284 Interactions, 4 today
COMIT Network, an open protocol supporting “trustless” cross-blockchain applications, has announced a significant advance for the communities of both Bitcoin, the world’s largest cryptocurrency, and Monero, the market’s top privacy coin,
We put out a press release to celebrate the news!
— Monero Space (@MoneroSpace) May 28, 2021
This release, version 0.7.0 of the XMR-BTC swap tool, is in accordance with the patch release on top of (version) 0.6.0 that defaults to mainnet when running a swap. The same has been expanded upon in-depth on Monero’s Reddit-based platform.
“Users can now trade XMR for BTC without any interruption from an intermediary or trading counterparty, or even without using a regulated financial institution,” according to COMIT.
So, what about atomic swaps?
To demonstrate the utility of Monero, a thorough study was released as part of the Monero Outreach newsletter. However, here’s a basic example:
Few advantages that the same intend to solve include,
- Central exchanges are centralized and hence open to a host of attacks. Atomic swaps remove the need for having a 3rd party and make the trade as direct as possible
- Interoperability between the different assets is a huge problem right now in cryptocurrencies. Atomic swaps are going to bring users of all these different coins together to help them interact with each other
It’s worth noting that this isn’t the only Monero-related development to make headlines recently.
For example, the Farcaster project collected 2727 XMR (about to $650,000 now) to develop a comparable trustless atomic swaps solution. Haveno, a Monero-focused clone of Bisq, has enabled atomic swaps for its XMR/BTC trading pair. Cross-chain bridges for Secret Network and Thorchain have also been released, allowing for seamless trade with Ethereum and Binance Smart Chain tokens.
Other popular Bitcoin and Monero wallets, such as Samourai Wallet and Monerujo, have also joined this party.
According to Justin Ehrenhofer, an organizer of Monero Space, the coin’s ongoing developments have had an impact on on-chain metrics too. He noted,
“Limited trading venues despite surging retail user demand for private and fungible money have created a strong demand for these decentralized exchanges. There are more than double as many average daily Monero transactions as there were a year ago.”