On October 7, 2017, the decentralized cryptocurrency trading platform Altcoin Exchange announced the team performed the first atomic swap between the Ethereum and Bitcoin blockchains. The exchange says this is the startups first step towards creating a trustless exchange process.
Also Read: Bitcoin Illegal in Nepal? Police Arrest Seven Individuals for Trading Operations
In the cryptocurrency space, atomic swaps are a pretty hot topic, and there are only a few blockchains that have exchanged this way. Atomic swaps allow two parties to transact between two blockchains in a trustless manner without counterparty risk. So far only a few altcoins have performed this function with bitcoin; including currencies like litecoin, decred, and vertcoin. On October 7th the Altcoin Exchange development team processed a swap between both bitcoin and ethereum networks.
We have completed the very first Ethereum Bitcoin atomic swap! More details coming soon, the Altcoin Exchange team announced this week.
The Altcoin Exchange team transferred 0.12345 ETH for 0.12345 BTC using an on-chain open source process. Altcoin Exchange plans to launch the projects Github repository this Tuesday, the companys CEO Andrew Gazdecki told news.Bitcoin.com.
Gazdecki tells us that decentralized exchanges are the future of cryptocurrency trading and atomic swaps will be a big part of the business model. Altcoin Exchange believes the teams demonstration of an atomic swap between ethereum and bitcoin means the centralized trading model is soon to be a memory of the past. Gazdecki explains that atomic swaps will replace traditional exchange transactions with a more secure method and just as speedy.
The team at Altcoin Exchange says they still has some work to do with the code as far as privacy and order matching comes. The group says they are also thankful for the decred development team and Litecoins Charlie Lee for help pioneering the atomic swap effort.
Since June of 2011, 26 exchanges have been compromised, resulting in the loss of millions of dollars worth of coins. To prevent more of these types of hacks, decentralized exchanges are needed, and atomic swaps bring us one step closer to achieving this goal, Gazdecki explains to news.Bitcoin.com.
What makes the technology behind Atomic Swaps so exciting is it allows for nearly instant direct trades between cryptocurrencies. We believe this to be a critical component for creating a truly decentralized exchange that executes transactions at the same speed in which centralized exchanges are able to but without the risk of hacking and theft.
The atomic swaps performed by Altcoin Exchange between the bitcoin and ethereum blockchains can be viewed here with the swap initiation, the participation, and redeem A and redeem B.
What do you think about the first atomic swap between bitcoin and ethereum? Let us know in the comments below.
Images via Shutterstock, the Altcoin Exchange, and Pixabay.
At news.Bitcoin.com all comments containing links are automatically held up for moderation in the Disqus system. That means an editor has to take a look at the comment to approve it. This is due to the many, repetitive, spam and scam links people post under our articles. We do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published.
Disclaimer: Bitcoin.com does not endorse nor support this product/service.Readers should do their own due diligence before taking any actions related to the mentioned company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
- Guide: Compiling an altcoin daemon in Ubuntu Linux ... - May 31st, 2018
- Top 3 Altcoin Trading Exchanges - [Reviews and Ratings] - May 27th, 2018
- PacCoin VPS Masternode Guide AltCoin Guide - May 12th, 2018
- Asian Cryptocurrency Trading Roundup: Top Altcoin is Tron ... - May 10th, 2018
- Alternate Cryptocurrencies aka altcoins r/altcoin - reddit - May 9th, 2018
- Garzik Forks UnitedBitcoin Away from "Maximalists" to Support Altcoin ... - April 13th, 2018
- Bitcoin, Altcoin and Cryptography explained - April 4th, 2018
- ZClassic and the Bitcoin Private fork : altcoin - March 4th, 2018
- Altcoin Trustworthy Decentralized Cryptocurrency Exchange? - March 4th, 2018
- Blockfolio Bitcoin Altcoin App on the App Store - March 4th, 2018
- Morning Asian Altcoin Trading Roundup: the leader is Tron - February 28th, 2018
- Webinar: Bitcoin Overshadowed by Altcoin Surge - Nasdaq.com - February 12th, 2018
- Bitcoin Mine News Bitcoin & Altcoin Mining & Trading News - January 7th, 2018
- Ethereum, Litecoin Prices Headline $20 Billion Altcoin Rally - January 7th, 2018
- What is an Altcoin? - CryptoCurrency Facts - January 4th, 2018
- What is an Altcoin? - ccn.com - December 20th, 2017
- Trading Bitcoin for an Altcoin Won't Shield You From the IRS ... - December 20th, 2017
- Buy or Sell Bitcoin, Litecoin, Altcoin Multi Crypto Currency ... - December 20th, 2017
- GitHub - ander7agar/altcoin-rpc: A modern Bitcoin Core REST ... - December 2nd, 2017
- Altcoins - BTCMANAGER - November 28th, 2017
- Markets Update: Bitcoin Bull-Run Primes Altcoin Markets for ... - November 25th, 2017
- Altcoin Exchange, the Decentralized Cryptocurrency Exchange ... - October 17th, 2017
- Altcoin Watchlist | Meet & Learn Cryptocurrencies - October 4th, 2017
- CryptoCurrency Investing: Research and Due-Diligence ... - September 6th, 2017
- ATC Coin Review: ATCC altcoin with massively inflated ... - September 5th, 2017
- JRM Altcoin Update - Quit chasing the headlines! - YouTube - September 4th, 2017
- Bitcoin Cash Statistics Confirm BCH is Just Another Altcoin - Live Bitcoin News - September 2nd, 2017
- Which Altcoins to Buy This Week? (31st of August, 2017) - Live Bitcoin News - September 1st, 2017
- OpenBazaar Developers May Introduce Altcoin Support in the Near Future - The Merkle - August 27th, 2017
- Exante launches XAI, the world's first altcoin fund - GlobeNewswire (press release) - August 25th, 2017
- ALTCOIN | Bitcoin Insider - August 23rd, 2017
- Altcoin Forum - Alternative Cryptocurrecies Location - August 23rd, 2017
- Op Ed: Drivechains Could Kill Off the Altcoin Market - August 22nd, 2017
- Nakamoto Institute Daniel Krawisz: I Don't Like Altcoins, but I Like Forks - Bitcoin News (press release) - August 22nd, 2017
- Bithumb, Highest Volume Exchange Globally, Adds Monero - Inside Bitcoins - August 22nd, 2017
- One-Man Band To Create The Second Altcoin Forum In The World - Coin Idol (press release) - August 18th, 2017
- When altcoin life imitates art - FT Alphaville (registration) - August 14th, 2017
- ALTCOIN CAPITAL - Trusted Crypto Traders - August 12th, 2017
- Overstock Now Accepts Various Altcoins for Payment - Including ... - Bitcoin News (press release) - August 10th, 2017
- What are Altcoins and ICOs Bitcoin Whiteboard Tuesday - 99 Bitcoins (blog) - August 9th, 2017
- Cryptocurrency Symbol BCC Belongs to BitConnect Coin, Not Bitcoin Cash - Markets Insider - August 8th, 2017
- Crypto-Startup Hubcoin Announces Distribution of Pre-Mined HUB to Altcoin Developers - Bitcoinist - August 3rd, 2017
- This Altcoin Is Ready to Challenge Bitcoin's Domination of the ... - Futurism - July 31st, 2017
- Beginning of altcoin's end: US signals digital coins may be subject to federal securities law - CalvinAyre.com - July 31st, 2017
- All Major Indian Exchanges Reject Bitcoin Cash Completely - Live Bitcoin News - July 31st, 2017
- Global Advisors Launches ICO and Altcoin Closed-End Private Fund - Finance Magnates - July 31st, 2017
- USING ALTCOIN TRADER - rsainvestments.blogspot.co.za - Google - July 9th, 2017
- Payza Commits to Cryptocurrency: Unveils Full Bitcoin Services, Introduces Altcoin Exchanges - CoinDesk - July 7th, 2017
- What is an Altcoin? Bitcoin Magazine - July 7th, 2017
- CryptoPing completes $2.5 million ICO to further develop altcoin trading intel bot - CryptoNinjas - July 4th, 2017
- Saturday Slump: Ethereum, Bitcoin Prices Headline Crypto Market Downturn - CryptoCoinsNews - July 1st, 2017
- Monday Massacre: Bitcoin, Ethereum Lead the Way as Cryptocurrencies Retreat into the Red - CryptoCoinsNews - June 26th, 2017
- Altcoin signal app CryptoPing set to conclude ICO with over $1m already raised - CryptoNinjas - June 25th, 2017
- EasyMINE: Altcoin Mining for Everyone - Coin Idol (press release) - June 22nd, 2017
- Altcoin 2017 Forecast: Litecoin (LTC), Peercoin (PPC ... - June 18th, 2017
- Which Altcoins To Buy This Week (16th of June, 2017) - Live Bitcoin News - June 17th, 2017
- Bitcoin Altcoin Trader Price Analysis - June 13th, 2017
- 'Real Businesses are Using Waves', Says Rep as Altcoin Crosses $600 Million Market Cap - CryptoCoinsNews - June 11th, 2017
- Altcoin Definition | Investopedia - June 9th, 2017
- Top 6 Altcoin Exchanges you may Have Never Heard of - The Merkle - June 8th, 2017
- Which Altcoins To Buy This Week (6th of June, 2017)? - Live Bitcoin News - June 6th, 2017
- Altcoin intel bot CryptoPing ICO now live - CryptoNinjas - June 5th, 2017
- Bitcoin (BTC), Ethereum Just The Tip Of The Iceberg For Cryptocurrencies - ETF Daily News (blog) - May 30th, 2017
- All Top 20 Altcoins Fall By At Least 30%, Ripple Down to $6.2 Billion - CryptoCoinsNews - May 28th, 2017
- CryptoPing, the Cryptocurrency Bot that Monitors Altcoin Markets. ICO in 48 Hours! - FinSMEs (blog) - May 24th, 2017
- Which Altcoins To Buy This Week? (May 22nd, 2017) - Live Bitcoin News - May 24th, 2017
- Altcoin Price Increases and How CryptoPing May Help Traders - The Merkle - May 24th, 2017
- Another crypto bubble and the rise of altcoin markets - Brave New Coin - May 15th, 2017
- CryptoPing Altcoin Intelligence Bot Announces ICO - The Merkle - May 15th, 2017
- What is crypto-currency? Learn everything you need to know. - May 10th, 2017
- Which Altcoins to Buy This Week? (May 8th, 2016) - Live Bitcoin News - May 8th, 2017
- Altcoin Market Takes A Hit and Bounces Back Amid US$3bn Trading Spree - Live Bitcoin News - May 8th, 2017
- Total Cryptocurrency Market Cap Inches Closer Toward US$40bn ... - newsBTC - May 2nd, 2017
- Bitcoin Price is Once Again Above Gold Despite 'Altcoin Bubble ... - Inside Bitcoins - April 26th, 2017
- Altcoins Planning Segwit Integration Experience Price Pumps - Nigeria Today - April 26th, 2017
- Poloniex Altcoin Exchange Review - The Merkle - April 25th, 2017
- Ether Price Analysis: ETH Altcoin Dominance Continues - Bitcoin Magazine - April 21st, 2017
- Altcoiner Lets All Bitcoin Holders Earn A Daily Passive Income By Trading Altcoins - newsBTC - April 12th, 2017
- PIVX Growth Not Influenced by Dash nor Bitcoin in Altcoin Swell - CryptoCoinsNews - April 11th, 2017
- Altcoins See Their Value Go Up As They Inch Closer to Activating SegWit - Live Bitcoin News - April 10th, 2017