Your guide to the decentralized peer-to-peer cryptocurrency exchange powered by atomic swaps.
Cryptocurrency exchanges have long been an enticing target for hackers, resulting in many well-publicized thefts and security breaches. Traditional exchanges also require you to surrender control of your digital coins and tokens to a third-party service, which in itself, can lead to some pretty serious trust issues.
These are the problems that decentralized exchanges aim to solve. By cutting out the middleman and allowing users to retain control of their own funds, decentralized platforms are seen as less vulnerable and more transparent than traditional exchanges.
There are several decentralized exchange platforms that have already gone live, plus many more in varying stages of development. Altcoin.io is one of those platforms. Scheduled for a full launch by the end of Q2 2018, Altcoin.io is a decentralized exchange that uses atomic swap technology.
Let’s take a closer look at what it has to offer and whether it could be the right crypto exchange for your needs.
|Product Name||Altcoin.io Decentralised Exchange|
|Cryptocurrencies||*Note that while the platform is under development, it is expected to support BTC, ETH, REP, ANT, BAT, EOS, SALT, CVC, DNT, SNT & 20+ more|
- Decentralised exchange cuts out the middleman and protects against hacking
- Ability to instantly exchange a wide range of coins and tokens
- You retain control of your coins and tokens
- Intuitive and user-friendly interface
- 24/7 customer support
- Still being developed
- List of supported coins and tokens still unknown
- Hasn’t yet been tried and tested
What is Altcoin.io?
According to its “lite paper”, Altcoin.io has a mission to create a decentralized cryptocurrency exchange that leverages atomic swap technology to perform fast, affordable and secure trades through smart contract-powered payment channels. Founded in August 2017 and still in development, Altcoin.io says its cross-chain decentralized exchange will be backed by 24/7 customer support.
On 7 October 2017, Altcoin.io completed the first Ethereum to bitcoin atomic swap, transferring 0.12345 ETH for 0.12345 BTC. Its atomic swap wallet release took place in early 2018, and there are a few more important dates still to come on the Altcoin.io roadmap:
- Early Q2 2018: Launch of “testnet” advanced trading interface and exchange.
- Late Q2 2018: Launch of “mainnet”.
- Q3 2018: Solving cross-chain interoperability (instant atomic swaps) and launching more advanced trading tools.
What’s an atomic swap?
Atomic swaps allow the exchange of one cryptocurrency for another, without the need to trust a third party. First introduced as a concept in 2013, atomic swaps provide instant and trustless peer-to-peer trading between different digital currencies.
Which cryptocurrencies can I buy/sell?
As Altcoin.io is not yet live, there’s currently not an exhaustive list of all the coins and tokens that can be bought and sold on the platform. However, a look at the exchange preview page reveals that you’ll be able to trade a wide range of cryptocurrencies, including:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Ethereum (ETH)
- Cardano (ADA)
- Dash (DASH)
- Ethereum Classic (ETC)
- EOS (EOS)
- IOTA (MIOTA)
- Litecoin (LTC)
- Monero (XMR)
- NEM (XEM)
- NEO (NEO)
- Ripple (XRP)
- Stellar Lumens (XLM)
- Tether (USDT)
- TRON (TRX)
Altcoin.io will be available to crypto traders in a wide range of countries, including Canada. If you’re viewing this page from somewhere other than Canada and you’re not sure whether or not you’ll be able to access Altcoin.io, contact the platform’s support team directly for more information.
What security features does Altcoin.io offer?
Decentralized exchanges offer key security benefits when compared to traditional, centralized exchanges. Rather than requiring you to surrender your coins and tokens to a centralized exchange, Altcoin.io allows you to retain control of your currency at all times. So if the platform ever goes down or is hacked, your coins shouldn’t be in any danger.
When you create a wallet with Altcoin.io, it comes with a unique key. A smart contract is created to lock away your funds and then put your wallet on a blockchain where only you can access it. Wallets are locked with a 12-word passphrase and encrypted with secure passwords for added protection.
In its “lite paper”, Altcoin.io also states that before taking its exchange live, it will conduct private third-party security audits to test the security of its wallets and exchange.
Of course, it’s worth remembering that this platform is still in development, and not until it’s live and has been tried and tested in the real world will we know just how secure it really is.
In its “lite paper” and on its website, Altcoin.io claims that it will place a large emphasis on customer support. This includes a promise of 24/7 support team availability, though it’s not yet clear which contact methods will be available to anyone seeking help.
However, at the time of writing, you can get in touch with the company through social media platforms like Facebook, Twitter and Telegram.
Pros and cons
- Decentralized exchange cuts out the middleman and protects against hacking.
- Ability to instantly exchange a wide range of coins and tokens.
- You retain control of your coins and tokens.
- Intuitive and user-friendly interface.
- 24/7 customer support.
- Still being developed.
- List of supported coins and tokens still unknown.
- Hasn’t yet been tried and tested.
If you’re interested in trading coins and tokens on the Altcoin.io decentralized exchange, stay up to date with news of the company’s upcoming platform launch later in 2018. Before the platform goes live, you can sign up for early access by providing your email address on the Altcoin.io website.