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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