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The Concept Behind Atomic Swaps

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By Author: Admin
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If you have an interest in Cryptocurrency and Blockchain you would have surely heard about Atomic Swap. But if you are still confused and unable to understand the Atomic Swap concept we are just here to make you able to know about it fully. After reading this blog you will be able to clear your all confusions about Atomic Swap.
What Are Atomic Swaps?

Atomic swaps all about a technology that permits the peer-to-peer exchange between two cryptocurrency tokens on the different Blockchain networks. With the help of atomic swaps, you would be able to exchange different Cryptocurrency tokens without involving a third party. It does not need a centralized exchange for the processing of transactions but on the other hand, you use a smart Blockchain contract to assure that the cryptocurrency swap is done as pre-planned.

The transaction done by Atomic Swaps is always secure and private. Users can make their transactions without pay highly charged fees because of decentralization and the absence of a third party in their contracts.
How Does It Work?

The purpose of this blog is not to make you bore ...
... and confuse with extra exaggeration but the main purpose is just to highlight the main concepts behind Atomic Swaps. After reading this blog you will be able to understand two major concepts behind Atomic Swaps.

Firstly, the most important concept behind the atomic swap is its decentralization. It means that no centralized authority oversees the atomic swap. That’s why shows that transactions are programmed.

Secondly, it’s a time-bound transaction which means that the receiver of payment must acknowledge payment, courtesy of cryptographic proof, within a limited period. The timelock does not allow cryptocurrency transfer until a specified future time.

These are the main concepts behind Atomic Swaps which make sure that either it is valid or not.
Two Sides of the Coin

We have discussed the almost complete significance of Atomic Swap. But the most important point here about the Atomic Swap is its credibility. Its privacy and security features are remarkable. It provides full-fledged privacy when transactions are done through it.

It does not mean that Atomic Swap is 100% perfect and free of complications. It is informed that the technology behind Atomic Swap is still under development process and we can take in a practical stage yet because it requires exceptional growth in cryptocurrency and technical knowledge and resources before its massive adaptation.

Food For Thought

It is right that Atomic Swaps have a few limitations but beyond these limitations, Atomic swaps are revolutionary. If you remember about Cryptocurrency and Blockchain technology these both also had the same issue in the beginning.

If it is adopted by a few of the persons it may reconstruct the way we look at cryptocurrency transactions. We can say that Atomic Swap may become the next big step towards actual decentralization.

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