Decentralized Crypto Exchange With Atomic Swaps Launched By Apollo Foundation

Announcements, News | October 7, 2019 By:

Apollo Foundation has announced the launch of the beta version of Apollo Decentralized Exchange (DEX), a proprietary software package for the exchange of digital assets in peer-to-peer networks.

As per a press release, Apollo DEX does not have a central entity or guarantor of transactions. Cryptocurrencies are transferred directly from sender to recipient without the involvement of outside parties. The beta version, which will collect feedback from users to optimize the platform, features atomic swaps, which enable each party to participate in a transaction with a contract — a separate contract for each blockchain.

“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,” said Steve McCullah, director of business development. “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 any way. Apollo DEX is hosted and powered by its users, designed by its users and only its users (forgers) will profit.”

The beta version of the platform also include other features, such as TradingView, a graphical representation of the change in price ratio of two assets. 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.

“Apollo DEX is one of the first platforms utilizing a truly decentralized architecture,” said McCullah. “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.”