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Monero [XMR] – Bitcoin [BTC] atomic swap coming soon, says Atomic Wallet!

Anirudh VK

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Monero [XMR] - Bitcoin [BTC] atomic swap coming soon, says Atomic Wallet!
Source: Unsplash

Atomic Wallet, a custody-free multi-assets wallet with a decentralized exchange that supports atomic swaps, have announced that they will be adding support for Monero within 2 weeks.

On their official Twitter handle, they said:

“Let’s make a bet! We will add @monero to @atomicwallet in two weeks. And for on-chain anonymous $BTC – $XMR #AtomicSwap in less than two months. Remember this tweet! #Monero @fluffypony.”

An atomic swap is used to refer to a smart contract wherein one cryptocurrency can be exchanged for another. The difference between them and exchanges is that there is no need for a centralized intermediary to oversee the transactions. Atomic swap transactions can occur cross-chain and off-chain.

Atomic swaps are one of the most sought-after technological advancements in the blockchain space, with the first historical atomic swap being between Decred and Litecoin in September 2017. Litecoin’s Charlie Lee is also an advocate of atomic swaps. In 2017, he said:

“Did a cross-chain atomic swap with LTC/BTC!  10 LTC for 0.1137 BTC with @JStefanop1.”

The contracts are executed using Hash Timelock Contract [HTLC], which is a time-bound smart contract that involves the generation of a cryptographic hash function. They also require both parties to acknowledge a receipt of funds within a specific timeframe.

Monero is a coin that is known for its privacy features. It achieves that by using a zero-knowledge proof theory known as zk-snarks. This allows for transactions to occur without revealing any transactional metadata.

An atomic swap between Bitcoin and Monero as mentioned in the tweet might lead to a watershed moment in cryptocurrency. With an easy and private way to directly convert Bitcoins to a privacy coin like Monero, one need not rely on exchanges to list the coins. This is especially a problem with Monero, as many exchanges have delisted it.

User Graeme Akhurst said:



“Bring it on”

User Dink Ratasouixa said on Twitter:

“This is fantastic news for literally EVERYONE. This fulfils the promise of crypto.”

User Bankrunner was confident in his tech of choice, saying:

“@KomodoPlatform, Can we show em how the big boys play?





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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.

Bitcoin

John McAfee says he will reveal Nakamoto’s identity, Coinbase expands to 11 countries, and more

Priya

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John McAfee says he will reveal Nakamoto's identity, Coinbase expands to 11 countries, and more
Source: Unsplash

Daily Crypto News – April 18

1. John McAfee on Satoshi Nakamoto: The Founder of McAfee Associates stated that he would narrow down on the identity of Satoshi Nakamoto until he reveals Satoshi himself, otherwise he would reveal his identity to the crypto community. He also spoke about how he knows about Satoshi, to read about it, click here!

2. Coinbase expands its services to more countries: The leading exchange platform announced that it expanding its services to 11 more countries, which includes India, South Korea, and New Zealand. People in these countries can avail services provided on Coinbase.com, Coinbase Pro and its app on iOS and Android.

To know more about the countries Coinbase has expanded to, click here!

3. Craig Wright says the crypto-community want to silence him: Craig Wright, the self-proclaimed Satoshi Nakamoto, stated that the majority of the community was against him as they “desire to silence” him because they see someone who would bring an end to scams and pumps and dumps.

He also spoke about the next steps he would be taking in terms of the legal action concerning his defamation case. To read about it, click here!



4. Binance “marks the birth of a new genesis block”: The largest cryptocurrency exchange in terms of trade volume announced the launch of its Decentralized Exchange, and also stated that the mainnet swap would take place on 23 April 2019.

To read more about Binance DEX, click here!





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