Altcoin Exchange – the virtual currency trading platform, reported that the team and developers have successfully run the first atomic cross-chain swap between blockchain – Bitcoin and Ethereum. The event that took place on October 7 2017, according to the team is the initiative step towards the formation of a no-need for a trusted third-party member to perform an exchange process.
As only various and not many exchanges have undergone and successfully run a similar swap, the cross chain atomic swap topic is becoming very hot throughout the cryptocurrency community.
The swap gave the two networks an ability to exchange tokens without a third party trusted member. This concluded with no counterparty risk. Only a few have digital currencies have gone through a similar swap like Litecoin, Decred and vertcoin.“We have completed the very first Ethereum <> Bitcoin atomic swap! More details coming soon,” the Altcoin Exchange team announced this week. We have completed the very first #Ethereum <> #Bitcoin atomic swap! More details coming soon. See below for transaction IDs. pic.twitter.com/GXsZLkTSod— Altcoin Exchange (@altcoinexchnge) October 7, 2017
During the event, 0.12345 BTC were exchanged for 0.12345 ETH finding usage of an on-chain open source process. Altcoin Exchange plans to launch the project’s Github repository this Tuesday, the company’s CEO Andrew Gazdecki told news.Bitcoin.com:“Decentralized exchanges are the future of cryptocurrency trading and atomic swaps will be a big part of the business model.”
The until now known way of trading – traditional – will be replaced by the atomic swap which represent a more secure and speedy method of getting it done – according to Gazdecki.
There is quite some work left to be done on the privacy and matching order code, the team says. Altcoin Exchange do thank for the decred development team and Litecoin’s creator Charlie Lee for help pioneering the project:“...