On August 0, the developers of the anonymous cryptocurrency Monero added support for atomic swaps to quickly exchange XMR for BTC. After that, the coin rate increased by 20%.
To carry out atomic swaps (direct exchange of tokens between blockchains), the Monero developers have implemented the COMIT internet protocol. If on Friday the XMR coin was trading at $ 265, then the very next day its rate reached $ 320. This is not yet a historical record, but a noticeable rise in the exchange rate. XMR is now ranked 28th in CoinMarketCap’s rankings.
Atomic swaps are a technology that allows you to exchange cryptocurrencies without a trusted intermediary, such as a cryptocurrency exchange. They also allow you not to trust the second party to the transaction. An exchange transaction can have only two outcomes – successful, when the exchange of tokens takes place, and unsuccessful, in which case the coins remain in the wallets of the previous owners. Therefore, there can be no cases when one user sent tokens, and the second one appropriated them without sending his own.
While atomic swaps for exchanging XMR for BTC are working in test mode, the developers warn about possible errors and bugs. To test swaps, users need to download a special version of the application.
In early August, Monero founder Riccardo Spagni was arrested on charges of fraud by the South African authorities. The arrest took place in the American Nashville. However, the arrest was not related to the development of Monero and had little impact on its price.
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