Monero (XMR) is excited about having successfully completed the research for Atomic Swaps Research.
Monero Tweeted: “The preprint ‘Bitcoin–Monero Cross-chain Atomic Swap’ has been published on IACR!”
The abstract talks about the challenges faced when one of the blockchain is not enabled for “hashed timelock contracts” and on when atomic swaps become a problem.
The research protocol talks about making atomic swaps possible between Bitcoin and Monero at the rate of two transactions per chain without have to trust any central authority, servers, or the other swap participant.
In a situation where one of the participant is holding a Bitcoin and other is holding Monero and both are following their respective protocols, there is no risk at any moment.
The Abstract states that at this situation the protocol does not require time locks on the Monero side nor script capabilities but it will need two proofs of knowledge of equal discrete logarithm across the edward25519 and the secp256k1 groups and ECDSA one-time VES.
Sydney Ifergan, the crypto expert tweeted: “Almost every other cryptocurrency community member is looking for making the atomic swap functionality work for them with Monero (XMR).”
About the BTC/XMR, “the goal at the beginning of the project was to create an atomic swap where all the logic (timeouts, possible sequences of operation, secret disclosures, etc) is managed on the other chain: the Bitcoin chain.”
An exhaustive explanation is available in this regard on Reddit.
In response to Monero Integration Issue #825 Ricardo Spagni expressed, If you use @rotkiapp for portfolio tracking you’ll be pleased to know they’re working on Monero integration. If you’re not using Rotki, and handing your information over to some web service, I question your sanity.
Rotki is the only open source cryptocurrency portfolio tracker, providing an accounting and analytics financial tool which enables the user to take ownership of financial data while respecting privacy.
The good thing with Rotki is that your data is stored, encrypted and locally on your computer. It also enables one to take ownership of their financial data. Rotki can be downloaded and used instantly.
It provides for exchange integration and pulls your data without manual integration, it is configurable where it customizes behavior based on location and tax jurisdiction, open source with source code in GitHub and it is possible to audit what Rotki does with your data, free to use, and makes blockchain integration with a node faster for blockchain queries.
A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5
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