The Switcheo Network is thrilled to announce the official launching of the cross-chain atomic swaps for the Ethereum and NEO blockchains. In an official report obtained by the Medium, it was revealed that Switcheo users are now given the ability to make this cross-chain from the SWTH to the ETH. Apparently, this will make the Switcheo as the first decentralized exchange that finally allows the swapping between these two renowned blockchains.
During the official announcement, Ivan Poon, the Switcheo CEO, made a statement that as they launched this newest feature and platform, they are now giving the users the chance to trade more conveniently between the ETH and the NEO markets respectively. Despite the cross-chain atomic swaps, Poon made sure that users will still have the full custody of their funds regardless of the changes being implemented.
Over the years, this atomic swap technology has already existed. However, Poon added that it is just now that this platform has been widely adopted in the digital market as it has the process to complete a full swap between two blockchains.
The Switcheo Community
A non-custodial blockchain asset trade for ERC20 and NEP5 tokens, that is what the Switcheo community is known for. As they officially introduced the atomic swap between the two blockchains, the market is very thrilled to experience borderless trading in the digital community.
During the launching, John Wong, the Vice-President for Engineering revealed that they have spent a huge amount on creating big improvements that will simplify everything for the customers. A report from UP Crypto added that by making use of this cross-chain atomic swaps, everyone is finally capable in creating constant liquidity no matter what the customer’s date stage is.
What are Atomic Swaps?
Having known the recent launching of cross-chain atomic swaps between ERC20 and NEP5 tokens, not many of the users understand what atomic swaps are all about.
Atomic swaps are a series of blockchain transactions which allow two certain parties to make and perform trustless cross-chain trading activity. With this, any cross-chain trade would be completed even without the use of a third-party and having no loss or risk that may be brought by a counterparty who doesn’t honor a certain deal.
Two steps are reportedly intended to be done in order to make atomic swaps successfully. First, a user will choose a certain password and will use it in order to generate a particular hash. The user will then create a blockchain transaction to a receiver by following a certain instruction.
Meanwhile, while waiting for the transaction to appear in the blockchain, the receiver will also send the same transaction using a certain password hash. When both password hash matches and have been verified, the funds will then be transferred to the user who initiated the first transaction.
While atomic swaps allow a trustless cross-chain exchange, several practices have revealed how troublesome those were. Nonetheless, as the Switcheo Network finally launched this thing, everyone is looking forward to a future that every transaction will be smoother and easier unlike before.