Written by artist on January 29, 2021

AtomicDEX Desktop Review

Introduction

AtomicDEX is one of the most innovative projects developed by the komodo team for blockchain interoperability. It is a multi-chain wallet and a decentralized exchange making it a groundbreaking innovation in the cryptocurrency world.

The name comprises “atomic” and “DEX” (Decentralized exchange). AtomicDEX is in beta version and is available on Android, iOS, and desktop platforms. AtomicDEX is one of the few DEX that is truly decentralized and cross-chain. It works not only on the ethereum chain but connects ethereum and bitcoin blockchain together,

Exigency?

In current times most of the DEX (Decentralized exchanges) is ethereum centric. This is mainly because of the wallets and storage options for ethereum and ERC-20 stakeholders. 

Ethereum based wallets are designed trustless/client side and due to so many ethereum sub-projects it is always easy to exchange tokens. However, when trading bitcoins and other UTOX assets usually centralized exchanges come handy. 

AtomicDEX has solved this basic problem by implementing the AtomicSwaps technology. It supports almost every asset including bitcoin and other UTOX assets as well as ETH and ERC-20 tokens. This exchange phenomenon is completely trustless, versatile, easy and cheaper.

Why AtomicDEX?

A wallet and a fully fledged functioning exchange. The cryptocurrency world is all about security and decentralized interchange of data. However, today the world's largest exchanges are centralized and dependent. AtomicDEX aims to solve these issues by providing.

  • Security (Non custodial, keys, phrases stored client side)
  • Speed (No deposit, withdrawals, kyc waiting periods)
  • Adoptability (Any asset to any other asset)
  • Lower fees (Market Makers (a person creating an order) don't pay any fee and for takers (a person filling an order or taking liquidity off the market) the fee is 0.15% or varies).

AtomicDEX is developed as client side software. The private keys are stored offline on a user’s device. The DEX works in lite mode (You don’t have to download block chain data in order to exchange your tokens).

  • AtomicDEX uses very little computing power and RAM. It is developed on C++ and use of memory control is made sure for faster usage experience.
  • The source code is available on github. You can test credibility by simply downloading an editor and start analyzing the code. 
  • AtomicDEX is flexible. You can add a total of the 342,756 ERC-20 tokens present in addition to the existing one’s. This can be achieved by adding the contract address. You can also add QRC-20 tokens. Follow this article.
  • The price and trade offers comparison is unbiased. It compares offers with exchanges like binance within the application. This will allow you to choose better deals for you.

The Interface?

Let’s walk through AtomicDEX Beta v-0.31 for desktop and work with the wallet and the exchange. The first screen after opening is the signup screen as displayed in the image below. A user can recover their wallet or create a new one.

  • Click create a new wallet and add a wallet name, copy your seed (Making a hardcopy is considered the best practice), create a password.
  • Continue and confirm your seed phrase and continue until you see a Login In screen with your wallet name created upon sign up.
  • You have successfully created your wallet. You can now log in and start using the wallet and DEX features. Your wallet keys/backup is stored on your device. ~/.atomic_qt / %HOMEPATH%/atomic_qt.
  • By default there are only 2 assets activated just click on the plus button to add more. This is how it will look like.
  • To add a custom asset to the list you have to add a contract address for the token. This is different from a wallet address you can read about contract addresses here.
  • Sending and receiving is conventional with options to add any address to an address book.
  • . With the latest release you can quickly switch from dark to light mode if you have issues with dark themes. You can now also claim rewards (cashbacks), depending on the amount of transactions done.
  • The DEX is an extensive and amazing feature of AtomicDEX. Swap any asset to a token or vice versa. All secure and hassle free.
  • The price data and exchange data are all unbiased and provide user transparency to a user so you can follow the best offers. Read more about the DEX feature and how to make atomic swaps here.

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