ufodex.io: cross-blockchain atomic swap exchange.

[UniAsset]

You might have heard about atomics swaps: this feature is supported by the Bitcoin blockchain and few other altcoins. Atomic swap introduces a secure scenario of exchange between two blockchains. The exchange process between two users is controlled by the blockchain itself. Participants don't need to trust each other.

https://ufodex.io is an atomic swap exchange with user friendly interface which provides non-custodial wallet service and trading via atomic swap procedure only. By May, 2019 project is in public beta.

The development team will be grateful for the feedback on the project.

[UniAsset]

What’s different in Ufodex from other crypto exchanges?
UfoDex is an atomic swap exchange designed to handle your coins, keys and secrets exclusively on your computer.
The basic idea is that only user owns private keys for his crypto. The exchange itself does not have any access to user’s coins.
UfoDex never sends any sensitive information to servers. Only public information is allowed to be sent to outer world.

How does exchange happen?
Exchange operations are made using atomic swaps: a technology that allows to secure exchange process on different blockchains without any need to trust anyone. Atomic swap technology was implemented by Bitcoin (and altcoins) developers and supported natively by the proper blockchains.
Ufodex matches orders from users and notifies users about the actions their browser must do to complete the coin exchange.

How can I be sure that I won’t lose my coins during exchange?
Users do the exchange via the public atomic swap technology - it ensures that each side is guaranteed to get funds while following some basic obligatory rules.

Can you lock my funds? (spoiler: no)
Since private keys for coins are generated based on your login/password and are not transmitted to the server - there is no way for UfoDex neither to lock your funds, nor to access it at server side.

Does it require running a full bitcoin node and a full ufo node?
Regulars users need only a browser. When standalone client will be available - it will work via server side infrastructure while keeping private keys only on the client side.

Is there a way to access my coins from somewhere else besides Ufodex?
The user has an option to export private keys from browser to the file/paper. This makes it possible to import privkeys to any wallet that supports importing. There is also a backward compatible way to login to coinbin to manage funds independently from ufodex.

Things to know before logging into UfoDex
In the login window enter any email and password that you will remember for sure. They will be used to generate private keys for coins locally.
Make sure your login/password are complex enough so that no one else can guess them eventually or on purpose. If someone else guesses your password - they will have access to your funds.
This information itself (emails, passwords, privkeys) is not sent to the server.

If login/password are not sent - how does UfoDex know this is me logging in?
In fact, UfoDex does not know anything about the client connected until the client announces addresses it owns.
Right after login the client interface generates a proof-of-ownership message, where it announces available public keys under your control. Each pubkey is properly signed and sent to the server.
This is needed for server and other users (you may iteract with in future) to know that you are the one who owns private keys for the announced addresses.
Remember, that private keys (and login/pass) are never revealed to the server.

What is the deal execution script?
When the matcher finds two proper orders, it sends them to the deal execution engine which inititates and orchestrates the atomic swap procedure between two clients - atomic deal.

Atomic deal consists of 6 steps:

    Request for deal
        Server generates preliminary information for parties, contracts samples and waits for confirmations from both to take part in this deal.
    InitScriptRequest
        Party One generates atomic swap init transaction on the first blockchain to lock funds.
        Party One’s init transaction is pushed to the first blockchain and confirmed.
    SecondScriptRequest
        Party Two validates locked funds on the first blockchain.
        Party Two generates atomic swap init transaction on the second blockchain to lock funds.
        Party Two’s transaction is pushed to the second blockchain and confirmed.
    Redeem B
        Party One generates transaction to redeem funds from the second blockchain.
        Party One’s redeem transaction is pushed to the second blockchain and confirmed.
    Redeem A
        Party Two generates transaction to redeem funds from the first blockchain.
        Party Two’s redeem transaction is pushed to the first blockchain and confirmed.
    Refund (if needed)
        In case if something goes wrong - either party can refund its locked funds after a timeout.


Is there any deal progress report available?
When logged in to your account, section “Deals in swap” provides a brief information on the deal status being executed.
Click on it to open an extremely detailed report on the deal.
The detailed report is updated online as the deal goes on. It contains technical details on each step being executed, such as:

    step explanation
    blockchain information and fees
    transaction hex source
    transaction ID
    push-to-blockchain status

More detailed FAQ is available at https://ufodex.io/study-crypto/2019/04/10/ufodex_faq/

[UniAsset]

reserved 1

[UniAsset]

reserved 2

[FlyTheElephant]

Thanks for the update. So far what I have seen from this exchange/wallet is very good. I feel like this is where the future of exchanges should go.

[dac10]

Ok, we start...

[dac10]

The fact that there is no two-factor authenticator, sincerely I did not expect it.

[UniAsset]

The fact that there is no two-factor authenticator, sincerely I did not expect it.

There is no easy way to implement anonymous 2fa authentication for non-custodial wallet. More login methods are in developement, similar to the ones myetherwallet.com has.

[UniAsset]

The fact that there is no two-factor authenticator, sincerely I did not expect it.

Some update:
UfoDex does not store your login/password.

They are used to generate private keys for your wallets in the way Coinb.in wallet does.
This actually makes 2FA authentication almost useless. Besides, we strongly recommend not to use weak login/password pair, since generating private keys is more about math than about security.

On the other hand without knowing your login/password the exchange is not able to access or lock your funds.

Anyway, we are working on mobile app which will completly remove private keys from web-client, will enable full 2FA authentication and tx signing confirmations for any operation.

[UniAsset]

UfoDex.io progress update:
- migrated backend to use Electrum servers - this is supposed to improve balance updates to some degree and will also introduce pending txs in future
- cleaned up network requests - everything that deals with calculating fees should now work a little bit faster
- fixed some UI bugs

[UniAsset]

FAQ extra

Is there a way to import private key into UfoDex so that I don't have to send coins to the account wallet?

When loggin into UfoDex all your private keys are inherited from the seed. this makes it possible to access funds from anything (web, mobile, coinb.in) that can reproduce keys generation algo. At the moment only login/password method is available, but more to come. This means that there is no option to import user private keys into UfoDex database, since this is a main idea of UfoDex - have no access to user's private keys. There is an option to export account private keys to use them later in Core client.