What we planned to do
March 2018. Launching Alpha-version of OTC market based on Atomic Swap protocol: Registration function, list of orders, BTC-ETH swapping, text description of the protocol, the easiest version of rate system of market-makers.
First release, beta version: swap between Bitcoins (BTC), Ether (ETH) and ERC-20 tokens; Launching the website of the project Swap.Online with a beautiful design and user-friendly description of the project.
May 2018. Adding node.js library; testing; primary audit, launching Bounty campaign
June 2018. Launching MainNet. Support of Nimiq coin, launching telegram bot, Airdrop.
August 2018. Release of the project
The Autumn of 2018. Continuation of researches offchain and full-scale output.
Perpetual plans: researches about offchain; for example, the opportunity of interaction with Lightning Network
What we did for June 2018
The core with authorization services, orders, events is released. There is a communication between clients occurs through IPFS.
The authorization service allows you to create wallets and initialize existing ones.
Order service allows you to work with a collection of orders: create, store, delete and request any data. This service uses IPFS for communication between clients to notify new users about existing orders (a glass), about changing the status of orders and their removal.
The core functionality of the core is the presence of a Flow abstraction that allows you to create any direction of swaps between any coin/token: a person with technical knowledge can describe lots of variations in the exchange of two pairs, adding steps to execute exchanges between people. That gives more flexibility and does not bind the core users to the core developers – they can develop it as much as they want.
Support for the implementation of their services and changing existing ones is released as well: so a developer can describe his authorization service and replace an existing one without having fork of whole core.
The website testnet.swap.online was launched with following tools:
- creating wallets of ETH, BTC, NIMIQ, EOS, they are being created when you go to the website first time
- search for currency pairs you need exchange offers,
- transfer of all the above currencies to other wallets,
- output of the list of conducted transactions with the possibility to sort them
In the site header it is possible to create offers for swap, and to see notifications of new swap offers, it is possible to swap between the following currency pairs: ETH <> BTC <> ERC-20 TOKEN.
- The history of orders has been added,
- The history of swaps has been added,
- The button for refund has been added (for unfinished swaps in order to get refund),
- Counter of connected peers has been added.
Comments of Vladislav Sopov, our business analyst:
A comprehensive study of the DEX market and related projects (April-May 2018) was carried out, technical, marketing, commercial aspects, Internet presence and social networks were covered. ⇒ vision of the commercial offer in this market was formed (who and what offers, how much for it is requested)
A comprehensive study of airdrops and bounty campaigns was done (May 2018), the main algorithms and trends, strengths and weaknesses of competitors are revealed.
The study of the profitability and capitalization of crypto-currency projects is conducted, the results are summarized (June 2018).
Comments of Alexey Bikhun, developer and researcher of new technologies:
Now I’m developing a bot to communicate with the exchange. At this point, the REST API interface is ready, which means that anyone can start writing logic for the bot in their favorite programming language, and details of implementing swaps will be hidden inside my interface. A bit later we will introduce a bot that will implement the simplest arbitration logic through the same API. This is convenient for those who have an account on another exchange and some amount of liquidity. With the help of my bot, he will be able to place pairs of buy / sell orders simultaneously on two exchanges, and earn a small difference in the rate.