What are Atomic Swaps and How they Enhance the Speed of Blockchain
Imagine a world of cryptocurrencies where transactions take place with no trading fee and no more exchange hacks.
Well, what was the last time you heard of an Exchange being hacked? Not a distant memory no? And what do you think is the reason for this — Centralized exchanges which store your crypto! But isn’t that the sole reason you bought your crypto on the first hand right- to break free of any centralized players?
Moreover, you also have to pay these centralized players i.e. Exchanges, a fee to hold and maintain your crypto. You will think why is there no alternative to this? Actually, there is.
Exactly, where Atomic Swaps come to play!
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As for now the process of exchanging and transferring cryptocurrencies is time-consuming and takes up money. It’s almost impractical to use cryptos in place of fiat currency. A lot sheds away as transaction fees. Nor does any exchange entertain all the coins. The sole purpose why cryptos had come into existence was ‘to provide an alternative to fiat currency’ and ‘to make monetary transactions decentralized’; cryptos serve none.
But atomic swaps present a breakthrough.
So what exactly are Atomic Swaps?
Well, these are nothing but smart contracts that enable you to exchange your crypto without having to deal with any “Crypto Exchanges” or middlemen. Such transactions can take place directly either independent of any blockchains (i.e. off-chain) or between blockchains of different cryptos.
And there’s a reason why such transactions are called ‘atomic’ because unlike the usual transactions taking place over decentralized exchanges that require escrow mechanism, in this case, the trade happening is ‘whole’ or ‘indivisible’.
The first atomic swap happened between Litecoin and Decree in September 2017 and that’s exactly when this amazing technology came into existence. Slowly other startups and companies (usually the upcoming decentralized exchanges) put their eyes on the tech and it immediately caught momentum.
Why Atomic Swap Matters to the growth of Cryptocurrency Industry
Atomic swaps open up a whole new way of looking at crypto trading. This technology can be used when two parties have to make a very large or a very small OTC trade. And that’s where the role of QuickX comes in. QuickX adopted the technology and brought Atomic swaps to a real-time use.
What QuickX Offers?
QuickX features a multi-currency wallet, a multi-currency debit card, a cryptocurrency swap option, and a payment gateway using QuickX Protocol, which makes cryptocurrencies suitable for the masses for non-virtual world transactions.
The uniqueness of QuickX lies in its ability to make cross-chain transactions instantly with the use of pooling facilitators. This fulfills a long-felt need for the crypto world: connecting different blockchain protocols to communicate with each other!
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