Earlier this week, we discussed how Komodo Platform’s ready-made technology gives our project a massive head start. Here’s our last article in case you missed it the first time around.
You see, although we’re a tech startup, there’s no need for us to focus too much on building technology. Komodo Platform’s done most of that for us.
For the uninitiated, Komodo is one of the most innovative projects in all of blockchain and crypto. The team’s been at it for five years — an eternity in the DLT space — and their constant development leads to unrivaled adaptability.
As KMD continues to test and explore and solve problems, they stay at the forefront of blockchain tech. And one of the most exciting pieces of their tech, built right into the upcoming $RFOX wallet, is atomic swaps.
Now, before diving into why atomic swaps are so beneficial to the RedFOX ecosystem, let’s take a look at their definition.
Atomic Swap Basics
Lucky for us, Komodo Platform figured this tech out on our behalf. And lucky for you, our new wallet will let you walk around with atomic swaps on a smartphone.
An atomic swap is the most secure method of cryptocurrency trading. Unlike leaving crypto exposed on a centralized exchange that’s ultra-prone to hacks, you always retain possession of your private keys.
When you perform an atomic swap, you’re conducting a wallet-to-wallet transaction with a peer. Another person, perhaps on the proverbial ‘other side of the world’ wants what you have and vice versa.
No escrow. No additional proxy tokens. In fact, no need for any third-party service whatsoever.
And now that you’re aware of what atomic swaps are let’s discuss the role they play in the RedFOX ecosystem.
The Atomic DEX
All blockchains in Komodo’s ecosystem support atomic swaps and cross-chain smart contracts. Put simply, KMD tech lets separate blockchain networks communicate and exchange assets.
Which means that our wallet will host and activate trading capabilities for 95% of the coins and tokens within the cryptocurrency industry.
Literally 1,000s of digital asets are tradeable within the RFOX wallet.
Curious about the RFOX wallet’s user interface? Here you go, have a peek. We created this quick video to display the wallet’s intuitive operation:
A decentralized exchange — right in your pocket — essentially converts your smartphone into a crypto hardware wallet. How’s that for security?
Bringing Atomic Swaps to Southeast Asia
Banking the unbanked is one of our core visions here at RedFOX Labs. According to our research, only 31% of Vietnamese adults have a traditional bank account.
Now, one of the simplest methods for becoming your own bank is by adding a bitcoin wallet to your phone. And as this article explains, 42M+ Vietnamese citizens are already comfortable with mobile payment methods.
By giving the residents of SEA — and anyone else across the globe—simplified access to our ecosystem, we increase the use cases for the $RFOX coin. Combined with the ability to securely trade for nearly every crypto in existence, your self-operated bank is exceptionally liquid.
A bitcoin-capable mobile wallet is an ideal bridge to the use of cryptocurrencies on an everyday basis.
As more and more blockchain projects distribute POS terminals throughout emerging markets, spending crypto gets easier and more accessible. We can look to Pundi X — with an office in neighboring Singapore — as an example.
And since we operate from Vietnam, it’s safe to say we’re in the right place at the right time!
Injecting Atomic Swaps Into the Gaming Industry
Besides cheating, one of the biggest frustrations in videogames is the inability to transfer in-game progress from one title to another.
Hardcore gamers spend hundreds or even thousands of hours immersed in digital realms. The ultimate goal is often to become as powerful as possible by grinding away for enhanced gear and abilities.
But without a method for maintaining skills and equipment from game to game, all that work can be for naught. The good news is that the evolution of gameplay has spawned a blockchain solution: NFTs.
Playtime with Non-Fungible Tokens
Fungibility means a currency — crypto or not — is divisible and capable of mutual substitution. A dollar is a dollar, and still spendable whether hot off the presses or having spent the better part of a decade tucked under Granny’s mattress.
On the other side of the coin, non-fungible tokens are unique — no other crypto is exactly like them.
The gaming arm of Komodo Platform’s ecosystem is Komodore64 — a blockchain game development company. The team also offers a digital wallet and NFT marketplace.
K64 introduces infrastructural game modules that automatically save gameplay as NFTs. Now, not only does blockchain gaming deliver fraud-free leaderboards, but tradeable tokens capture every aspect of players’ in-game characters.
And tokenized gameplay allows convenient transfers to any other gamer on the planet. By introducing the concept of atomic swaps, blockchain-based games become cross-compatible with each other.
Want to trade weapons in ‘Dark Shivs’ for ship upgrades in ‘Space Race Chase?’ So long as both games run on blockchain, NFTs make it happen.
By introducing cross-game compatibility, we unlock deep, global marketplaces for NFTs.
Today’s crypto traders are bound to specific centralized exchanges when hunting for one particular coin. But now, in and out of gaming, atomic swaps unlock the entirety of tradeable digital assets, from one convenient wallet.
One of the hurdles to mass blockchain adoption is overly complicated technology. But once we can give tech-averse users an easy entry into the ownership of digital assets, the network effect takes hold.
Don’t get us wrong; we love sophisticated technology. Every one of us on the RedFOX team is thrilled to be working in such a disruptive industry.
But not everyone shares our passion for learning about new tech, which is why we’re creating a mobile wallet that’s suitable for anyone.
Now, even the newest of smartphone users can’t help but learn how to use apps. By giving people something they’re already familiar with — a tappable icon on their smartphone — we’re proving a gateway to crypto.
Not just one specific crypto, either . Our crypto, other projects’ crypto, nearly all crypto. The RedFOX Labs mobile crypto wallet — with a built-in DEX powered by KMD’s amazing tech — empowers underserved populations to join the ranks of cashless societies.
Now, you may be tempted to ask, “when wallet,” but we never release products until they’re verified secure. The wallet is fully operational, but until our cybersecurity partners Hacken can audit the code, we’re keeping locked up in RedFOX headquarters.
The road to widespread blockchain adoption is long and winding. But atomic swaps, right inside our mobile crypto wallet, gives us the ability to quicken the pace.