Cross Chain Swaps And It's Mode Of Operation In The Blockchain Network

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Hello Fams,

INTRODUCTION

It is your favourite blogger @mato445 and article today is leans heavily on cross chain Swaps and it's mode of operation in the blockchain, it's important we gain a proper understanding of this I believe it's a core knowledge in blockchain network one that mustn't be taken for granted that's why I feel obliged to share this at this time.

I would write on what cross chain swap entails as when we hear cross chain swap alot of things could come to mind or our mind could go vague as the case maybe but then I will touch down on that then also write about the mode of operation of cross chain Swaps.

WHAT REALLY IS CROSS-CHAIN SWAP

Well it's a pretty straight concept, cross chain swaps is merely a process which makes it possible or rather easier for the seamless transfer of crypto assets in a blockchain. I know what you are thinking, well that's what exchange is for, used for exchanging tokens but cross chain swaps does this in a way that makes ordinary centralized exchange not needed.

Simply put it does this with the help of sophisticated technologies like atomic swaps allowing exchange of tokens in blockchain and totally eliminating the need of any centralized exchange in the process which is what makes it truly wonderful.

Infact I believe we deserve to get a keen understanding of cross chain swaps and it modes of operation, so knowing what this cross chain swap is the question then is what's it's mode of operation, well we will find out below.

MODE OF OPERATION

Well cross chain swaps have 3 major modes of operation and I will like us to touch down on these, which includes the atomic swaps like I mentioned easier, interoperability protocols and cross chain communication protocol. These are the 3 main modes of operation of cross chain swaps which I believe we ought to know and I will try to explain the process of each of these processes.

• ATOMIC SWAP MODE OF OPERATION:

Well this is quiet a rather nice technology, this technology in cross chain is like the main technology used to ensure that a particular transaction either go through or not, it's like a major determining factor and its core and necessary in the working of cross chain swap.

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The atomic swap is able to do this using HTLCs ofcourse this is much like a computer or programming jargon but it actually means hash time-locked contracts and this is what atomic swaps utilse to ensure that a transaction either happens or not.

It ensures that an exchange between two parties goes or happens smoothly, HTLCs is able to do this quiet nicely given it main parts which are the time lock and cryptographic hash and they are are what makes this atomic swap technology as good as it is enabling the atomic swap to either initiate a successful exchange between two parties or make it not to happen making it a crucial mode of operation for cross chain swaps.

• INTEROPERABILITY PROTOCOLS:

This is another important mode of operation that is necessary in the intricate workings of cross chain swaps in blockchain technology as this mode of operation is what ensure that tokens are transfered easily between blockchain and the interoperability protocol does this by bridging this blockchain together and when this happens it's easier for tokens or assets to transferred seamlessly across blockchain.

This thus is the main working of interoperability protocol as a mode of operation in the smooth functionality of cross chain swaps which allows transfer of tokens across blockchain without the need of centralized exchange.

• CROSS-CHAIN COMMUNICATION PROTOCOLS:

This is the 3rd and another crucial mood in cross chain swaps. In every network communication is key without which there would not be any sustainable continuity.

So in blockchain network the role of cross chain communication as the name implies is the enabling of communication amongst blockchains, which is for blockchain to function well together then they need to share information and that's why this protocol comes in.

It allows the seamless transfer of information from one chain to another, information spread across multiple blockchain is made easier through cross chain communication protocol as they achieve this easily using interoperability protocol.

BENEFITS OF CROSS-CHAIN SWAPS

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Unlike centralized exchanges cross chain swaps is decentralized and we know the dangers that are all prevalent with centralized exchange, all of them are eliminated here with cross chain swaps.

Centralized exchange often are target of hackers being that they are connected to a single point but that is not experienced here, cross chain removes or greatly reduce the risk of hacks attempts and users are not afraid of censorship like in centralized exchange, so this is one of the great benefits of cross chain swaps.

Apart from being decentralized the fact that it has made easier for different network to communicate and share information is another great advantage of cross chain swaps, the easy transfer of information across multiple blockchain is a great advantage.

CONCLUSION

Cross chain swaps is really wonderful innovation and with more adoption it guarantees fluidity in a blockchain system, I believe it's something we should all want and adoption depends on those who knows truly the value of this as they would help to enlighten other.