June 25, 2021

COMIT Network makes Monero/ Bitcoin atomic swaps offered on mainnet

2 min read

COMIT Network, an open protocol assisting in ‘‘ trustless’ cross-blockchain applications, has announced that peer-to-peer atomic swaps in between Monero (XMR) and Bitcoin (BTC) are now readily available on mainnet. This allows users to trade XMR for BTC without requiring to rely on an intermediary or the trading counterparty. Users can more easily trade without using a controlled financial institution.

The Monero cryptocurrency is best-known for its personal and fungible properties. Unlike other cryptocurrencies, Monero hides the sender, receiver, and amount for all deals. This permits its personal privacy securities to grow to cover more transactions than are involved in Bitcoin mixing, Ethereum mixing; and all other “personal privacy coins” combined.

COMIT is an open procedure for trustless cross-blockchain apps. Atomic swaps are now survive on COMIT Network, nevertheless, other similar tasks are in development by other groups, consisting of:
  • The Farcaster job raised 2727 XMR (worth $650,000 today) to build out a comparable trustless atomic swaps implementation.
  • Haveno, a Monero-focused fork of Bisq, is executing atomic swaps for their XMR/BTC trading set.
  • Relatedly, cross-chain bridges have been revealed for Secret Network and Thorchain, which will enable easy trading with Ethereum and Binance Smart Chain tokens.

Restricted trading places regardless of rising retail user demand for private and fungible cash have actually created a strong need for these decentralized exchanges. There are more than function as many typical day-to-day Monero deals as there were a year ago.

“The decentralized Monero exchange technology is here, so now it’s a race for wallets to provide the very best user experience,” states Justin Ehrenhofer, an organizer of Monero Space, a workgroup that provides services for the Monero ecosystem. “With such high user demand for easy and personal peer-to-peer exchanges; it’s only a matter of time prior to wallets extensively execute them.”

A few popular Bitcoin and Monero wallets have actually shown an interest in supporting atomic swaps. Samourai Wallet and Monerujo carried out a test swap earlier this month; plus Cake Wallet has actually likewise revealed interest in supporting atomic swaps.

The post COMIT Network makes Monero/ Bitcoin atomic swaps readily available on mainnet appeared initially on CryptoNinjas.