say it looks bright. Since it works on the principles of Atomic Swap, users are free to exchange cryptocurrencies between different blockchains. Online has the solution. That is all I have to say about the atomic swaps in this article. Why Atomic Swap Matters to the growth of Cryptocurrency Industry. The Lightning Network is an off chain network, that can, among other things, help reduce the load on the main Bitcoin blockchain. As if that is not enough, there is no fee and no limits. These centralized exchanges also want to earn and increase their profits by having their cut of trading fees and decentralized exchanges are not here yet. This ultimately meant that Litecoin was able to act as a testbed for both the implementation of SegWit itself and also actually running the Lightning Network code which was originally written for Bitcoin.
They published a blog about it, created a GitHub repo with utilities and talked about it on my show.
In this article, I m going to explain what atomic swaps are, how this affects, bitcoin and what we can expect going forward.
Atomic swap is using a hashed time-locked contract, which is a part of the scripting language used for most major cryptocurrencies in existence right now.
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That is why solutions like off-chain atomic swaps powered by Lightning networks is also being tested and refined for mainstream adoption. This technology can be used when two parties have to make a very large or a very small OTC trade. Also, you can be 100 sure that even if the trade doesnt take place successfully, you will not lose your 1000 BTC because of the atomic swap tech. Further Suggested Readings: Contents 122 shares. Segwit (short for Segregated Witness) brought with it many new exciting features for Bitcoin when it was implemented in August this year, not least of them atomic swaps and the Lightning Network. Transfers are made with other parties with a 10-day lock-in period, allowing the exchange to either occur between the two parties or have them cancel and be refunded. Litecoin And Bitcoin Highways, litecoin creator Charlie Lee wrote : Think of it being two highways: Today, Bitcoin is packed full of cars and Litecoin is empty.