Swap Monero / Bitcoin on Mainnet: Thanks to COMIT Network.
Instead of using a third-party mediator without confiding in the trading opponent, anybody may now exchange Monero and Bitcoin.
The COMIT Network has declared that peer-to-peer atomic swap services, respectively Monero (XMR) and Bitcoin (BTC), are now enabled on the mainnet, open-label protocol facilitation for trustless cross-blockchain apps.
Thus, consumers can exchange XMR for BTC without blindly trusting a broker or the trade partner. Without a licensed financial institution, individuals may trade more effectively.
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Monero is famous for its anonymous and fungible qualities. Monero conceals the donor, recipient, and amount for all transfers as opposed to other cryptocurrencies.
This enables its data protection safeguards to handle more transactions than Bitcoin, Ethereum mixing, and any other "privacy cryptocurrencies" united.
Nonetheless, several similar initiatives, such as Atomic Swaps, are currently active on the COMIT network:
- In order to construct a comparable, transparent and secure version of Atomic Swaps, the Farcaster project has funded 2727 XMR (now worth $650,000).
- Haveno, a Monero-focused version of Bisq, uses its XMR/BTC exchange pair for atomic swaps.
- In connection with this, cross-chain gateways for the Secret Network and Thorchain have been unveiled that will enable simple trading of the smart coins with Ethereum and Binance.
Limited businesses have established a significant need for these decentralized swaps despite the growth in retail users' demand for secure and exchangeable money. The current average Monero payments are more than twice that they were a year ago.
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"The decentralized exchange infrastructure from Monero is here; thus, it has become a competition for wallets to deliver the greatest user-friendly solutions," said Justin Ehrenhofer, an organizer of Monero Space, a service organization in the Monero environment.
"It is only time until wallets broadly incorporate this desire for quick and confidential peer-to-peer transactions."
There have been some prominent Bitcoin and Monero wallets that are interested in facilitating atomic swaps. A prior exchange was conducted between Samourai Wallet and Monerujo earlier this month. Moreover, Cake Wallet was enthusiastic to promote atomic exchanges.
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