Vertcoin recently managed to accomplish the Atomic Swap. This is big news for this future rising start among crypto currencies.
What is the Atomic cross-chain trading for those who are new to the crypto and blockchain scene? This is a methodology which allows for instant coin swap without the use of any third parties. This relatively new technology aims to revolutionise the way users exchange one crypto currency for another.
Whenever two users try to exchange two different crypto currencies, for example Litecoin and Vertcoin, users can accomplish this without the use of any exchanges. The successful transaction is guaranteed by the Atomic Swap utilizing hash time-locked contracts (HTLCs). This would prevent any user from being scammed of their BTC without receiving the amount of crypto they initially have ordered.
To ensure that two blockchain technologies can perform the Atomic Swap, it’s necessary for both of them to share the same cryptographic hash function. In this case for Vertcoin is SHA256. This requirement is a necessity in order to ensure that locked contract functions properly when the users provide the number generated by the hash function.
Completing the Atomic Swap will ensure the fast trading of VTC with other cryptos sharing the same hash. This is a huge step towards the ideological financial decentralization and Verticoin is one of the new leading in the race of third party free blockchain technologies.
CryptoConan
