Altcoin Exchange, a decentralized Cryptocurrency Exchange Platform announced on October 7, 2017, that it has successfully executed the first atomic transfer between Bitcoin and Ethereum. This in line with recent successful swaps between Bitcoin and few other altcoins like litecoin, verticoin, decred and komodo.
We have completed the very first #Ethereum <> #Bitcoin atomic swap! More details coming soon. See below for transaction IDs. pic.twitter.com/GXsZLkTSod
— Altcoin.io Exchange (@altcoin_io) October 7, 2017
The transfer was done at 09:05:23 PM (+UTC) used an on-chain open source process. In a tweet, The Altcoin Exchange group appreciated the efforts of Charle Lee (founder of Litecoin) and the decree team their pioneering role in the development of atomic swap.
Atomic Swaps
Since the first success in September, Atomic Swaps have been a matter of strong optimism in crypto circles. Charlie Lee announced the first Bitcoin to Altcoin swap (Bitcoin<>Litecoin) on Twitter.
Atomic swaps like this are made possible by Lightning technology. Both cryptocurrencies must have this feature activated before a swap can be possible. Furthermore, they must meet on the SegWit protocol, a prerequisite for Lightning Network.
The need for decentralized coin trading arose due to the risks involved when using an exchange (as is the case with a centralized system). A trader can lose coin value if the exchange platform is compromised.
Altcoin Exchange Platform
Altcoin Exchange positions as a decentralized Cryptocurrency Exchange platform built by traders for traders. It is on a mission to bring the entire altcoin community together to build a system with transparency, trust, and honesty. A decentralized atomic cross chain trading is certainly THE way to go.
What does this mean for Cryptocurrency?
A direct interaction between Bitcoin and Ethereum – the two biggest Blockchains – is expected to have direct and ripple effect. Maybe as dramatic as the spike in the price of verticoin after its first swap with litecoin, It is, however, a huge step towards commercial interoperability between Blockchains.
With more and more successes recorded in decentralized swaps like this, it seems only a matter of time before it becomes the standard and prevalent method of trading. Unlike the centralized system, atomic swaps don’t require a 3rd party. This makes it a much safer and faster way to transact. It also reduces transaction fees.
Omer Onder - Social Media Editor
Digital media expert with 5 years journalism experience. A professional member of 'Canadian Journalists for Free Expression (CJFE)'.
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