First transaction between Bitcoin and Litecoin performed using the Lightning Network.
Today we're excited to announce the first ever Lightning cross-chain swap from Bitcoin to Litecoin!
— Lightning (@lightning) 16 ноября 2017 г.
The ability to instantly exchange currencies using the Lightning solution offers a number of advantages, such as instant settlement, increased privacy and low commission fees.
Lightning cross-chain atomic swaps (or in emoji) is the next step in my vision on how crypto-currency scale can scale to 7B people. I'm really excited to see the @lightning team make progress on it!
And we are just in time for the over 9000 meme. pic.twitter.com/6rRPcotSXm
— Charlie Lee [LTC] (@SatoshiLite) 16 ноября 2017 г.
Under the hood, the Lightning Network uses a special type of payment called a Hashed Time-Locked Contract (HTLC). HTLCs are structurally very similar to the contracts used in our previous example—they use timelocked refunds for safety, and atomically move funds by revealing preimages. In fact, at the scripting level, an HTLC is differentiated only by one additional clause, which can be used to indefinitely extend the life of a channel in the cooperative case.
First successful atomic swap is a big step for whole cryptocurrency community and for the blockchain technology.