Blockchain-Based Payment Platform MinexCoin Successfully Carries out Atomic Swap Tests Between its MNX and the Bitcoin Blockchain.
Minexcoin, a low volatility crypto payment platform is excited to announce its successful atomic swaps between the MNX and BTC Blockchain.
With this milestone, the team’s ambition of creating a decentralized crypto exchange is gradually becoming a reality.
The Minexcoin team has the vision to build a decentralized exchange that will enable users to carry out fee-free and trustless transactions.
Although there has been some recorded breakthrough transaction on Test nets between cryptocurrencies like Bitcoin, Litecoin, Zcash and some others, there is still a long way to go in the area of Atomic Swapping.
Commenting on the progress of Atomic Swaps so far, Minexcoin Lead developer, Roman Hulenko said that:
“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 can support Atomic Swaps, more or less but it’s a risk.”
Following the successful Atomic Swap operation, the development team will now focus on creating a first of its kind cross-chain exchange between MNX and BTC.
Once this is successfully done, the protocol will be live on bitcoin for developers and the masses to see.
The team is working tirelessly round the clock to introduce the fully functional protocol in the near future.
The team has hinted that the MNX and BTC pairs will be the first to go live, followed by others.
The Minexcoin Atomic Swap protocol is determined to create a more user-friendly GUI than what is available now.
The new GUI will make it easy for even non-programmers to use. It will also come with some other features.
The Atomic Swap will make users exchange their coins in a seamless peer-to-peer fashion.
All they need do is enter the name and value of the coin they have and also the one they wish to receive. The Minexcoin Atomic Swap system takes care of the rest processes. In a situation whereby the transaction does not take place for whatever reason, the original crypto is returned to the owner.
Atomic Swaps Explained.
Atomic Swap is a protocol on the blockchain that facilitates a peer-to-peer exchange of cryptocurrencies. Atomic Swaps is eliminating third parties in cryptocurrency exchange process.
The innovative protocol bridges the gap between different blockchains, helping users of different cryptocurrencies transact seamlessly without having to use a cryptocurrency exchange.
In summary, Atomic Swaps help users exchange cryptocurrency with other users without commissions and transaction fees whatsoever. Atomic Swaps is the future!
For more information, visit www.minexcoin.com
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