In the cryptocurrency space, nuclear swaps are a pretty hot topic, and there are just a few blockchains which have exchanged this way. Atomic swaps allow two parties to float between two blockchains in a trustless way without counterparty risk. Up to now just a few altcoins have played this role with bitcoin; including monies like litecoin, decred, and vertcoin. On October 7th the Altcoin Exchange development team processed a swap between both bitcoin and ethereum networks.
“We have finished the very first More details coming soon,” the Altcoin Exchange team announced this past week.
The Altcoin Exchange team transferred 0.12345 ETH for 0.12345 BTC using an on-chain open source process. Altcoin Exchange intends to launch the job’s Github repository this Tuesday, the organization’s CEO Andrew Gazdecki advised Bitcoin Market Insider.
The Centralized Trading Model Will Soon Be a Memory of the Past
Gazdecki tells us that decentralized trades would be the “future of cryptocurrency trading” and atomic swaps will be a large part of the company model. Altcoin Exchange considers the team’s demonstration of an atomic swap involving ethereum and bitcoin means the centralized trading model is shortly to be a memory of the past. Gazdecki explains that nuclear swaps will replace traditional exchange trades having a more stable method and equally as speedy.
Since 2011 Twenty Six Cryptocurrency Exchanges Bit the Dust – Altcoin Exchange Believes Atomic Swaps Will Prevent These Losses
The staff at Altcoin Exchange says they nevertheless has some work to do with the code as far as privacy and order fitting comes. The team says they are also thankful for its decred development team and Litecoin’s Charlie Lee for aid pioneering the atomic swap effort.
“Since June of 2011, 26 exchanges are compromised, resulting in the loss of tens of thousands of dollars worth of coins. To prevent more of these types of hacks, decentralized exchanges are needed, and atomic swaps bring us one step closer to achieving this goal,” Gazdecki describes to Bitcoin Market Insider.
What makes the technology behind Atomic Swaps so exciting is it allows for nearly instant direct trades between cryptocurrencies. We believe this to be a critical component for creating a truly decentralized exchange that executes transactions at the same speed in which centralized exchanges are able to but without the risk of hacking and theft.
The nuclear swaps conducted by Altcoin Exchange involving the bitcoin and ethereum blockchains could be seen here with the swap initiation, the participation, and redeem A and redeem B.