Apollo Decentralized Exchange Enters Beta Trial for Digital Assets
Apollo Foundation Unveils Beta Version
The Apollo Decentralized Exchange (DEX) is open for business.
Apollo Foundation has announced the launch of what it calls “a proprietary software package for the exchange of digital assets in peer-to-peer networks.”
According to a press release, the beta version also features atomic swaps.
The firm defines these swaps as “smart contract technology” that enables the exchange of different cryptocurrencies without the need for third parties.
Apollo Decentralized Exchange (DEX) Details
Meanwhile, the firm says that Apollo DEX lacks a central entity or guarantor of transactions. During the beta trial, the firm will further collect input from users and optimize the platform.
“Apollo DEX is one of the safest ways on Earth to trade crypto,” says Steve McCullah, director of business development. “Unlike nearly all ‘decentralized’ exchange platforms that still [can] freeze assets, take funds, and implement KYC, the Apollo DEX has no governing entity. Trades [occur] 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.”
In addition, the firm’s atomic swap technology lets each party participate in a transaction with a contract — a separate contract for each blockchain. Next, a contract with settlement terms establishes on the Apollo blockchain. Then, the smart contract appears in the Ethereum blockchain.
“Atomic swap technology ensures the execution of transactions between unrelated blockchains without the participation of intermediaries,” says Daniel Korogodski, CEO of First Bridge. “The transaction is ensured under the condition that each party fulfills its part of the contract.”
Finally, the Apollo Foundation isn’t the only group to announce a decentralized exchange this week. On Friday, Bitcoin bull John McAfee announced the launch of McAfeeDex.
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