Bitcoin-Ethereum Atomic Swap Successful!
On October 7th, 2017 an atomic swap was successfully made between the Bitcoin and Ethereum blockchains by the team of The Altcoin Exchange. Their team marks this as their first step towards creating a trustless exchange process. The team transferred 0.12345 Ethereum for 0.12345 Bitcoin using an on-chain open source process. CEO Andrew Gazdecki indicated that they would launch the Github repository on Tuesday, October 10th.
Atomic swaps allow two parties to make transactions between blockchains trustlessly, with no risk. This will most likely lead to the rise of decentralized exchanges, providing more anonymity, privacy, and safety. Though a few minor currencies have managed an atomic swap with Bitcoin, this paves the way for making atomic swaps mainstream.
Throughout the course of cryptocurrency development, dozens of exchanges have been compromised. Atomic swaps will allow decentralized exchanges to replace the current model, removing many of the vulnerabilities of a middleman. With less vulnerability, cryptocurrencies become much more appealing to the population. This may further adoption, since many people have not used cryptocurrencies due to concerns about theft and fraud.
How do you think this will affect cryptocurrencies? Do you think this signals the start of mainstream adoption of cryptocurrencies? Please let me know what you think in the comments below. Also, if you enjoyed this article, please upvote, follow, and resteem!
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