Particl and Litecoin to launch cross-chain atomic swaps

Particl teams up with Litecoin to work on cross-chain atomis swaps
31 July 2017   2629

Particl and Litecoin are implementing cross-chain atomic swaps. The community's reaction seems to be a bit divided regarding the development. 

What is cross-chain atomic swaps?

Blockchain

Distributed database that is used to maintain a continuously growing list of records, called blocks

Cross-chain atomic swaps is the technology that allows two people holding tokens on two different blockchains to trade directly – and instantly – without the risk of one party running off with the other's money before the trade is complete. 

Thus, being able to exchange between different cryptocurrencies without exchanges getting involved is significant. Some people could argue this can be done already through decentralized peer-to-peer software, however, those tools are incredibly difficult to use for the average person on the street. Even advanced users find it too much hassle due to low trading volumes. 

On the contrary, the developers can integrate this functionality into wallets directly, allowing for immediate exchanges between currencies.

The community's reaction

Litecoin

Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency

In this particular case, users could instantly swap between Particl and Litecoin whenever needed. Particl's "part"of the community seems to be pretty excited about the news:

Particl and Litecoin to work on cross-chain atomic swaps The pic from Reddit.com

However, the response from the Litecoin community is less positive.

Thus, some users do not see any benefits from the development. It seems there are some harsh feelings toward the Particl team. It does appear some people blame the team for shutting down ShadowCash altogether. Additionally, one user claims how the team pumped “the shit out of” SDC and then crashed the market before killing the project.

How this Particl-Litecoin project will really turn out remains to be seen.

Switcheo to Launch Cross-Chain ETH-NEO Atomic Swaps

Developers says that the technology of atomic swaps has been known for few years, but is not popular, since its implementation in practice is quite complicated
25 April 2019   59

Switcheo announced the official launch of the atomic swaps feature for the Ethereum and NEO blockchains.

From now on, Switcheo users have access to the inter-block exchange of their own token exchange, SWTH and ETH, which allows for the transfer of assets between two markets represented on the trading platform and makes Switcheo the first decentralized exchange that implements this functionality.

A challenge with existing trustless exchanges is that trades are confined to individual blockchains, limiting the market combinations that can be offered to users” says . With the launch of the new feature, users can now trade conveniently between ETH and NEO markets, while retaining full custody of their funds.
 

Ivan Poon

CEO, Switcheo

According to the developers, the technology of atomic swaps has been known for several years, but is not widely used, since its implementation in practice is quite problematic. Switcheo lead developer John Wong explained that his team spent a lot of time adapting the process to the user's needs and achieved the desired result.