Well guys it's happened!
As far as I know these trials are the first time the swap has occurred even though it's been discussed since back to 2013: https://bitcointalk.org/index.php?topic=193281.msg2003765#msg2003765
For those of you who don't know what Atomic Swap is or about this article here does a decent job explaining.
https://themerkle.com/what-is-an-atomic-swap/
Don't worry if you've never heard about this, I just stumbled upon the situation from this tweet by Charlie Lee yesterday:
And luckily for all of us the process seemed to be successful!
Charlie also responded back to my tweet to him about if the swap has fees and he said it goes to the miners.
So what exactly does this mean for all of us cryptoheads?
A few questions that popped into my ignorant head :P
- Does this overtime kill exchanges? I would think the natural answer is yes. So I'm now curious if an investment in binance coin for their exchange would be a bad idea over time...
Are there any "fees" involved? I don't know if maybe the transaction still pulls any fees, but I've tweeted out to Charlie Lee to see if he'll respond on the subject. (Will update if I find out an answer)- How quickly does the transaction occur?
Let me know what you guys think in the comments below!
~nX