Topic: Litecoin-- Bitcoin Swap (Read 125 times)
So is it the same technology that bancor is using or is it some new way of exchanging between different currencies, i was hearing about lightening network recently and now this atomic swap so looks like we are definitely moving positively in this crypto sphere and new innovations are being developed.
He mentioned that he had sent 10 LTC from a Litecoin site and received 0.1137 bitcoin. His trading partner and him did this by using an atomic swap via a time-locked contract, which holds funds for a release if certain conditions are fulfilled.
So, The problem is if the sender can't all of the certain condition and the fund will be locked? This looks interesting to me and I just try to wait for the further announcement regarding it. Is there a whitepaper for that? This system looks very similar to the LN. 'Billions of transactions can theoretically be made instantly through the application of smart contracts. 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. The first swap can be seen taking place on the YouTube video below. it was released yesterday by Lightning Labs who devised the code.''
More info here:' http://bitcoinist.com/first-ever-cross-chain-atomic-swap-between-bitcoin-and-litecoin-has-now-taken-place/
Merit is Always welcomed
,, He mentioned that he had sent 10 LTC from a Litecoin site and received 0.1137 bitcoin. His trading partner and him did this by using an atomic swap via a time-locked contract, which holds funds for a release if certain conditions are fulfilled.
So, The problem is if the sender can't all of the certain condition and the fund will be locked? This looks interesting to me and I just try to wait for the further announcement regarding it. Is there a whitepaper for that? This system looks very similar to the LN.
I honestly believe that transactions via this technology became possible after the adoption of the SegWit. This has eliminated the malleability of transactions. However the concept of swap atomic was first mentioned long before SegWit removed the from operations.
He mentioned that he had sent 10 LTC from a Litecoin site and received 0.1137 bitcoin. His trading partner and him did this by using an atomic swap via a time-locked contract, which holds funds for a release if certain conditions are fulfilled.
Charlie Lee, the creator of the Litecoin,via his Twitter account, indicated that he made the first LTC at BTC via the "swap Atomic". This technology paves the way for exchanges between different digital assets to circumvent both existing centralized services and regulators..
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