swaps and do not require a central entity. The Apollo Foundation does not keep it running, regulate it, control it or profit from it in anyway. Apollo DEX is hosted and powered by its users, designed by its users and only its users (forgers) will profit.” says Steve McCullah, director of business development.
Atomic Swap Technology
“Atomic swap technology ensures the execution of transactions between unrelated blockchains without the participation of intermediaries,” says Daniel Korogodski. “The transaction is ensured under the condition that each party fulfills its part of the contract.”
Atomic swaps enable each party to participate in a transaction with a contract — a separate contract for each blockchain. A contract with settlement terms is created in the Apollo blockchain. The corresponding smart contract is created in the Ethereum blockchain.
“ Apollo DEX is one of the first platforms utilizing a truly decentralized architecture” says Steve McCullah, director of business development. “It will give its users unprecedented control and security over their funds. We have experienced exchange hacks and unscrupulous fund freezing first hand and this experience has fueled Apollo’s mission to provide an unadulterated exchange experience.”
Developers are focused on making Apollo Decentralized Exchange secure, efficient, and convenient. Here are other features of the platform which distinguish it from other exchanges.
TradingView is a graphical representation of the change in price ratio of two assets. Thus, a user can quickly assess the market and carry out transactions. TradingView’s graph and tools will be included in the Exchange section of Apollo web wallet.
Apollo Nodes on Ethereum: Apollo Dex’s own Ethereum nodes have been deployed for safe and controlled interaction with the Ethereum blockchain. This allows the system to bypass using third-party services to interact with the Ethereum blockchain. Thus, communication with the ETH network becomes reliable, safe, and fault-tolerant.
Matcher is an automated algorithm that finds complementary orders and carries out transactions as soon as possible. Verification is done after the placement of each order.
Ethereum Smart Contract: The platform uses Ethereum smart contracts to create and execute orders with additional conditions and rules. This allows the transfer of funds with confirmation from the recipient. A time limit is set for the entire procedure.
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