COMIT Network, a research group based out of Australia, has announced that trustless atomic swaps between Monero and Bitcoin are now available on Mainnet. This means that users would be able to swap between these 2 cryptos without the need for a trusted intermediary or counterparty.
This would also mean that there does not need to be any regulated exchange for such swaps. Unlike many other cryptos, Monero hides the sender, receiver, and amount for all transactions making it a truly private transaction. This crypto has now become the standard the world over, for private digital payments.
“The decentralized Monero exchange technology is here, so now it’s a race for wallets to provide the best user experience,” says Justin Ehrenhofer, an organizer of Monero Space. “With such high user demand for easy and private peer-to-peer exchanges, it’s only a matter of time before wallets widely implement them.”
Similar atomic swaps were done by the forecaster project and Haveno project as well. The reason for such focus on atomic swaps is that the number of places where trading of such atomic swaps is done is very limited. So, those who need such private transactions seek out these limited avenues and hence the need for creating more such wallets which work on these.
Most of the attention is focused on centralised exchanges or derivatives and the wallets are also created to cater to such exchanges and transactions. Such blockchain-based private transactions are left in the lurch and so there is an avenue for development in this space as long as there is an increase in transactions.
The number of transactions on Monero has doubled over the last year as more and more users begin to realise that truly private transactions are possible on this blockchain. Some of the popular wallets have also shown interest in handling atomic swaps. These wallets include Samourai and Monerujo which performed a test swap about a month ago.
Decentralised exchanges have been gaining traction over the last few months and this is the general trend across the market. It remains to be seen whether there would be an improvement in the trading volumes of Monero now that such atomic swaps have been made possible. This could then set off a real race among wallets and participants to handle Monero transactions which would be good for the entire ecosystem which is skewed towards Bitcoin a little too much at this time.