Atomic Wallet Announced Monero (XMR) – Bitcoin (BTC) Atomic Swap
Atomic wallet, a multi-assets wallet with a decentralized platform with atomic swap support, just announced they will add Monero (XMR) – Bitcoin (BTC) atomic swap support in up to two months.
The concept of atomic swap refers to smart contracts that allow one crypto asset to be exchanged with another crypto asset. An atomic swap is different from a simple cryptocurrencies exchange because it needs no centralized platform to conduct the transactions, everything being done off-chain or cross-chain.
“Let’s make a bet! We will add Monero (XMR) to Atomic Wallet in two weeks. And for on-chain anonymous Monero (XMR) – Bitcoin (BTC) atomic swap, in less than two months. Remember this tweet!” said Atomic Wallet team on Twitter.
The first atomic swap in the history of blockchain took place in 2017 between Decred (DCR) and Litecoin (LTC). Charlie Lee, by the way, the founder of Litecoin (LTC) is also a big fan of atomic swaps.
Monero (XMR) – Bitcoin (BTC) atomic swap to be possible on Atomic Wallet
In order to conduct an atomic swap, blockchains use Hash Timelock Contract (HTLC), a time-bound smart contract that demands both the blockchains that are involved in the transaction to validate transactions in a specific timeframe.
Monero (XMR) is well-known for its enhanced privacy tools made possible by zk-snarks, a zero-knowledge proof tech that is not revealing a transactional metadata.
Therefore, a straightforward method to exchange XMR, such as a Monero (XMR) – Bitcoin (BTC) atomic swap, promised to be available within two months on Atomic Wallet, would benefit Bitcoin crypto holders as they would be able to change BTC to a more private coin, that is the XMR.
Nonetheless, Monero (XMR) trading volume could increase once the XMR-BTC atomic swap would be available, given the fact that the majority of cryptocurrency exchange platforms ditched XMR.
The cryptocurrency community received the announcement with positive thoughts, many stating that such an atomic swap would benefit everyone.
Ex-Google engineer, Charlie Lee is the creator of Litecoin and MD of the Litecoin Foundation. Previously Director of Engineering at Coinbase, Lee now focuses full-time on Litecoin. To enhance fungibility and privacy of LTC, integration of MimbleWimble has begun, however Lee has recently announced a crowdfunding launch to fund the development.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.