Litecoin and Decred Complete First Ever Cross-Chain Atomic Swap: Major Step for LTC and Cryptocurrencies
Cross-Chain atomic swaps are a major upgrade (if made real) in the cryptocurrency industry and market. With the help of the swap there is no need for a third-trusted exchange platform as the token would be transferred on immediate initiation of the transaction between users. Very recently the very first one was completed between Litecoin and Decred.
The very idea is taking stage of interest throughout the community specifically for altcoins. The possibility of value exchange with no need of going through controlled, de-or-centralized platform is of great importance.
As developers are working for it to become reality, no public announcement has been made but it seems sooner than later we will get to know as Litecoin and Decred had just completed the very first swap.
Even with the very much anticipated Lightning Network, the swap found no use of it as it took event in an on-chain manner that is rather interesting. This means an open door as the atomic swap can be finished in different and many ways. No transaction ID were shown but it did take place on the mainnet and not the testnet.
Making this possible and finding utilization will be of – as described – a milestone step towards the better future for digital currencies. Throughout the community, many are debating that is the same what ShapeShift is delivering but still it runs as a centralized entity. In the case that there are no middle-functioning parties getting the work done makes more sense in the decentralized concept and idea of cryptocurrencies, also despite the transaction costs there are no profits or fees to worry.
There should be plenty of time between this test, revealing the details related to it and putting to function the above mentioned event in wallets. However, excitement and the optimistic feel should surround us towards the project as it could be used in different cryptocurrencies like Bitcoin and Litecoin or between Dogecoin and Decred.
When it comes to Litecoin and the Lightning network, the creator – Charlie Lee did add his comment towards it:
“Version 0.3 of LND added a Litecoin operating mode as a step towards multi-chain Lightning Network for cross-chain atomic swaps. I’m working with [Litecoin Foundation Directors] Xinxi Wang and Franklyn Richards today to test out Lightning on Litecoin mainnet. Any real litecoins lost will be worth it,” Lee said.