Monero-Bitcoin Atomic Swaps Live in Testnet, MVP on Menu

Thu, 01/14/2021 - 17:39
article image
Vladislav Sopov
Atomic swaps are peer-to-peer interactions between two blockchains. With new release by COMIT enthusiasts, BTC/XMR swap is right around the corner
Cover image via stock.adobe.com

COMIT Project tasked with building cross-chain interaction infrastructure, has shared an update of its Bitcoin/Monero experiments. While testnet XMR/BTC swaps are up and running, while minimal viable product (MVP) is coming soon.

Developers polish XMR/BTC swaps

According to the announcement shared by COMIT team in its official subreddit, during last weeks several atomic swaps occurred between Bitcoin (BTC) testnet3 and Monero (XMR) stagenet sandbox environments.

XMR/BTC swaps are live in testnet
Image via Twitter

Meanwhile, the setup of the instrument remains cumbersome, in particular - on Bitcoin (BTC) side: it takes full Bitcoin testnet node and depends on internal wallet used for testing. 

MVP, which is going to be shipped in the next phase of experiments, will initially act as a single-sided tool. Users will be allowed to buy XMR from a fixed market maker that broadcasts XMR/BTC price on a website.

First version of tool will be released in form of a command line interface (CLI).

What does that mean for Bitcoin and for Monero?

The team is sure that single-sided version of a new tool (one direction/one fixed maker) is a good one to start with, in terms of further development. 

Next releases will include decentralized market-making (maker discovery and orderbook) and evolve into peer-to-peer marketplace.

At the same time, another team is working on different solution for BTC/XMR atomic swaps. It is funded by a large-scale Community Crowdfunding System (CCS), Monero community-driven initiative.

Releasing atomic swaps with Monero (XMR) may result in increasing the privacy of Bitcoin (BTC) holders: they will be able to obfuscate transactions with no need to interact with centralized services.

article image
About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)