There are things in the crypto-world (and indeed in life) that everyone seems to know, but this is not so. No one can even articulate. Today we will talk about the atomic swap.
In the most general and simple sense, atomic swap is a kind of smart contract technology that allows you not to interact with third parties (exchanges, etc.), directly changing your coins with other users.
The beauty is that this technology works crosschain, so you can change the coins belonging to different chains to each other. Naturally, it's not just like that. Atomic swap cannot work everywhere.
Moreover, it is a rather laborious process, because confirmation is required from both parties to the transaction (that is, twice the commission will have to be paid).
Technical details are available at Decred Github, who first used this technology in September 2017 with Litecoin.
Projects that use atomic swap:
- Beam - implementation of the mimblewimble blockchain. Not so long ago, they launched mainnet with a quite tolerable interface design.
- Grin - another implementation of the mimblewimble blockchain. Mainnet is about to happen in the 15th of January. It will be interesting to poke.
- Komodo - forgive me all who love the facts and technical details, but I will call the Komodo Ethereum-like project. It can also be in swaps, here is a detailed explanation of how this works.
- Blockchain.io - DEX with atomic swap.
Finally, it’s a sin not to recall LightningNetwork on Bitcoin, which is very similar to atomic swaps, but not quite.