Bitcoin [BTC] and Litecoin [LTC] Atomic Swaps Explained by Exchange Union

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June 11, 2018 by
Bitcoin [BTC] and Litecoin [LTC] Atomic Swaps Explained by Exchange Union

Bitcoin and also Litecoin atomic swap wased initially carried out as well as openly recorded by Conner Fromknecht in November 2017, and also Lightning Labs verified that they effectively examined the initial Lightning cross-chain atomic swap in between the Bitcoin as well as Litecoin testnets
Kilian Rausch, a Bitcoin Maximalist and also Product Minimalist at Exchange Union, created a Medium message just how the Bitcoin as well as Litecoin swap occurred instantly. The Bitcoin – Litecoin swap was implemented straight in between 2 LND nodes with personal privacy. Exchange Union is an open resource job, creating the XU node software program. XU nodes are run by independent electronic property exchanges, which develop the decentralized Exchange Union Network. The innovation makes it possible for immediate, trustless and also safe professions of various electronic possessions in between exchanges
The effective conclusion of the atomic swap of Bitcoin as well as Litecoin implies a whole lot for Exchange Union. It’s concrete evidence that the underlying modern technologies powering Exchange Union (cross-chain atomic swaps on repayment networks) operate in fact. People watching on Bitcoin and also Litecoin would certainly look out for Exchange Union very closely in days ahead.
Just what is a Swap?
A cross-chain atomic swap is utilized to trade funds in between 2 individuals, state An and also B, whose possessions live on different blockchains. This is attained by having An as well as B carry out a procedure that ensures the atomicity of the transfer. Below, the atomicity of a swap describes the restraint that the procedure ought to just have 2 end results, either An and also B efficiently exchange properties, or absolutely nothing takes place. This residential property is essential, as it makes sure that neither event could rip off the various other, as well as supplies an approach of switching cryptocurrencies without a relied on third-party.
The ability to exchange money quickly utilizing Lightning provides numerous advantages, such as prompt negotiation, boosted personal privacy, as well as reduced trading charges. The smooth exchange in between Bitcoin and also Litecoin with atomic swaps indicates even more compatibility for the coins. It performs via wise agreements as well as does not depend upon a 3rd party like an exchange making it occur. It would certainly additionally suggest even more swaps like Bitcoin and also Litecoin might occur in future.
With the effective conclusion of an atomic swap in between Btc and also Litecoin, Bitcoin costs are anticipated to go north. The variant in Bitcoin costs has actually been rather sharp over a few months. The distinction in the worth of Bitcoin has actually negatively impacted the worth of nearly each cryptocurrency, creating the total market capitalization of all cryptocurrencies to be up to USD 256 Billion. This is the most affordable it has actually gotten to in the previous 3 months, after lowering by over 70% from its all-time greatest throughout January 2018 (regarding USD 800 Billion).

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