The Altcoin.io Exchange platform announced this week the availability of the alpha release of the first atomic wallet with a working GUI for public testing. The platform is projected to be a potential tool to interrupt all the centralized exchanges being maneuvered by the digital currency community as stated by Andrew Gazdecki, the company’s founder.
The launch of Altcoin.io’s Alpha Atomic Swap Wallet is designed for Bitcoin and Ethereum. There were reports during the first week of October saying the Altcoin.io Exchange development team successfully completed the first Bitcoin and Ethereum atomic swap.
The technology has been a relatively hot topic in the past few months. There have been several atomic swap action between currencies like Bitcoin, Zcash, Decred, Bitcoin Cash, etc. The developer of Lightning Labs Elizabeth Stark divulged yesterday that her company mounted the first atomic swap between Litecoin and Bitcoin testnets.
So far, all the atomic swaps have been performed with technicality and a command line. Andrew Gazdecki, Altcoin.io’s CEO, guaranteed that the company’s alpha wallet is the only user-friendly interface that can conveniently swap Ethereum and Bitcoin.
The alpha wallet has been tested by swapping a total of 0.1 BTC for 2.33934275 ETH using two different browsers. A client operates both Bitcoin and Ethereum testnet coins and provides users with two wallet addresses to fill. Moreover, to fund the wallet, it yields two links to an Ethereum and Bitcoin testnet faucet. Both wallets will be filled with two digital asset testnet coins within a few hours. After the wallet credits, users can then type the amount they wanted to trade. For instance, a user wants to exchange 0.1 Bitcoins; the wallet will grant the exact amount of Ethereum needed to purchase from another browser.
The platform will display a URL for the person the user is trading with upon hitting the ‘start’ swap button. The URL can be copied and pasted into the browser to see the trade. The interface then displays the ‘agree’ tab which authorizes the user to perform the atomic swap. The process may take a few minutes, and both browsers must be open, or the swap will cancel. If the exchange is withdrawn, the trade won’t be completed, and the original coins will be returned to both parties.
The development team of Altcoin.io assured the users that the entire process is 100 percent safe. Gazdecki said in reports that there is no centralized repository and the users are the only one in control of their coins. There is a fixed time limit for trades because the platform uses hashed time-locked contracts (HTLC) to finish the process.
The wallet of Altcoin.io provides a cryptographic code to confirm that both parties have sent the coins together with a code that pretty much serves as a receipt to affirm the settlement. Gazdecki believes that the atomic swap technology will eradicate the idea of centralized exchanges in the future through its ability to exchange finds across two blockchains without a consolidated repository.
Gazdecki said that centralized exchanges are “virtual honeypots” for hackers because of billions of dollars worth cache that lies beneath a veneer of a bypassable security. He elaborated that by merely exploiting a weakness, pirates could have access to the funds the traders are doing business on the platform. This could be changed using atomic swaps and evolve digital currency trading as entirely trustless.
The developers are planning to provide additional digital currencies, automated order matching, and third-party wallet integrations to demonstrate to the public the efficiency of the technology; an interface friendly atomic swap will be introduced during the initial release.
Gazdecki emphasizes that they hope to bring atomic swap to the general public through the first alpha release, and display the technology’s potential for the digital currency community. They visualize the project emerging into a fully decentralized exchange where users have 100 percent control of their tokens.
Gazdecki added that they are innovating to allow individuals to convert any token into their wallets. Part of the process is improving the ability to swap dozens of other tokens, adding an automated order matching, and third-party wallet integrations. Gazdecki said as he concludes; “We will have more tokens to atomic swap within the next 2-3 weeks at the very most.”