A cryptocurrency startup Take Wing has successfully conducted a first atomic cross-chain transaction in between its test networks CityOfZion (NEO) and on on ethereum based Ropsten. This was backed by documentation posted on the development platform GitHub.
Atomic swaps or atomic cross-chain trading is a process of directly exchanging one digital currency for another without a need for a third-party like a cryptocurrency exchange.
Why it is important
- The atomic swap technology is increasingly drawing the attention of crypto developers as it can enable a direct currency swap between two different blockchains. 1. The first working prototypes of Atomic swaps have been revealed in 2017. Experts are still debating over how this technology will be used by the public. But, most agree that this may happen rather soon.
Recently Atomic Wallet a decentralized exchange that supports the atomic swaps has announced it will look to introduce support for Monero in the coming weeks. The platform has also promised to enable to bring a bitcoin to monero swap within the next two months.
Just a reminder, the first ever atomic swap was conductedy in November 2017. Lightning labs has completed a transaction between bitcoins and litecoins.