In the world of CryptoCurrency, it is getting a lot of attention to how different ecosystems compete.
Bitcoin has always seemed to be against other market currencies. When the Atomic Swaps are identified, this view can change rapidly. The purpose of the atomic exchange is to establish a partnership between Bitcoin and Altcoins. This feature is expected to be recognized through the Lightning Network.
Nuclear exchanges will forever change encrypted currencies.
It is important to note here that people are in dire need of a way to convert altcoin to bitcoin. Currently, this process is only possible through centralized services such as exchanges. Luckily, there seems to be a technological solution right around the corner. That is, we will see the Lightning network activated on the Bitcoin network. Activation of user-activated software forks (User Activated Soft Fork) paved the way for the event, which took place on August 1.
This technological feature is referred to as the Atomic Swap. In some articles, it is also referred to as atomic cross-chain trading, and the two provide a concept.
The concept of a nuclear exchange is not a very new concept. This concept has already been mentioned in 2013. It didn’t take long for developers of encrypted currencies to turn this concept into a new way. But it looks like the Lighting Network will give us that power.
Nuclear exchange works the same way that users send funds to another network, but there are differences. It allows users to trade different encrypted currencies without relying on centralized sectors. For example, if the user “A” has bitcoin and user “B” wants to buy classic Ethereum, they can agree on a fixed price and conclude the deal immediately.
A nuclear exchange may require a certain degree of trust. At each atomic exchange, there is a hashed time-locked contract, which is part of the scripting language that applies to exist encrypted currencies.
Both sides of the deal are bidding on a suitable blockchain. User “A” sends bitcoin to blockchain and sends user “B” to the classical Ethernet chain. The Recipient can only claim this transaction if he or she discloses password numbers.
This means that despite the fact that the transactions occur in two different blockchains, they are linked to each other. This process seems to be a bit more complicated than it actually is. More precisely, it would be a bit easier if the process were to take place during the Lightning network that has been successfully activated on the Bitcoin network. Any Altcoin branched from a bitcoin source codebase is more executable. Litecoin may be one of the first currencies to do so. Other encrypted currencies for atomic exchanges require broader scripting capabilities.
The whole process would be less complicated if different lightning networks were able to bid on atomic exchanges on their own. Users can open payment channels in both blockchains and create a transaction processor. This means that users will be able to exchange various encrypted currencies that they do not even have, as long as the payment channel is open to the owner of the currency. This process will potentially replace encrypted currency exchanges. It will take some time for these nuclear exchanges to come to fruition, but we will certainly see that in the future.
What do you think of Atomic Swaps? What future do you have for this technology? Let us know your ideas in the comments section
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