The developer of the technology, Atomic Swaps, Joel Gugger, said that soon might be implemented in Bitcoin and Monero. During the new episode of the program Monero Talk, Gugger spoke about the current state of the ecosystem and how the technology developed could improve it. Although the term Atomic Swaps are not yet very well known, its developer believes that it will become one of the core definitions of the industry. This technology makes it possible to exchange between different cryptocurrencies without using the customary exchange houses centralized. This way, if the project is complete, it will be possible to exchange Bitcoin for Monero and vice versa, through a process that does not involve exchanges. Now it is perhaps an idea a bit complicated to imagine, because you exchange currencies without a currency exchange house, although it is possible, I take a lot of work and has more risk. However, a few years ago no one could imagine that Bitcoin would grow to become one of the assets with the best performance of the decade and today it is.
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The network of Atomic Swaps is now ready for testing
The reason for that now is making a greater emphasis in this project and its usefulness both for Bitcoin as for Monero, it’s because your network is finally ready for testing. Gugger explained that his concept includes having two participants on two Blockchains different negotiating. But the negotiation shall be conducted in such a way that none of the parties need the confidence of the other. He added that: “(…) we want to have a protocol that is not reliable and that to be successful or to fail completely and do not want to have a protocol that you accept all of the funds. So from there comes the atomicity. We want an exchange successful, or no exchange at all.” But the developer clarified that, in fact, there was something so novel. As Bitcoin and Ethereum use this type of technology to perform exchanges between the two. However, being a technology so new, it has not had the boom expected. However, for the few Bitcoin – Monero, it became a more complex task. The reason for this is that there is skills complete script for Monero. Because of this, the team needed to find other mechanisms to make the trade atomic happen. In accordance with the participation Gugger, exchanges atomic can be obtained with proof of zero-knowledge, without having to meet the prerequisites with other Blockchain. He also added that: “in Addition, we need to use a trick during the setup phase of the exchange of 2 participants to not require schedules or other things in the Blockchain of Monero, but we need to make sure that the participant has made the start-up phase correctly. Therefore, we need a test of zero-knowledge that the protocol to be completely reliable.” Finally, Gugger revealed that the team currently need assistance to implement the tests of zero-knowledge, since they are not fully aware of this. Which shows that, although it is a technology ambitious and innovative, it still has a long way to become reality. The following two tabs change content below. I am a student of International Studies, interested in new technologies and their impact on the world. A true believer that tenacity is the foundation of success.