Minexcoin is proud to announce successful atomic swaps between MNX and BTC, making it one of the few cryptocurrency projects to join the bleeding edge of Atomic Swap technology. Once the first cross-chain exchange occurs, the MNX team will present the protocol to Github.
Benefits of Implementing Atomic Swap
With Minexcoin focusing on low-volatility cryptocurrency, this will encourage further trading and higher liquidity for their offerings. Atomic swaps have already done between some of the bigger cryptocurrencies like Bitcoin, Litecoin, Zcash and Decred just to name a few.
These transactions have only been made on test-networks; the time consuming and difficult methods prevent Atomic Swaps from being a mainstream method for transactions right now.
Typically for users looking to exchange cryptocurrencies, they must use an exchange service, or the use of a third party. Atomic swaps, or atomic cross-chain trading, would allow to do without the third party, increasing convenience and security.
Swapping cryptocurrencies would become as simple as two users agreeing to exchange
The possibilities of Atomic Swaps unlock the potential for a decentralized, feeless exchange system but Minexcoin still has much research and testing before delivering a product to the mainstream.
Barriers Barring Atomic Swap
The main problem, which Roman Hulenko, Minexcoin’s Leading Blockchain Developer, talks about is the lack of assurance in the transaction. Every blockchain is capable of atomic trading but it is extremely risky. Once the security concerns are addressed, Atomic Swaps will be well on its way to being an everyday occurrence.
“So far, all teams that have tested Atomic Swap based transactions had conducted them in the incubator ideal conditions and hadn’t gone beyond the test-nets. Thus, one of the major problems with cross-chain technology implementation remains a lack of full security guarantees. Every blockchain that could support Atomic Swaps, more or less, but is at risk. I think today’s main global developer’s goal is to minimize dangers rather than simply launch cross-chain trading in the blockchain. I can tell that we’ve already created a solution that would significantly narrow the risk window. It will be implemented in exchanger and will allow creating a fixed safe zone for users.”
On top of that, a truly decentralized solution will take additional time, since the two main protocols (Atomic Protocol and Atomic-hype) both need some serious revamping before they are in a state with which the MNX team is satisfied in using as a foundation for an exchanger service.
MNX will initially offer as a free service
MNX will initially offer atomic swaps as a free exchange service. The team will continuously analyze the industry demand, user’s behaviors, and if there’s any need for modifications in an effort to perfect the offering for the consumers.
Details regarding Minexcoin’s roadmap, specifications about the coin, or other information can be found in the following links below.
For more Information, visit the Minexcoin website at – https://minexcoin.com
Follow Minexcoin on Twitter – https://twitter.com/minexcoin
Connect on Telegram – https://t.me/minexcoin
Minexcoin on Medium – https://medium.com/minecoin-blog
Thread on BitcoinTalk – https://bitcointalk.org/index.php?topic=1847292.0
Check out Minexcoin on Github – https://github.com/minexcoin/minexcoin
Find Minexcoin on Facebook – https://www.facebook.com/minexcoin