Monero, through its Monero project, has released a statement on their latest and most significant achievements: the BTC-XMR atomic swaps which are now made available through the COMIT network. The public statement was made by Monero developer: Erciccione. According to them, the implementation of the “atomic swap which was developed by the team at COMIT is strong enough to run on the Monero network platform. The developers made specific instructions on how to take advantage of the ASB software.
This software is an atomic swap protocol developed to be run on the same program designed by COMIT. The company (Erciccione) went ahead to ask the public to commence the testing of the protocol to see if there are issues with the system.
The company also was clear on the possibility of impending bugs in the software, since it is new. The developers in Monero in charge of the protocol have warned users to be careful when using it, and only test with small amounts. The users must take advantage of the Monero exchange to bitcoin Atomic Swap Protocol using the Privacy-Centric Tor Network. This seems to be good news to Monero as the value has increased ever since the program was made public. Pragmatically, Monero during that period increased by 226%, and the XMR had stayed up to 42% ever since.
This technology used in the development of Monero exchange to bitcoin protocol uses what is called the Hashed Timelock Contract (HTLC), which works as a two-way virtual confirmation protocol. Just as it implies, it is embedded with a strong mathematical-based encryption mechanism named the “hash function.” Again, it is time-sensitive: it automatically reverses transactions when any of the participating parties didn’t fulfill their side of the agreement within an estimated time. Let’s illustrate when two parties agree to run transactions within a two hours interval on an atomic swap protocol. Failure to do so within that time frame, both deposits automatically return to the original owners.
After the Monero exchange to bitcoin announced that it works on the Tor network, which means that users can gain even stricter privacy at each swap operation. While Erciccione was trying to prove the potency of the system, they made it known that unstoppableswap.net will be providing Monero exchange to bitcoin services to interested users who have read and understood the protocols. Other participating teams that have acquired some advanced atomic swap technology similar to Monero are blockchain projects like Zcash and Komodo.
How The Monero Exchange to Bitcoin is Executed on the Atomic Swaps Protocol
For clarity, let’s say when two people agreed to execute a trade on bitcoin and ethereum on this platform. One party (let’s call him Mr. A) needs to create a contract address where he is meant to send his 1 BTC. Once Mr. A sends these funds, the contract immediately generates a unique key that only Mr. A can access. The key is like a password that unlocks the funds Mr. A had sent to his smart contract. It is now left for the contract to generate an encrypted pattern (or a hashed representation) of this key. Next thing, Mr. A sends this hash to the other party (call her Mrs. B), now having the key (the hash), Mrs. B is the only party that can access Mr. A’s 1 BTC. Mrs. B can confirm she got the funds, but she can’t withdraw (at least at the moment).
It is now left for Mrs. B to generate her contract address where she can transfer her 15 ETH (BTC equivalent). Now that both parties (Mr. A and Mrs. B) have both funds locked in a smart contract, what is for both parties is to claim their different assets. To do this, they need access codes to each of the smart contracts. As in, Mr. A provides Mrs. B with a passcode, and likewise Mrs. B. But in the end, it is all about both parties submitting proofs for their cryptocurrency transactions.
Aside from the Monero exchange to bitcoin achievement, the company has always been known for its stringent attributes which are always active by default. This has deprived users of the opportunity to conduct transparent transactions. For example, every Obfuscated XMR transaction was done using some ring signature technologies, stealth addresses, and bulletproofs. But the XMR wasn’t the only coin that experienced an increase, some few other privacy-focused coins also started experiencing major gains monthly.