Atomic Swap Wallet - How it works (Tutorial) + Info
You can Register for Atomic Swap Wallet here: Atomic Swap
What is Atomic Swapping?
As part of the transition to why and how we use fully programmable digital money, one of the things we are changing is the idea of very high switching cost (Switching to a different competing system) For example; When you wanna exchange Euro to Dollars there is a significant switching cost attached to that. And with Atomic Cross chain Swaps the switching cost drops to $0.
Atomic Swapping Transactions
Atomic Cross chain Swap is a Transaction that occurs effectively in a coupled way on both blockchains where i am selling my Bitcoin and Buying OmiseGO from another individual, and so two transactions take place, So i do a Transaction on the Bitcoin Network and they do a transaction on the OmiseGO Network that than gives me an agreed upon exchange rate amount of OMG. We both lock those in with Multisig and so they can't cheat me by taking the bitcoin and not giving me the OMG, and i can't cheat them by taking the OMG and not giving them my Bitcoin.
2 Party Transactions
So either Both of those Transactions happen or neither of them happens. And so Trust becomes a secondary concern with Atomic Swaps, you can put out the money (and in worst cases) they dissapear and after few days you simply get a refund transaction. but if all goes well you can just swap between currencies.
So what happens when this become a fully automated system? When your currency can transmogrify itself into another set of currency instantly, effortlessly.
A whole new level of transactions is coming get ready!
The future of Artificial sentient Digital code may some day not very far from now be a reality.
- Is there already atomic swaps happening on the blockchain network?
As a matter of fact yes one of the best would be Komodo if i'm not mistaking they performed over 26,000 atomic swaps so they are definitely the leader crypto when it comes to atomic swapping. So if you have not yet invested in KMD i would highly encourage it. Once Cross linking Transactions becomes a thing KMD will go towards 100's of Dollars in Value. And right now Komodo sits at $9 so its a bargain to get into atm.
You can demo alpha Atomic Swap Wallet here: swap.altcoin.io
As well as preview the UX/UI of the decentralized exchange here: http://www.preview.altcoin.io/