Exquisite Goods > Uncategorized > Big Step For SegWit Cryptocurrencies: Atomic Swap
By September 3, 2022 Uncategorized 0 Comments

Big Step For SegWit Cryptocurrencies: Atomic Swap

What is Atomic Swap?

The feature called “atomic swap”, which has been mentioned for SegWit for months, allows peer-to-peer(p2p) transactions between different blockchains. offers the opportunity. This cross-chain transaction makes the very technical crypto money payment system application called Hash-Time Lock Contracts (HTLC) available for multi-signature wallets.

To achieve this transaction, there are 2 2-2 you need multi-signature address. Let’s consider one as Litecoin and the other as Vertcoin.

In the first step, both parties send their cryptocurrencies to the multi-signature address and the transaction is secured with HTLC for “x” time.. Let’s call x 1 hour in this scenario. HTLC provides a kind of insurance function by ensuring that cryptocurrencies are returned to their owners if the transaction time exceeds 1 hour.

In this case, the payment channel opens with 55 VTC for 1 Litecoin.. If both parties in the channel are satisfied with this value, it completes the signature process to complete the transaction.. In this way, the atomic swap transaction is completed.

This technology is proof of what a blessing the decentralized structure of blockchain technology is.. After atomic swap is implemented, cryptocurrency users can. they will be able to exchange cryptocurrencies without being centrally connected, without the need for third-party exchanges.

A big step has been taken for cryptocurrencies using SegWit

After Litecoin, Decred and Vertcoin cryptocurrencies last week, with Bitcoin

On September 19, 2017, Litecoin creator Charlie Lee and Alexlyp from the Decred project exchanged 2.4066 Decred for 1,337 Litecoins. managed to exchange. Transactions were completed on Decred’s repo wallet on the blockchain, although initially faced with difficulties. Ligthning Network was not used in this transaction as it still needs development to use.

Vertcoin on September 20, 2017 Meeting with the creator of James Love Joy, Charlie Lee performed another atomic swap transaction.. Joy adapted Decred’s code to Vertcoin and exchanged 55 Vertcoins for 1 Litecoin flawlessly. This was also done without using Lightning Network.

On September 22, 2017, Charlie Lee finally joined Bitcoin & Bitcoin with John S Performed an atomic swap between the Litecoin duo and exchanged 0.1137 Bitcoin for 10 Litecoins.

Join our Telegram channel to be informed about all developments and shares!
Jack Ma: The traditional financial system will collapse!

Leave a Comment