Cryptocurrencies Using Lightning Network And Atomic Swaps
Thats because in order to make an atomic swap lightning needs to be enabled on both cryptocurrencies and for right now only a handful of cryptocurrencies have a functioning lightning network. Some altcoins with lightning network support are Litecoin ZCash Ethereum Monero Ripple NEO.
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This method is now as submarine swaps and with the help of Bosworth is being tested on the lightning network.
Cryptocurrencies using lightning network and atomic swaps. By Brian Curran October 22 2018 Submarine swaps are atomic on-chain to off-chain swaps and vice-versa of cryptocurrencies. Combined with the lighting network this could enable external and merchant services where you could pay with any coin you want but the merchant gets another coin that it accepts. Besides LTC and BTC working to implement atomic swaps more fully there are two other coins that are worth mentioning that use atomic swap technology.
What is the Lightning Network. So why all the fuss around the Lightning Network. First off-chain swaps on LN are instant as opposed to requiring several blocks on their respective chains.
In order to be convenient and easy to use they need a platform like the Lightning Network to facilitate the transactions across different cryptocurrencies. The Lightning Network was originally developed to be a scalability solution for Bitcoin. Its likely that many more popular cryptocurrencies will be able to do atomic swaps in the future as they develop abilities like Lightning Network.
A few popular Bitcoin and Monero wallets have exhibited an interest in supporting atomic swaps. Without the Lightning Network exchanging between say Bitcoin and Ethereum become not only time consuming but increasingly difficult as more cryptocurrencies are involved. For example Stellar Lumens plans to implement Lightning Network channels in 2018 Ethereum has Raiden and IOTA has a similar system called Flash.
Conceptualized by Lightning Labs CTO Olaoluwa Osuntokun and Lightning Labs Infrastructure Lead Alex Bosworth they are designed to facilitate the transfer from on-chain BTC to an off-chain Lightning Network LN channel. Atomic swaps are automated self-enforcing digital asset exchange contracts that allow cryptocurrencies to be traded peer-to-peer without the need for a trusted third party. Plus Cake Wallet has also expressed enthusiasm in supporting atomic swaps.
Second off-chain swaps require funds to be committed to the Lightning Network. This is also called Atomic cross-chain trading. Cryptocurrency enthusiasts paint a picture of atomic swaps.
Atomic swaps allow crypto users to exchange crypto directly from blockchain to blockchain thereby eliminating the need for exchanges in most trading scenarios. Bosworth is studying atomic swaps which is a technology that allows two different cryptocurrencies to be exchanged on different exchanges without the use of a middleman. Cross-chain trading would facilitate a more decentralized economy and help to alleviate the growing influence major exchanges currently express in the marketplace.
Lightning Network LN cross-chain atomic swaps also called off-chain atomic swaps are instantaneous requiring funds to be committed to the Lightning Network. Off-chain swaps occur on the second layer for example on the Lightning Network. Lightning Network was mainly designed to help reduce Bitcoins problem but many others are also working to implement a solution similar to Lightning Network on their own cryptocurrencies.
The benefits of the Lightning Network. In order to be convenient and easy to use they need a platform like the Lightning Network to facilitate the transactions across different cryptocurrencies. Lightning Labs developer Alex Bosworth was investigating atomic swaps a way to transfer cryptocurrencies between different blockchains without middlemen and then came up with the groundbreaking idea of submarine swaps.
These two parties may have their wallets accounts on different blockchains altogether and yet are able to go through with the transaction. Bosworth admits that testing out the swaps is a bit. Atomic Swaps can occur in two different ways.
In terms of Cryptocurrency the transaction of two different cryptocurrencies between two parties is made possible by atomic swap feature. Without the Lightning Network exchanging between say Bitcoin and Ethereum becomes not only time consuming but increasingly difficult as more cryptocurrencies. Ok we admit it Atomic Swaps are not as simple as they may sound.
On-chain swaps occur on any of the networks involved in the exchange process in this case it is either bitcoin or litecoin blockchain. Atomic Swaps Requirement Now for cryptocurrency to productively support Atomic Swaps there are some fundamental necessities needed which comprises the lightning network. Lightning Network cross-chain atomic swaps what we call off-chain atomic swaps have some benefits and drawbacks compared to the on-chain version.
On the blockchain and off the blockchain. Atomic swaps can happen directly between blockchains of different cryptocurrencies or done off-chain outside the main blockchain. Ok we admit it Atomic Swaps are not as simple as they may sound.
Samourai Wallet and Monerujo performed a test swap earlier this month.
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