🔷Atomic Swaps Explained !
🔷An atomic swap is a smart contract technology that enables the exchange of one cryptocurrency for another instantly within the CTO APP.
🔷This is an incredible new feature that is coming to Cloud Token.
🔷 Atomic swaps can take place directly between blockchains of different cryptocurrencies, or they can be conducted off-chain, away from the main blockchain.
🔷 Don’t miss out when the Atomic Swap Interface goes live in the CTO App.
🔷 It’s important to emphasize that all traders hold their private keys throughout the entire atomic swap process. As a result, atomic swap trading is magnitudes more secure than trading crypto on a centralized exchange.
🔷 What if there were no exchanges to hack?
🔷As a new generation of crypto users begin to invest in the technology, full stack developers are growing concerned about its infrastructure.
🔷They’ve seen this happen before – new users enter the space attracted by big gains, then suddenly, a catastrophic failure, usually at the very exchanges designed to hold and custody those funds.
🔷But out of adversity, inspiration is taking hold, with high-profile coders such as Ronald turning their focus to atomic swaps, a concept that claims to allow for the direct, peer-to-peer transfer of cryptocurrencies across different blockchains. In the place of the vulnerable exchanges we use today, the idea behind atomic swaps is that these large repositories of customer money could be rendered obsolete by code.
🔷 Atomicity describes the binary all-or-nothing nature that defines atomic swaps: the successful execution of either a swap or refund.
🔷 Atomic swaps are programmatically guaranteed to either happen securely or not happen at all.
🔷 Cross-chain atomic swaps are the cheapest and most secure way to swap cryptocurrencies OTC Hash Time Locked Contracts (HTLCs) and Atomic Swaps represent the critical elements for programmable money, allowing users to not only save on unnecessary fees, but also significantly reduce counterparty, settlement, and custodial risks. Through these base-layer smart contracts, CTO can build a value management system that enables shared, accessible, and efficient liquidity networks.
🔷Atomic Swaps sound really sexy as well.
🔷 Join us at the cutting edge of the blockchain industry.