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Fee-free, trustless exchange platform, Minexcoin, has smashed through another milestone with its successful cross-blockchain Atomic Swap tests between Minexcoin’s MNX and Bitcoin’s BTC. The achievement is the first step towards a new future in the cryptocurrency industry that will completely eliminate the need for exchange platforms who incurs fees. Minexcoin will list the protocol for free on the MNX Github.
Atomic Swaps is one of the hottest and most common areas of interest in the blockchain world right now. The interest has spawned a series of successful cross-chain transactions, involving cryptos such as Zcash, Bitcoin, Litecoin, and Decred. However, majority of these swaps remain on “Test-nets”, requiring difficult and time consuming methods to execute them. Minexcoin’s recent development is a definitive step in the right direction. However, the team has also acknowledged that a lot more has to be done in order to overcome some areas of difficulty.
“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” explains Roman Hulenko, Lead Blockchain Developer. “Every blockchain that could support Atomic Swaps, more or less, but is at risk. I think today’s main global developer’s goal is to minimize dangers rather than simply launch cross-chain trading in the blockchain. I can tell that we’ve already created a solution that would significantly narrow the risk window. It will be implemented in exchanger and will allow creating a fixed safe zone for users.”
The developer elucidate how Atomic Swaps will be established as a working protocol in the near future, at which point, cryptocurrency users can enact their own Atomic Swaps test.
The first pairing on the Atomic Swap network will be MNX and BTC, with other pairings like Litecoin and Zcash planned just around the corner. Minexcoin Atomic Swaps offers an intuitive GUI that hugely benefit users who are less familiar with programing. Other benefits includes:
- Two users agree to exchange some coins.
- Each of them opens our GUI and fill several cells – the user’s address, the number of coins to send and the number of coins to receive.
- When all cells filled, the user pushes “start” button, and MNX protocol makes all the rest.
- If for some reason, there was no exchange, coins will be returned to users.
So what are Atomic Swaps?
Atomic Swaps, or atomic cross-chain trading, is the exchange of one cryptocurrency to another without the need to trust a third-party. In simple terms, this technology facilitates the connection of different blockchains, allowing users to seamlessly exchange values across blockchains. For example, if anyone owns 0.5 BTC and wants to buy 250 MNX, with Atomic Swap technology they don’t have to go on the exchange and trade their assets. Instead, the holder has just to find the other person with Minexcoin and change their holdings without commissions, withdrawals, and other restrictions.
Non-Decentralised future
Initially, the MNX Atomic Swaps will be a free exchange service, while the team analyze the industry demand, user cases behavior, and need for modification.The MNX team is committed to developing a fully decentralized exchange, but there are also some future challenges. These are Atomic Protocol and Atomic-Hype.
Minexcoin’s DEX will require a more advanced Atomic Protocol algorithm, the development of which will kick-off after the implementation and finalization of the light-exchanger.
The second hurdle is Atomic-Hype. In pursuit of Instant, success some companies are guilty of a definition switching. What is commonly termed a “decentralized exchange” due to Atomic Swaps is, in fact, a “centralized trustless solution”, free of third parties.This is precisely the kind of product MNX are developing at this time. While the team strives for full decentralization they realize that that is still some time away, and so they have invited the crypto-community to test the First Trustless Exchange as soon as possible.
For more Information, visit the Minexcoin website at – https://minexcoin.com
Follow Minexcoin on Twitter – https://twitter.com/minexcoin
Connect on Telegram – https://t.me/minexcoin
Minexcoin on Medium – https://medium.com/minecoin-blog
Thread on BitcoinTalk – https://bitcointalk.org/index.php?topic=1847292.0
Check out Minexcoin on Github – https://github.com/minexcoin/minexcoin
Find Minexcoin on Facebook – https://www.facebook.com/minexcoin
Follow us on Telegram.
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The post Minexcoin Announces Exciting Update on Atomic Swaps Development appeared first on Crypto Currency Online.
source https://cryptocurrencyonline.co/minexcoin-announces-exciting-update-on-atomic-swaps-development/
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