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COMIT Network, an open protocol that promotes “trustless” cross-blockchain applications, announced that a peer-to-peer atomic exchange between Monero (XMR) and Bitcoin (BTC) is now available on the mainnet. This allows users to trade BTC with XMR without having to trust an intermediary or counterparty. Users can trade more easily without using regulated financial institutions.
Monero cryptocurrency Private and fungible property. Unlike other cryptocurrencies, Monero hides the sender, receiver and amount of all transactions. This allows its privacy protection to cover more transactions than Bitcoin hybrids and Ethereum hybrids; and the sum of all other “privacy coins”.
Atomic swaps are now performed on the COMIT network, but other teams are developing other similar projects, including:
- Farcaster project Raised 2727 XMR (worth $650,000 today) to build a similar trustless atomic swap implementation.
- port, A branch of Bisq that focuses on Monero, is implementing atomic swaps for its XMR/BTC trading pair.
- related, Has announced a cross-chain bridge Secret network And Thorchain, this will allow easy transactions with Ethereum and Binance Smartchain tokens.
Despite the surge in demand for private and alternative currencies from retail users, limited trading venues have generated strong demand for these decentralized exchanges.On average more than twice a day currency The transaction is the same as a year ago.
“Decentralized Monero transaction technology has emerged, so now is a competition for wallets to provide the best user experience,” said organizer Justin Ehrenhofer. Currency space, A working group that provides services to the Monero ecosystem. “Because users’ demand for simple and private peer-to-peer communication is so high; it’s only a matter of time before wallets implement them widely.”
Some popular Bitcoin and Monero wallets have shown interest in supporting atomic swaps. Samourai Wallet and Monerujo conducted a test swap earlier this month; in addition, Cake Wallet also expressed enthusiasm for supporting atomic swaps.
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