"Cross Chain Atomic Swaps and Interoperability Protocols"

Assalam O Alaikum

Hello dear! Well, come to my post. How are you all? I hope you will be doing well, by the grace of Almighty Allah. I'm also fine and enjoying my day. Today I'm here to share my knowledge with you about the topic "Cross Chain Atomic Swaps and Interoperability Protocols" in this Steem Alliance community. So let's start without any further delay.

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In the realm of digital technology and blockchain ecosystems, interoperability plays a great role. This is because as the blockchain technology gains fame all around the world, the number of its users is also increasing massively, and they all want seamless, quicker, and low-fee transactions of their assets through the blockchain technology.

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As we all know, interoperability plays a great role in the working of a blockchain network because it allows users to exchange their data, digital assets, and other useful information from one platform to another. So if a network is facing issues with its interoperability, it can have a negative have a negative impact on that network or platform.

This is because users may face difficulties validating their transactions due to the lack of interoperability. In the past few years, cross-chain atomic swaps have proven to be a very useful thing that can deal with a network that is facing interoperability issues. It is revolutionizing the whole blockchain ecosystem.

Cross chain atomic swaps

If we talk about cross-chain atomic swaps, we can say that these are the special cryptographic techniques or protocols through which people can do peer-to-peer transactions of their digital assets using blockchain technology. In most of the traditional exchanges, third parties are present, which take part in swaps and P2P transactions.

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But the cross-chain atomic swaps have reduced the involvement of any of these third parties in validating transactions. In this regard, we can say the atomic swaps are quite beneficial as they validate transactions and enhance the trust of people on the platform. Also, it reduces the risks of fraud, hackers, and other malicious actors.

Process of utilizing cross-chain atomic swaps

The process of using cross-chain atomic swaps is quite easy, but it is not present in every digital exchange or platform. Anyhow, we can utilise them very easily with the help of a few steps. Now let's have a look at them.

• In the first step, we just have to get the agreement of the other person with whom we want to exchange our assets.

• In the second step, we have to click on the swap window from both the wallets of the sender and receiver.

• After that, the hashed time-locked protocols will lock your amount for a specific interval of time to verify the transactions.

• In the final step, the hashed time-locked protocols will verify and release the assets from both sides.

• At the end, you can redeem the swapped assets and sell them, invest them, and trade them accordingly.

The role of interoperability protocols in cross-chain atomic swaps

Friends, interoperability protocols also play a great role in cross-chain atomic swaps. From their cross-chain names, we can easily understand that the assets will swap between the two different platforms. In this regard, we can say that when the atomic swaps exchange assets between two platforms, the interoperability protocols act as a bridge for validating these transactions.

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They play a vital role in validating these transactions seamlessly and within shorter intervals of time. Besides, it is also helpful for transferring data, information, and digital assets from one platform to another. In addition, cross-chain atomic swaps and interoperability protocols are also helpful in making cross-border payments and transferring other useful information.

Conclusion

In conclusion, we can say that atomic swaps and interoperability protocols can play a vital role in handling a large number of cross-chain transactions and transactions between different platforms using blockchain technology. In the past few years, their use has been increasing due to their unique features, which is why they are being used in the decentralised finance DeFi platforms. So, friends, in that article, we have discussed cross-chain atomic swaps, their use, and interoperability protocols. I hope it will be helpful for you.

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Written by @abdullahw2

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Thanks All ❤️

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