- The Monero team announced that they added the Atomic Swaps implementation to their network to simplify operations between Monero and Bitcoin.
- Following its announcement XMR was up 28%.
Atomic Swap is an implementation developed by the COMIT team that works as a kind of exchange that allows users to exchange cryptocurrencies directly without the need for a third party. This technology allows users to follow keeping full control of your funds facilitating users the exchange without intermediaries of different cryptocurrencies.
This implementation has matured enough for the consideration of the team behind Currency, Who through a statement reported on August 20 that they have decided to add it to their network to simplify operations between Monero and Bitcoin.
This ad has resulted in a rise in the value of XMR of almost 28% from $ 265 per unit, to $ 336, marking a new all-time price for the anonymous cryptocurrency. At the time of writing, Monero is trading around $ 313.
Although the growth of the last five days has been significant, the cryptocurrency has been exhibiting an uptrend since the last four weeks, which, according to market experts, has been a gain driven by the recent uptrend that is originated in the entire cryptocurrency market.
For those who bought it on January 1, they have made a profit of almost 100% compared to today’s prices. Now, for those who bought Monero a month ago, the gain is about 56%.
Atomic Swap y Monero
The Atomic Swap implementation program was created with the main purpose of carrying out the exchange of cryptocurrencies in a decentralized way and without having to interfere with third parties (be they intermediaries or custodians) in the financial process, as in the case of a crypto exchange.
At Monero newsletter, ErCiccione, collaborator of the project stated that:
“These trades are called ‘atomic’ because they only have two possible outcomes: either the trade is completed successfully and each trader receives the funds from the other, or nothing happens and both traders hold the funds they started with.“.
In other words, atomic swaps allow cryptocurrencies to move freely between protocols and blockchains without requiring the presence of an exchange, be it centralized or decentralized.
In case you want to be an active participant in the aforementioned Monero project and thus test the scope and benefits that are promoted with it, it is necessary to download the software ASB, designed by the expert teams of the COMIT Network, a blockchain interoperability platform that allows instant transactions between them.
Experts advise starting with small-quantity operations to avoid unexpected surprises.
One of the first users of the COMIT protocol was blogger @SethForPrivacy, who announced on Twitter that he had executed his first exchanges from BTC to XMR, in an operation that took 34 minutes to complete and was carried out through Tor.
“It’s been a long time coming, but it’s finally here. You can, today, I swapped Bitcoin <> Monero directly peer-to-peer, through Tor, without custodian or trusted third party, without KYC (Know Your Customer) information, nothing.
Seth offered a series of guides on how to use COMIT and UnstoppableSwap, both to exchange BTC and to become a liquidity provider. Between the considerations that can serve the user before any transaction are:
- The price is automatically collected from Kraken and updated regularly, with an additional margin over the market price set by ASB.
- The Bitcoin exchange address you provide must be an unused address for privacy reasons.
- The Monero receiving address should be a sub-address per swap peer (or per swap).
- 2 Bitcoin and 10 Monero confirmations are required, so you need to be patient.
It is appropriate to confirm that so far it is only possible to exchange BTC for XRM. To do the opposite, the interested party must have the ASB tool, use it and become a provider of Monero Atomic Swaps as in the case of the so-called Seth.
Specialists of this type of operations assert that the main challenge faced by the creators of the Atomic Swap project was that Monero within its protocol did not work with HTCL signatures, which allow creating conditional transactions, therefore, it had to create an algorithm that serves as an interpreter , bringing this type of signatures, typical of Bitcoin, to the Monero network.
The market continues to evolve and both those who already know it and are attentive to its benefits as well as potential customers and users, have many surprises in the future to make their liquidity and personal financial status more profitable and effective.
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