Decred Adds Support for Atomic Swaps
September 20, 2017
Deployment Delivers on Hotly Anticipated Technology, Allowing for Direct, On-Chain Exchanges between Users of Decred, Bitcoin and Litecoin
[Chicago, IL September 20, 2017] Decred, the cryptocurrency for the people, has become one of the first cryptocurrency projects to offer on-chain atomic swaps. With this announcement, Decred (DCR), Bitcoin (BTC) and Litecoin (LTC) users can now do direct over-the-counter (“OTC”) trades without third-party exchanges. This advancement disintermediates the exchange process, allowing for greater market fluency. It also delivers on the market desire for improved interoperability between currencies and the demand for new efficiencies that drive investor value.
“Support for on-chain atomic swaps is extremely useful,” said Jake Yocom-Piatt, Decred Project Lead. “Thanks to the foresight of the Lightning Network authors and developers, and the dedication of our own developers, it is our pleasure to deliver an important capability that has been discussed since the concept of cross-chain atomic transfers was proposed in 2013.”
“Litecoin is pleased to have support for on-chain atomic swaps between Litecoin, Decred and Bitcoin. Increased liquidity between these projects that avoids third parties and counterparty risk is a benefit to the overall cryptocurrency ecosystem,” added Litecoin creator, Charlie Lee. “We appreciate Decred’s contribution of this tool to the Litecoin community.”
Users can begin performing exchanges between DCR, BTC and LTC using tools that the Decred developers have created. The tools are text-based, but will be integrated into the Decrediton GUI wallet in a future release.
Users should note that on-chain atomic swaps are intended for simple exchanges that don’t require the order book management of full-service exchanges. A more detailed technical brief has been posted on the Decred Blog.
Users who require additional assistance can talk to the Decred team at: decred.org/matrix/
“…one of the most interesting current projects, both for the current characteristics and those that will be implemented in the near future.” — Crypto Currency