Exchange Union Performs Bitcoin (BTC) & Litecoin (LTC) Atomic Swap Transaction
In the second recorded instance of this type of transaction, Bitcoin and Litecoin paired up for an atomic swap, which was announced by the Exchange Union Exchange Startup. The transaction involved the use of two LND nodes which were found on GitHub through an obsolete LND branch.
The Exchange Union posted on Twitter with a link to their blog to explain the entire transaction. However, they also wrote the following tweet:
“We just did our #Lightning BTC/LTC swap! Instant, trustless, decentralized – that’s how exchanges will work in future! We are also launching early stage testing of our XUD node with selected exchanges next month. Stay tuned! Wanna try the swap?”
In an atomic swap, it is easy to perform decentralized exchanges, as long as the networks are compatible. The goal of this type of transaction is to bring together other coins that make the platforms more versatile between each other. They basically work as a type of smart contract, giving the exchange instant transactions for consumers and does not require the help of a third party. With this swap, there was no need to enlist on the block libraries, which can make it difficult to track.
Their Nolan first brought the idea of this kind of exchange in 2013. With this change, clients can use crypto-credits in their trading, though atomic swaps are only performed with peer-to-peer exchanges on a decentralized platform.
The first transaction of this kind was in November 2017, and was handled by Lightning Labs, which was a startup at the time. Presently, Bitcoin is being traded at a rate of $7,659.08 per token, while Litecoin is being traded at a rate of $120.08 per token.