Atomic Swaps

The increase in the number of cryptocurrencies affords the consumer a more extensive choice of coins. However, exchanging them when needed proves a tedious affair due to the different blockchain technologies.  Usually, the parties will have to find a third entity, such as a cryptocurrency exchange, to act as the transaction's trustee. Consequently, it could be expensive and time-consuming as not all cryptocurrency exchanges support all coins. Therefore, the only recourse is migration of accounts or sourcing for intermediary currencies.…

In its simplest sense, an Atomic Swap is a mechanism that uses smart contract technology to enable the exchange of one cryptocurrency for another without using centralized intermediaries, such as exchanges. Atomic swaps are a technique that allows the quick exchange of two different cryptocurrencies running on distinct blockchain networks. Such a process (also known as atomic cross-chain trading) is based on smart contracts. It allows users to trade their coins directly from their crypto wallets. Before discussing an Atomic Swap, let…

Monero (XMR) gets considered the leader of privacy coins in the cryptocurrency domain, as Bitcoin gets viewed as the leader of the crypto market. However, participants in the Bitcoin community have various receptions for the top fungible coin. Some of them accept that it possesses potential, while others deny it. Bitcoin and XMR continue to move forward, but atomic swaps between them could happen soon. A developer is involved in the establishment of cross-chain atomic swaps is known as Joel…