Komodo calls for 100% open source to be the industry standard for mobile wallets.
March 27, 2023 — Komodo, a leader in blockchain interoperability and atomic swap technology, is taking a major step towards developing the world’s most trustless, secure, and interoperable decentralized application by open-sourcing its AtomicDEX Mobile codebase.
AtomicDEX is a non-custodial wallet, crypto bridge, and cross-chain/protocol decentralized exchange (DEX) rolled into one app available on three GUIs (AtomicDEX Mobile, AtomicDEX Web, and AtomicDEX Desktop).
Open-source technology refers to software that is freely available and can be modified and distributed by anyone. Much of the world’s most widely-used software is open source, including Linux, Apache, and WordPress.
Although blockchain protocols like Ethereum utilize open-source code, decentralized applications (dApps) that are built on top of them aren’t always open source.
The vast majority of mobile crypto wallets on the market today use mainly closed-source technology, meaning end-users or third-party developers don’t have knowledge of the code that goes into developing the application.
Using closed-source technologies, particularly for crypto wallets, comes with several potential risks for end-users who use these applications to store funds.
For example, closed-source wallet providers may have critical security vulnerabilities in their application’s code, use outdated third-party code libraries with known exploits, or discreetly track/store sensitive user data (i.e. public keys and transaction data) without user permission.
Additionally, even projects that facilitate on-chain interactions aren’t necessarily transparent. For example, dApps that utilize smart contract languages like Solidity have the option to obfuscate their smart contract parameters by only writing smart contract bytecode onto the blockchain, ensuring it is more difficult for average users and developers to spot potential malicious contracts.
Some projects use closed-source contracts in an attempt to keep proprietary code secret. Others may use closed-source contracts to claim that applications function one way, while in reality, they may function completely differently.
Komodo previously open sourced AtomicDEX Desktop, and the project envisions additional opportunities for developer collaboration and ecosystem expansion in the future with AtomicDEX Mobile going open source.
Komodo’s purpose as an open-source blockchain technology provider is to build technologies that anyone can use to increase their personal self-sovereignty and freedom.
Going open source provides AtomicDEX users with ultimate transparency and data privacy. Users don’t have to trust that AtomicDEX is secure. Anyone can now verify for themselves in real time that AtomicDEX is truly secure.
Komodo CTO Kadan Stadelmann commented, “This move allows us to prove that AtomicDEX is truly transparent, trustless, and secure. We’re setting a new industry standard now that AtomicDEX is one of the very few mobile crypto wallets on the market that is 100% open source. We challenge all other mobile crypto wallets to follow in our footsteps by going 100% open source.”
Open-source developers can now use the AtomicDEX API as well as the AtomicDEX Mobile codebase to create their own dApps that utilize AtomicDEX’s wallet feature and/or peer-to-peer (P2P) atomic swap technology for cross-chain trading.
Additionally, since AtomicDEX is technically compatible with 99% of cryptocurrencies, developers of various blockchain projects can now contribute to the AtomicDEX codebase or integrate their own protocols into the AtomicDEX API. In turn, protocols can be integrated into AtomicDEX Mobile as well as AtomicDEX Web and AtomicDEX Desktop.
Komodo is an open-source technology provider that offers all-in-one blockchain solutions for developers and enterprises. Komodo works closely with organizations that want to launch branded decentralized exchanges, cross-protocol financial applications, and independent blockchains. Komodo's flagship end-user application — AtomicDEX — is a non-custodial multi-coin software wallet and atomic swap-powered decentralized exchange rolled into one app. AtomicDEX and its underlying technology — Komodo AtomicDEX API — is compatible with 99% of cryptocurrencies in existence and offers the widest cross-chain, cross-protocol trading support in the entire blockchain industry.