THELOGICALINDIAN - A hero letters the aboriginal and additional Monero Atomic Swaps on the mainnet This is a abundant day for decentralization and aloofness if you accept in such things As Seth For Aloofness letters You can today bandy Bitcoin Monero anon peertopeer over Tor with no babysitter or trusted 3rdparty no KYC Apperceive Your Customer advice annihilation And he should apperceive because he and an alien bitcoiner were the aboriginal bodies to anytime do it
The description of the Atomic Swaps action couldn’t complete any added private. It “took 34min, was done absolutely over Tor, appropriate no alternation by me, and was peer-to-peer with *no* middle-man or custodian.” However, some of you ability be wondering…
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What Are Atomic Swaps And How Do They Work?
For a simple definition, let’s adduce Localmonero’s guide:
Overly simplifying, Atomic Swaps use the elements of assurance and guarantees present in the cryptocurrencies’ cipher to accomplish a arguable operation. When two users access a transaction, the arrangement creates two multisig vaults, and the users barter keys. However, there’s consistently “associated counterparty risk.” For a hardly abstruse description of how to break that problem, let’s check Investopedia:
However, in the case of Monero, there’s a botheration that fabricated these blazon of affairs impossible. Until now. For a simple description of the problem, let’s adduce localmonero’s adviser already again:
How Did Monero Solve The Problem?
Oversimplifying already again, the arrangement sends Bitcoin first. That way, if there’s a problem, the arrangement can use Bitcoin’s acquittance method. Of course, the action is far added circuitous and it took years to assignment out the kinks. If you’re technically minded, here’s the abounding explanation of how the Comit Network apparent the Monero Atomic Swaps problem. They say:
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And that’s aloof what they developed. This brings us appropriate aback to Seth For Privacy, who claims, “This is the approaching of cross-chain swaps, and it’s accessible today.” He did his allotment for the association by accouterment a step-by-step guide on how to use the accoutrement developed by the Comit Network to accomplish the Monero Atomic Swaps. It’s account acquainted that, so far, you can alone bandy BTC for XRM. To do the opposite, you’ll accept to run the ASB apparatus and become a Monero Atomic Swaps provider like Seth.
We can’t end this commodity after commendation this allocation of Seth For Privacy’s disclaimer:
That’s the amount of actuality a pioneer.
