Atomic Swap And It's Benefits In Crypto Currency
Hello Everyone |
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Greetings from me to all the members and have some good wishes for all the members and hope all are well like me and performing thier work properly and enjoying their lives.Some of peoples knows about atomic swap but some of us don't know about atomic swap for that today I'm going to share about atomic swap in crypto currency and how they work with complete explanation and i hope this will be interesting and very useful.
Atomic Swap |
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Atomic swaps are the contracts basically these are automated and self enforcing crypto currency exchange contracts and these contracts are self and automated and these contracts allows all the traders to did tradeof crypto currency without any third party.Basically these are the self automated contracts and they gave permission to all the trader for doing trade without any third person or third party in crypto currency if any trader want to do trade in peer-to-peer then atomic spees allow this trader to did trade without any third papeer.As if we want to do trade in peer-to-peer then we can trade with the permission of atomic swap and insure us to did trade without third papeer
Explanation |
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As i said before it allows trader to did trade without any third part as if we have any crypto currency or tokens and we want to swap them into other coins or tokens so firstly we use centerlized exchange for this purpose firstly we sign up to this exchange and they get our verification and that's very huge process and they required all our social identification or our adress and soo many other things.After that if we have some bitcoin and we want to exchange in this exchange we face too difficulties one is transaction fee and second is wallet trust.After that when we want to exchange our bitcoin to other currency firstly we have to sell our bitcoin and get cash and then buy other currency and in this process we all pay some fee for buying and also pay fee for transfering into own wallet.For the solution of this problem we used atomic swap in this it's like smart contracts and in this when we want to exchange our bitcoin to other currency then we get box and another person also came and exchange his currency with our curreny and in this process firstly we send our curreny to this box and other person also did the same thing after both did this process they both get the key of this box and we can exchange our curreny easily and that's the work of atomic swap.
It's Benefits |
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• The first benefit of atomic swap is that their is no chance of human error.
• The second benefit is that's its very fast and also take very low fee.
• In other exchange we have to give our personal details but in atomic swap we don't have to give any personal identification.
• Thier is a no chance of hacking or loosing our coin and that's the benefits of atomic swap.
Special Thanks |
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Regards By |
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that's a nice thing to know because there were a lot of investments losses due to human errors