When I first learned about Bitcoin, I had to learn about the blockchain, cryptocurrency and one of most important aspects of cryptocurrency has always been control of your cryptocurrency. The presence of your cryptocurrency in your cryptocurrency wallet and your possession of your private keys guarantees this control and the safety of your cryptocurrency. Ironically, this movement founded on this concept where you controlled the keys to your wallet and thus you controlled your cryptocurrency, has always had centralized exchanges.
If you exam the large exchanges like Coinbase, Binance, Bittrex and others, they are centralized. This means they are run by a small group of people who make the rules. And in order to trade cryptocurrency tokens you must surrender your cryptocurrency tokens to them and you must trust them to return your property. Now your cryptocurrency no longer resides in your wallet, under the control of your private keys. Now your cryptocurrency resides in the exchange wallet, under the control of their keys.
Because of this the exchange now has control of your cryptocurrency. This is not immediately apparent, but becomes apparent if the exchange freezes all trading or if the exchange just freezes trading of your particular tokens wallet. If this happens you can't trade your cryptocurrency tokens. You can鈥檛 sell your tokens and you can鈥檛 move them.
You then have to wait until they say you can have them, and sometimes they say how much, when and what you can do with them. This sudden and complete loss of control clarifies exactly who controls your cryptocurrency deposited on a centralized exchange. In addition, when this happens you truly understand that a centralized exchange controlls your cryptocurrency as if it鈥檚 nit really yours. Plus you understand the importance of an alternative type of exchange, a decentralized exchange, where you don鈥檛 surrender control of your tokens.
After years of only centralized exchanges the "DEXS" or decentralized exchanges appeared. Uniswap, Justswap and others are more decentralized then the first generation of exchanges, but they still require your cryptocurrency to leave your wallet and be stored on the exchange wallet, so you can swap tokens, and contribute liquidity to liquidity pools.
Like the fables or tales of unicorns, another technology promised true decentralization of exchanges. This unicorn-like technology was called an Atomic Swap. It was described as the solution to the centralized exchange.
In general terms, atomic swaps allow you to exchange your cryptocurrency for someone else鈥檚 cryptocurrency without moving your crypto-currency to an exchange wallet, where it鈥檚 no longer in a wallet under your control, but in an exchange wallet under their control.
In an Atomic Swap you trade cryptocurrencies in a trustless fashion, from peer to peer and wallet to wallet, by interfacing your wallets with a smart contract, into which both parties input the details of the trade, the smart contract verifies the existence of the cryptocurrencies involved in the proposed trades and once both parties agree to the terms and consent to the swap, the cryptocurrencies are exchanged.
As you can see, your cryptocurrencies stay in your wallets until the trade deal is agreed to and appropriate wallets exist on each side and then they are exchanged. So you never surrender control of your cryptocurrency until the actual cryptocurrency trade or exchange occurs. And the cryptocurrency never resides on an exchange only your wallet and the wallet of the person you are trading with... true decentralization.
Yes, just like a unicorn, I found a functional decentralized exchange doing atomic swaps! Just like the unicorn, this mythical beast was often spoken about but never seen. But now has been found. Plus it is in use by very notable projects like #Bitcoin, #Bitcoin Cash, Dash and #Litecoin. Yes these three coins are one of the 100 coins which has completed the Integration Process and now can be swapped via an atomic swap.
I learned of a product called XBridge, created by Blocknet.io and according to the website documentation Blocknet鈥檚 XBridge is capable of atomic swaps with over 100 different cryptocurrency projects. These cryptocurrency projects include #Bitcoin, #Bitcoin Cash, #Dash and #Litecoin.
XBridge performs a decentralized wallet to wallet exchange or swap using the atomic swap technology. X-Bridge approaches each of the four main components of an cryptocurrency exchange a decentralized fashion (in the words of Blocknet.co developers):
- Trading is non-custodial and occurs directly out of the client's wallet. Funds remain within the client's control throughout the entire process.
- Orders are broadcasted directly peer-to-peer over the network. Each client compiles the order book themselves instead of relying on a central order book service. All integrators and services on the protocol share the orderbook and liquidity. Currently there is just support for a public order book, but there are plans for private order books and direct trading as well.
- This is performed peer-to-peer by the clients.
- This is performed using BIP65 CLTV atomic swap contracts[1]. For blockchains that do not inherently support BIP65, such as Ethereum, similar methods are being emulated to extend the protocol to those blockchains and subsequent assets.
#Please-note-this-is-paraphrased-from-their-website-for-accuracy. Source
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Blocknet has been working on the problem of centralization of exchanges and centralization since 2014. It created a product which performs atomic swaps called XBridge. This product is a dApp, but it works on a network, not a blockchain. You see BLocknet.io is not just working on a dApp, they are working on a phenomenal concept called the interchain which is revolutionary network, not controlled by anyone and open to everyone. This product is called XRouter.
The interchain product X-Router is a decentralized communication layer that connects blockchain networks to multi-chain applications.
Blocknet has conceived the notion that cryptocurrency isn't a zero sum game, with one or two blockchains being the winner and all others being loser. Instead Blocknet envisioned a network, open to all, which allowed all blockchains to speak to each other, and all applications on blockchains to be able interact with applications on other blockchains, and buy the goods and services of these applications.
Imagine a software platform, similar to the internet connecting webpages, that connects blockchains. Thats right, envision all the blockchains in the cryptocurrency universe, being connected to other blockchains functionally by a network, called the internetwork. And this network allows communication between applications on different blockchains, and the purchase of goods and services between blockchains. And lets take it one step further, these purchases are made with each chains native cryptocurrency tokens, using atomic swaps and multiple asset wallets.
Block net.co
So there are many more technical details that you can read about on their website. Blocknet.co has created a True decentralized cryptocurrency exchange with atomic swaps. This may be one version of decentralized trading of the future, where people exchange cryptocurrencies from their wallets.
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馃槑
Una respuesta para mejorar la seguridad del comercio de criptomonedas: intercambios at贸micos.
La paradoja de la criptomoneda descentralizada y los intercambios de criptomonedas centralizados.
Cuando supe por primera vez sobre Bitcoin, tuve que aprender sobre la cadena de bloques, la criptomoneda y uno de los aspectos m谩s importantes de la criptomoneda siempre ha sido el control de su criptomoneda. La presencia de su criptomoneda en su billetera de criptomonedas y su posesi贸n de sus claves privadas garantiza este control y la seguridad de su criptomoneda. Ir贸nicamente, este movimiento basado en este concepto en el que usted controlaba las claves de su billetera y, por lo tanto, controlaba su criptomoneda, siempre ha tenido intercambios centralizados.
Ni tus claves, ni tu criptomoneda
Si examina los grandes intercambios como Coinbase, Binance, Bittrex y otros, est谩n centralizados. Esto significa que est谩n dirigidos por un peque帽o grupo de personas que establecen las reglas. Y para intercambiar tokens de criptomonedas, debe entregarles sus tokens de criptomonedas y debe confiar en ellos para devolver su propiedad. Ahora su criptomoneda ya no reside en su billetera, bajo el control de sus claves privadas. Ahora su criptomoneda reside en la billetera de intercambio, bajo el control de sus claves.
Debido a esto, el intercambio ahora tiene el control de su criptomoneda. Esto no es evidente de inmediato, pero se hace evidente si el intercambio congela todas las operaciones o si el intercambio simplemente congela el comercio de su billetera de tokens en particular. Si esto sucede, no podr谩 intercambiar sus tokens de criptomonedas. No puede vender sus tokens y no puede moverlos.
Luego tienes que esperar hasta que te digan que puedes tenerlos y, a veces, dicen cu谩nto, cu谩ndo y qu茅 puedes hacer con ellos. Esta repentina y completa p茅rdida de control aclara exactamente qui茅n controla su criptomoneda depositada en un intercambio centralizado. Adem谩s, cuando esto sucede, realmente comprende que un intercambio centralizado controla su criptomoneda como si fuera realmente suyo. Adem谩s, comprende la importancia de un tipo de intercambio alternativo, un intercambio descentralizado, en el que no cede el control de sus tokens.
Intercambios descentralizados
Despu茅s de a帽os de solo intercambios centralizados, aparecieron los "DEXS" o intercambios descentralizados. Uniswap, Justswap y otros est谩n m谩s descentralizados que la primera generaci贸n de intercambios, pero a煤n requieren que su criptomoneda deje su billetera y se almacene en la billetera de intercambio, para que pueda intercambiar tokens y contribuir con liquidez a los fondos de liquidez.
Intercambios at贸micos
Como las f谩bulas o los cuentos de unicornios, otra tecnolog铆a promet铆a una verdadera descentralizaci贸n de los intercambios. Esta tecnolog铆a parecida a un unicornio se llam贸 Atomic Swap. Se describi贸 como la soluci贸n al intercambio centralizado.
En t茅rminos generales, los intercambios at贸micos le permiten cambiar su criptomoneda por la criptomoneda de otra persona sin mover su criptomoneda a una billetera de cambio, donde ya no est谩 en una billetera bajo su control, sino en una billetera de cambio bajo su control.
En un intercambio at贸mico, intercambia criptomonedas de manera confiable, de igual a igual y de billetera a billetera, al interconectar sus billeteras con un contrato inteligente, en el que ambas partes ingresan los detalles del intercambio, el contrato inteligente verifica la existencia de las criptomonedas. involucrados en las operaciones propuestas y una vez que ambas partes est谩n de acuerdo con los t茅rminos y dan su consentimiento para el intercambio, se intercambian las criptomonedas.
Como puede ver, sus criptomonedas permanecen en sus billeteras hasta que se acuerda el acuerdo comercial y existen billeteras apropiadas en cada lado y luego se intercambian. Por lo tanto, nunca cede el control de su criptomoneda hasta que se produzca el comercio o intercambio de criptomonedas. Y la criptomoneda nunca reside en un intercambio, solo su billetera y la billetera de la persona con la que est谩 negociando ... verdadera descentralizaci贸n.
Un unicornio
S铆, al igual que un unicornio, 隆encontr茅 un intercambio descentralizado funcional que realiza intercambios at贸micos! Al igual que el unicornio, a menudo se hablaba de esta bestia m铆tica, pero nunca se la ve铆a. Pero ahora se ha encontrado. Adem谩s, est谩 en uso por proyectos muy notables como #Bitcoin, #Bitcoin Cash, Dash y #Litecoin. S铆, estas tres monedas son una de las 100 monedas que han completado el proceso de integraci贸n y ahora se pueden intercambiar mediante un intercambio at贸mico.
XBridge: una soluci贸n de intercambio at贸mico.
Me enter茅 de un producto llamado XBridge, creado por Blocknet.io y, de acuerdo con la documentaci贸n del sitio web, XBridge de Blocknet es capaz de realizar intercambios at贸micos con m谩s de 100 proyectos de criptomonedas diferentes. Estos proyectos de criptomonedas incluyen #Bitcoin, #Bitcoin Cash, #Dash y #Litecoin.
XBridge una verdadera cartera de pedidos y Exchange descentralizada.
XBridge realiza una billetera descentralizada para intercambiar o intercambiar billetera utilizando la tecnolog铆a de intercambio at贸mico. X-Bridge se acerca a cada uno de los cuatro componentes principales de un intercambio de criptomonedas de manera descentralizada (en palabras de los desarrolladores de Blocknet.co):
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