Cross-chain atomic swaps allow for different cryptocurrencies to be traded with a guarantee that the funds would be received without the need for an exchange or third party. This is a breakthrough in terms of cryptocurrency technology as it could be extended to allow merchants to accept more cryptocurrencies or even used to build decentralized exchanges. Currently successful atomics swaps have been completed between Decred-Litecoin, with more cryptocurrencies to come
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So once the secret is revealed, you can choose whichever wallet the coin is sent to? What prevents the original secret owner from just transferring to their own wallet/a wallet they own after revealing, and then taking the other person's as it's revealed?
Does the revelation of the other person's require that the secret be enabled for one wallet (their, the other's, wallet) only before it reveals itself? Then what stops the other's secret from just revealing to their own wallet?
Michael where was this filmed - just curious
someone mentioned Brighton - is that UK
Nacog Doches wrote:
>I used to go to Brighton all the time when my parents lived on Staten Island.
my reply: you mean Brighton Beach in Brooklyn? they are referring to Brighton UK .. someone clarify please .. thanks ...
note it's important for us authors to disclose approx location when filing it's what films and etc do ... it's professional ...
Hey Michael, thanks mate for yet another great vid! I have been researching the power of NEOX as an awesome cross-chain protocol so check out my comments on NEO if you are interested. I am a huge fan of all that you do, you really get into the deep end of Cryptos, which is awesome! Thanks for going to all the conferences too.....cheers, BlockchainBrad
Thanks for the great video as always. Your channel is an inspiration for my own. I also make beginner-friendly explanations of various crypto topics. If you could check it out sometime and give me some tips/a potential sub, I'd appreciate it greatly!
Btw feel free not to answer if you want to keep it private, but do you live close to or in China? I always see you with access to the Chinese CEOs and Chinese events in your videos. However, I get a sense that you probably grew up in the West though, since you don't really have an accent. Haha
Thank you for good explanation, but I have 2 specific questions regarding atomic swaps:
Since the atomic swap essentially relies on code and mathematics
1- In general, what is to prevent an unscrupulous 3rd party from hacking the code?
2- More specifically, what is to prevent an unscrupulous 3rd party from hacking the code,diverting all funds from both parties to that 3rd party, closing the “hole” in code, andleaving absolutely no trace of the hack—except that both parties lost everything?
This guy keeps showing up Micheal;
SCAM> "Hello! I have found a very good investment opportunity for %300-500 return after 3-5 days! If you want to make %350+ return after 3 days then please send BTC or ETH to one of my address below:" <SCAM
Glad you're doing outdoor vlogs again. Micheal, next time say something like "Welcome to Boxmining, I'm Micheal. Today I'm speaking to you from........". The landmarks may interest a lot of people who don't get a chance to visit asian countries.
I think Bitcoin will pop start of next month. Will move slightly downward until then. Lowest it might go from here is $3200 - $3250! and then CheckMate for anyone who is shorting it and don't buy back!
Chris Cesari I've used Shapeshift as well but it still means that a 3rd party is holding your funds. You have to trust that 3rd party. It's not the case with decentralized exchanges from my understanding.
I got Gox'd a few times and had some dude named Jon Montroll at weexchange steal a few BTC from me. At this point we have no choice but to trust the exchange that we're trading on, but make sure to get your coins off of there asap.
Holly Wu Unfortunately, there would be no price certainty since atomic swaps are peer-to-peer. From my understanding, people set the price. I too am looking for arbitrage opportunities hoping that bargain prices would be set.
Don't see anyone mentioning BlockNet? They did atomic swaps between about 20+ different coins already, first was over 6 months ago i believe. Current hype is really giving Decred too much 'cred' for their latest news...
I 'm curious as to how we would know what the fair price of the swap is if there wasn't exchanges or if prices become thin due to lack of participation in exchanges? Ie how can we guarantee that we are getting a fair swap?
Hey Michael! Have you looked into ARK SmartBridges? They seem to perform the exact same function. They have recently applied SmartBridge tech to create ACES which my understanding is you can now send ARK to perform any function on the Ethereum network... Is this the same thing? Seems like there are many blockchains working on this...
Dirk Mueller as a trader myself (not crypto, regular markets thank you very much) I'd say no. Markets allow participants to buy and sell at a price they set, you can bid and offer, arbitrage, etc. The price discovery mechanism is key to having liquidity and efficiency in a market. I don't know what the exchange rate is with atomic swaps AKA who sets that price. Indeed ARK goes beyond swaps with SmartBridges, yet the exchange rate is normally taken from exchange quotes. Without exchanges, how do you replace the price-discovery? OTC deals? If atomic swaps were implemented in such a way that individuals are able to bid and offer prices for exchange rates between two assets than yeah, centralized exchanges would be obsolete. But the exchange itself facilitated price discovery and that function can't be overlooked.
Good question I believe that ARK is going beyond just a swap as you say preforming any function in any platform via ark, opinions? Furthermore I am asking myself if decentralized exchanges get irrelevant with implementation of atomic swap?
How to become bitcoin trader? Exactly like Bitcoin, multiple digital currencies exist in the marketplace. So if you prefer to buy a few other currencies which aren`t available on Indian Exchange than you can utilize Bittrex. All you have to do is locate an exchange that you favor. Cryptocurrency exchanges have a massive potential to modify peoples minds and opinions concerning cryptocurrencies generally speaking and their application in actual life. So even in the event the exchange is attacked, its still true that you have your money. Furthermore, the exchanges prepare each and every industry for Bitcoin expansion. Existing stock exchanges will also compete to be able to fulfill the users configuration requirements. Sooner or later later on, the prices will grow more equal, meeting somewhere in the middleyour profit is equivalent to the quantity of convergence. No matter how far it is from Kijun, it is likely to return and test that level at some point. The amount of bitcoin is perpetually changing. In the US, it is 1000 USD. Whats even better, seek the services of a seasoned lawyer or at least ask for an in depth consultation. So youve read the newspaper about the meteoric growth of crypto currencies including Bitcoin or Ripple. Then coming up with 1000s of exchange rates simply to go out and get groceries is nearly impossible. Many cities around the world provide a bitcoin ATM where you are able to trade cash for bitcoin. The cryptocurrency world isn`t efficient.