The First Atomic Transaction Between Bitcoin And Ethereum Has Completed
Decentralized cryptocurrency trading platform Altcoin Exchange announced that the first atomic swap between Bitcoin and Ethereum has completed. Altcoin Exchange exchanged 0.12345 ETH for BTC.
— Altcoin Exchange (@altcoinexchnge) October 7, 2017
The CEO of the exchange, Andrew Gazdetski, announced his intention to create a repository on GitHub on Tuesday. He has convinced that the future of cryptotrading for decentralized platforms, and an integral component of this business model are the atomic swaps. In general, Gazdetski is confident that atomic swaps will replace traditional exchange transactions.
According to Gazdecki since June 2011, twenty-six cryptocurrency exchanges have been compromised, resulting in millions dollars of losses. That's why users need decentralized trading platforms, while atomic transactions are one more step towards our goal.
Thus, the Altcoin Exchange team is confident that atomic swaps make it possible to conduct almost instant transactions without the risk of compromise and theft. Also, developers highly appreciated the contribution of the Decred team and the founder of Litecoin, Charlie Lee, to the development of this technology.
About Atomic Swap
The concept of atomic transactions first described in 2013 by Thier Nolan. Thanks to this technology, users can make a direct exchange of crypto-loans from two independent brokers without resorting to intermediaries in the form of exchanges or exchange platforms like ShapeShift or Changelly. Thus, the atomic swaps consider as one of the key elements in the provision of p2p trading on decentralized exchanges.
Lightning Network payment channels make the implementation of atomic exchange more simple, and the process more efficient.