Charlie Lee, the creator of Litecoin has indicated that it has completed the first LTC to BTC via the ” swap atomic “. This technology paves the way to exchange between different digital assets that allow the circumvention of both centralized services and existing regulators. This announcement was made via the Twitter account of Charlie Lee.
In fact, the latter mentioned that he had sent 10 LTC from a site of litecoin and has received 0,1137 bitcoin. His business partner has obtained the CTA. They did this by using a swap atomic via a contract to lock to time, which holds funds for a release if certain conditions are met.
The details of this contract
In the case of a swap atomic, the recipient and the sender agree a conversion rate, and codify the contract. The language in the script of Bitcoin has led to the implementation of these HTLC. However, in the past, trade was primarily theoretical. He would have had to make several experiments.
Some people think that transactions via this technology became possible after the adoption of the SegWit. This has helped to eliminate the malleability of the transactions. Note that the concept of swap atomic was mentioned for the first time in 2013, well before SegWit deletes the malleability operations.
What is the future for the Swap Atomic ?
There is still a long way before that payments and exchanges, fully decentralized does not become a reality. At the present time, they are only possible between a very limited number of coins : Vertcoin, Decred, Litecoin and Bitcoin. Developers will need to create tools to facilitate exchanges between other assets.
If this idea attracts the interest of many investors, its development requires more time. In addition, it will also be necessary to simplify other aspects of the transactions in the chain cross.