COMIT Network is an open protocol designed to promote the use of “untrusted” cross-blockchain applications. The company announced that a peer-to-peer atomic exchange between Monero (XMR) and Bitcoin (BTC) is now available on the mainnet. This allows users to exchange XMR for BTC without trusting intermediaries or counterparties. Users can more easily conduct transactions without the need to use regulated financial institutions.
Monero cryptocurrency is best known for its Private and fungible property. Unlike other cryptocurrencies, Monero hides the sender, receiver and amount of all transactions. Compared with the transactions involved in the Bitcoin mix and the Ethereum mix, this allows its privacy protection scope to be expanded to cover more transactions; and the sum of all other “privacy coins”.
Atomic swaps can now be performed on the COMIT network, but other teams are also developing other similar projects, including:
- Farcaster project Raised 2727 XMR (worth $650,000 today) to build a similar trustless atomic swap implementation.
- port, Is Bisq’s branch that focuses on Monero, and is implementing atomic swaps for its XMR/BTC trading pair.
- Relevantly, The cross-chain bridge has been announced for Secret network With Thorchain, this will make it easy to trade Ethereum and Binance Smart Chain tokens.
Although retail users’ demand for private and alternative currencies has surged, the limited trading venues have created a strong demand for these decentralized exchanges.The average daily number is more than twice the original currency The deal a year ago.
“The decentralized Monero exchange technology is here, so it is now a wallet contest to provide the best user experience,” said organizer Justin Ehrenhofer. Currency space, This is a working group that provides services to the Monero ecosystem. “Because user demand is so high, simple and private peer-to-peer exchanges are required; it is only a matter of time before wallets implement them widely.”
Some popular Bitcoin and Monero wallets have shown interest in supporting atomic swaps. Samourai Wallet and Monerujo conducted a test swap earlier this month. Cake Wallet also expressed its enthusiasm for supporting atomic swaps.