What is an atomic swap? Back to list

Member SinceJul 08, 2021

Posts 713

Kihn

Oct 24, 2022 a 12:13
It is an intelligent contract that allows interested parties to exchange one cryptocurrency for another without the use of third-party cryptocurrency exchange platforms.

Such contracts take place in the middle of two different cryptocurrency blockchains. The first recorded exchange occurred in September 2017, with an Atomic Swap between Decred and Litecoin.

Since then, some platforms have made it easier for their users to perform atomic swaps, and crypto and platforms such as 0x and Altcoin.io have incorporated this technology.

As we all know, the cryptocurrency exchange process is time-consuming and complicated. We can attribute this to the way cryptocurrencies are designed, which leaves a complex process to run when you exchange them for another user.

There are currently cryptocurrency trading platforms that do not support all crypto. This necessitates a migration of the account to another platform that supports the desired cryptocurrency for anyone who wishes to change their cryptocurrency.

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