Atomic Pizza Swaps on Bitcoin Pizza DaysteemCreated with Sketch.

in dex •  5 months ago

Happy Bitcoin Pizza Day.png

Yesterday it was Bitcoin Pizza Day and to celebrate I made some Atomic PIZZA swaps. I've been testing HyperDEX software for a few days. HyperDEX is a new GUI for BarterDEX. The team gets a small share of the fees. The app enables pick and click Atomic Swaps, no coding genius needed. They soft launched it yesterday and users are successfully doing Atomic Swaps with test coins, but also with real crypto. Actually, you can get lucky and trade your free PIZZA and BEER coins for KMD. The first time this happened was probably accidental and then we had some fun on Slack. One user decided to put up two KMD for PIZZA and BEER. This is when my laptop battery died... Because KMD was traded for PIZZA and BEER, the portfolio containing only test coins now shows a dollar amount.

The chain exists as a test chain but could gain value in the future.

Source

Free PIZZA and BEER, let's moon this! LOL
I will show you how you acquire the coins and make a successful Atomic Swap. Then I'll dive a little deeper into Komodo's consensus method and try to explain Atomic Swaps. Plan of attack:

  1. Get a BEER and PIZZA address
  2. Tap the faucet for free BEER and PIZZA
  3. Install HyperDEX
  4. Restore Account
  5. PIZZA for BEER Atomic Swap
  6. BEER for PIZZA Atomic Swap

Before you can get BEER and PIZZA you need an address. This address can be made via the Agama online wallet. You have to add one coin and then pick a seed. Any seed words will do. I only used one number and still got a functional address. Pick something short for test purposes. Don't pick unsafe seeds when you're swapping real cryptocurrencies. For those purposes, you can use a 24-word seed, which the Ledger Nano and similar hardware wallets use. Actually, Ledger has a special Bitcoin Pizza day Edition:

PizzzaDayLedger.png
Source

Navigate to https://www.atomicexplorer.com/wallet/#/ Here's what I did:

Agama.gif

After I added BEER, I copied the address. The addresses for BEER and PIZZA are the same and are both based on the seed you picked. Navigate to https://www.atomicexplorer.com/#/faucet/PIZZA and tap your BEER and PIZZA:

faucet.gif

We finished the first two steps and now it's time to install HyperDEX.

HyperDEX is the grandma-friendly layer on top of BarterDEX, the complex system that lies underneath.

Source

You can download HyperDEX from GitHub, there are versions for Windows, Linux, and macOS. It's quite easy to install, just navigate to https://github.com/lukechilds/hyperdex and pick the version you need. After you installed it, open the app and make a new account via the plus button. Click Restore Portfolio and here you enter the (easy) seed you used in your Agama wallet. Pick a name for your​ account and enter a password. This password is local to your machine and unlocks the addresses to the seed you entered. For testing,​ you can use a short password, but pick a safe one when you trade cryptocurrencies with monetary value.

hyperdexAccount.gif

When the app opens we click on Exchange in the sidebar and there we pick the coin we want to buy on the left and the one we want to trade against on the right. You could do it the other way around and fill in the left side, but this is my preferred method. You can click the target button to get the price for a PIZZA or click on​ the order book. When you scroll down there are sometimes more or less favorable​ exchange rates.

The PIZZA4BEER order is now pending. Not every order goes through, these are still test days. Just give it a few tries, when things don't work out wait a few hours. For an order to go through we need five sequential steps:

My fee -> Bob deposit -> Alice payment -> Bob payment -> Alice spend

If one of those fails the swap fails.

PIZZA:BEERswap.gif

Now you know how to do Atomic Swap you can try to do a PIZZA for BEER swap as well. You can check a log of your failed and succeeded swaps. Navigate to the Trades tab in the left sidebar, then pick Swap History.

TradeSwapHistory.jpg

Great work, you just finished two Atomic Swaps without touching a command-line interface. If you're still interested you can read on.

What's up with that Bob and Alice stuff? This is known as Tier Nolan's protocol:

  1. Bail-in by Bob
  2. Bail in by Alice
  3. Bob commits to the transaction
  4. Alice completes the transaction

You can find it on GitHub

This video explains the whole process:


Source

BarterDEX competitor Altcoin.io put up an article about Atomic Swaps, for those that would like a little historical understanding: The Evolution of Atomic Swaps.

So what did you just swap? PIZZA and BEER are Zcash coins, based on Komodo. The coins are on asset chains. Like Komodo they rely on delayed proof of work (dPoW). A summary of what that entails:

  • Bitcoin’s hashing power
  • Consensus method agnostic
  • Ledger snapshot every 1000 blocks
  • 64 notary nodes, inspired by Bitshares/Steemit (delegated PoS) witness nodes
  • Normal nodes are able to perform the critical function of block generation in isolation

Source

You can check out their ledgers at:

BEER Explorer
PIZZA Explorer

At the moment the GINI-coefficient of both is abysmal, LOL:

PIZZA Rich List
BEER Rich List

If you cannot be crypto rich in real life, now at least you can be in test coins. And who knows, right. I missed out on the PiedPipercoin Airdrop, even though I read the whitepaper​ and prepared an article about it. I was busy doing other stuff and didn't publish it. Lot's of people​ made real money by trading their free PPI.

PPI on DDEX.png
Source

Are you as excited about Atom Swaps as I am? Decentralised Exchanges didn't really take off​ yet. But if they manage to provide exclusive options for trading, I think they can become major players.

Source

How do BarterDEX exchange fees compare to those of central exchanges?

ExchangeMaker FeeTaker Fee
GDAX0%0.3%
Binance0.1%0.1%
Kraken0.16%0.26%
Huobi0.2%0.2%
OKExminus 0.1%0.1%
Bitfinex0.1%0.2%
Bithumb0.15%0.15%
Bittrex0.25%0.25%
Gemini1%1%

HyperDEX/BarterDEX has 0% maker fees and 0.15-0.17% taker fees. Those are competitive rates. Combined with the trustless nature of a DEX and all the extra options that are in the works... There is potential for explosive growth, if and only if decentralized​ exchanges get the trade volume up.

Watch this space!


Disclaimer: I'm not a professional trader, just interested in cryptocurrencies and I like showing people what information is out there if you want to trade. Cryptocurrencies are highly volatile, so it's wise to only invest money you can afford to lose.

Follow me @bullhashbear

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Lol. Funny that pizza day has become an international bitcoin holiday or something. This post is very well done by the way, kudos!

Very good article. Komodo is one of the most advanced projects in the market.

Free BEER!!!!
I have linked this article to my twitter. Thank you for the wonderful writeup!

https://twitter.com/2ndOldest/status/999360895368101888

·

@rogeer Muchas gracias!
@aume27 Thanks, I appreciate the resteem
@bluntsmasha Haha, yeah it seems funny how such an epic loss is celebrated. But early IRL purchases were a huge win for crypto and paved the way.
@willybobob Cool, I appreciate you (all) reading my article. Thanks for the compliment and resteem.
@st3rling0x Nice, cutting edge for sure
@caltdinvestor My pleasure. Highly appreciated, a free retweet!

Great article. Keep it up!

This user is on the @buildawhale blacklist for one or more of the following reasons:

  • Spam
  • Plagiarism
  • Scam or Fraud
·

@badcontent. I wrote this piece myself. This piece has even been featured on Komodo's Twitter. you can check it here: https://twitter.com/KomodoPlatform/status/999669561153806336

Update: turns out I was blacklisted for posting too frequently. I don't post too frequently at the moment and have asked to be removed from​ the blacklist.