AstraX Version 1.15 Atomic Swap
Dear community, today 31st of July 2023, will be released an improved version of the AstraX 1.15, (v1.15.14), which will contain a new important feature: The Atomic Swap.
Introducing AstraX’s revolutionary feature, the Atomic Swap — a game-changer in the world of digital asset transactions!
With AstraX’s Atomic Swap, users can now enjoy the convenience of inApp XDB swapping alongside custom assets minted on Digitalbits. As you may already know, XDB is the native coin of the DigitalBits blockchain, renowned for its impressive scalability and efficiency in facilitating digital asset transfers.
What sets this feature apart is its seamless integration within Digitalbits first non-custodial wallet AstraX. By enabling inApp swapping, users can effortlessly exchange a diverse range of assets minted on the Digitalbits blockchain right from the safety and security of their wallet.
The days of dealing with multiple exchange accounts and cumbersome trading processes are now a thing of the past.
The Atomic Swap feature provides users the freedom to transact and trade with ease, all while maintaining full control of their assets. No longer dependent on centralized intermediaries, users can embrace a truly decentralized experience with the confidence that their assets are always in their possession.
Enjoy the benefits of instant, secure, and transparent transactions, all powered by the Digitalbits blockchain. With AstraX’s Atomic Swap, users’ on-chain trading journey has never been more convenient and empowering. Say goodbye to complexities and hello to a new era of decentralized digital asset transactions!
What is an atomic swap?
An atomic swap is a decentralized and trustless on-chain exchange mechanism that allows two parties to exchange different cryptocurrencies directly with each other without the need for intermediaries or third-party exchanges. The term “atomic” refers to the indivisibility of the swap; either the entire exchange takes place, or nothing happens at all. It ensures that both parties either successfully complete the swap, or the transaction is cancelled entirely, preventing any partial or incomplete exchanges.
The process of an atomic swap typically involves protocol’s native features, which are self-executing instructions with predefined conditions. These functions facilitate the exchange and ensure that both parties fulfil their end of the bargain, eliminating the need for trust between the parties involved. Atomic swaps are commonly utilised to exchange cryptocurrencies or custom assets on the same or different blockchain while maintaining security and privacy. As in the case of Digitalbits this functionality enables the on-chain swap between assets that might not have any active markets on centralised exchanges
Benefits of trading on-chain using atomic swaps:
Decentralization: Atomic swaps eliminate the reliance on centralized exchanges and third-party intermediaries, promoting a truly peer-to-peer exchange of cryptocurrencies. This decentralized nature enhances security and privacy, reducing the risk of hacks or loss of funds due to exchange vulnerabilities.
Trustless Transactions: As atomic swaps rely on smart contracts and cryptographic mechanisms, they ensure that both parties can exchange assets without trusting each other directly. This trustlessness protects users from potential fraudulent activities and creates a secure trading environment.
Enhanced Privacy: Atomic swaps allow users to exchange cryptocurrencies without revealing their identity or sensitive financial information. This privacy feature is especially crucial for individuals who prioritize anonymity in their transactions.
Lower Fees: Trading on-chain through atomic swaps can lead to lower fees compared to traditional exchanges. By cutting out the middlemen, users can avoid the higher fees often associated with centralized platforms.
Faster Transactions: Atomic swaps enable direct peer-to-peer transactions, which can lead to faster execution times compared to going through centralized exchanges with order matching processes.
Cross-Chain Compatibility: Atomic swaps open up future possibilities for trading between different blockchains. This interoperability expands the scope of available trading pairs and enhances liquidity across the entire cryptocurrency ecosystem.
Increased Security: With atomic swaps, the risk of funds being held on exchanges and exposed to potential hacks is minimized. Users retain control of their private keys throughout the transaction process, reducing the chances of loss due to exchange-related vulnerabilities.
In summary, atomic swaps offer numerous benefits for traders, including increased security, privacy, decentralization, and cost-effectiveness. By enabling direct, trustless, and cross-chain exchanges, atomic swaps contribute to a more robust and resilient cryptocurrency on-chain trading environment.
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