Crypto

Monero Community Contributes Over $365,000 to Develop Atomic Swaps Protocol

The world of cryptocurrency is undergoing constant stages and evolutions. Int he case of Monero, an exciting development is on the horizon. With the help of the community, a new implementation for atomic swaps will be developed in the near future. 

Atomic Swaps for Monero

Achieving interoperability between different blockchains and cryptocurrencies is an ongoing struggle. By default, none of these chains are capable of working together, although it doesn’t have to be like this. Because of this lack of intra-chain communication, new solutions are difficult to come by.

Atomic swaps, for example, allow users to transfer value from one chain to the next. That is easier said than done, as these chains do not communicate with one another. To transfer value, users often have to rely on centralized exchanges. A situation that is far from ideal, for obvious reasons, but one difficult to change. 

Monero may be able to change all of that in the near future. More specifically, a new proposal to implement atomic swaps has been funded by the community. Monero Atomic Swaps are very different from what some may think. This currency uses very different technology compared to public blockchains, making this ordeal a bit of a challenge. 

A proof of concept exists already, but implementing the atomic swaps protocol will require a lot more work. In the end, users will benefit from a client or daemon to swap between Bitcoin and Monero. It is only the first pair to be explored, but a significant one nonetheless. 

Moving to the Next Level

One has to complement the developers for exploring this angle. Centralized exchanges have begun taking an aggressive stance on privacy coins lately. While banning Monero seems nearly impossible, it never hurts to cut out the middlemen altogether. 

This is not a gateway to facilitate illicit behavior by any means. After all, users are still advised to do their proper research on coins and assets, as well as other traders. Monero is an anonymous currency, but it still enforces responsibility. That aspect should never be overlooked nor dismissed. 

If all things go according to plan, Monero atomic swaps will see the light of day in Q2 of 2021. Several individuals are contributing to this ongoing development. The project achieved its funding requirement before the deadline, which is a good sign. With 2,727 XMR – or $367,572 – raised in a few weeks, expectations for this project are very high.


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JP Buntinx

JP Buntinx has been writing about cryptocurrency since 2012. His interest in crypto, blockchain, fintech, and finance allows him to cover a broad range of different topics.

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