On Friday, the Sideshift app has been utilized to demo a Bitcoin Core (BTC) to Tether (USDT) swap via the Lightning Network.
The Sideshift application enables users to swap digital currencies between chains. It was introduced by programmer Andrea Brekken in 2018 as one of the application suites he developed for the Drivechain project. Brekken is the CEO of Shitcoin.com, and has formerly held the most BTC ($220,000) on the Lightning Network. The Sideshift platform lets individuals convert coins for a minimal fee with under five seconds processing time.
During the demo, Sideshift processes a swap between BTC contained on the Lightning Network and USDT through the Android Eclair mobile wallet. Although the app is still in its early stages, users can already try the “test pilot stage.” However, it requires a special code to access the testing stage, and Sideshift’s Twitter handle will only provide codes to eager testers with a Bitcointalk.org account that is over two years old.
The Sideshift app is unavailable to residents in the US or North Korea. The US ban is because of the overreaching financial laws in the nation. US regulators and law enforcement agencies may prosecute organizations and individuals by intimidating them with criminal charges for conducting financial transactions.
To view Sideshift, the proxy was changed to an EU-based server and looked at a platform which operates like Shapeshift, but without involving KYC guidelines. Looking at the previous transactions logged on its main page, testers swap tiny fractions of digital currencies.
The platform displays the swappable currencies, including BTC, BCH, ETC, ETH, ZEC, DASH, LTC, USDT, SPANK, XMR, and DAI. Sideshift also lists the conversion rates for every crypto asset paired against other listed coins. At press time, the last shift was using the Lightning Network with 0.0003 BTC for 0.008601 ETH. There is also a swap between 0.9805 ZEC and 0.0149022 BTC that does not involve the Lightning Network.
Since Shapeshift adopted KYC, crypto enthusiasts have been searching for platforms that provide anonymous swaps. Multiple digital asset “shifting” apps have then popped out of the woodwork. Cross-chain atomic swaps were also a hot topic among cryptocurrency proponents as several veterans hardly trust third-party exchanges. Although Sideshift offers fast cross-chain trades, testers must keep in mind that the platform is still in its infancy. Therefore, individuals who get the access code from Sideshift administrator should probably only utilize tiny fractions of digital currency.