The crypto world has astronomically imploded this year and all this digital cash business is all we hear about. First came bitcoin, followed by over 850 other so called cryptocurrencies (a.k.a “bitcoin wannabes”).
Let’s take a step back for a second…
It’s always been about the bitcoin – with over 50% of the total market cap, it makes sense that anything in the realm of crypto is compared to bitcoin.
It’s always been “how does it compare to bitcoin?” – Bitcoin against the world if you will.
… until now. 🙂
Introducing: The Atomic Swap
An atomic swap allows one cryptocurrency to be swapped (exchanged) at the market rate with another cryptocurrency instantaneously and without involving any risk(s).
In laymen terms:
You’ll be able to swap bitcoin with altcoins interchangeably.
How? The Lightning Network – a next level blockchain layer/network (FYI – When you hear the term LN, that’s what they’re referring to).
It has been a pipeline dream up until this point.
But our main man, Charlie Lee (the creator of Litecoin i.e. a true genius) just announced some news, and planet earth has every reason to be excited:
— Charlie Lee [NO2X] (@SatoshiLite) August 23, 2017
In Plain English:
“Litecoin is testing the lightning network to enable toggling LTC and cryptocurrencies seamlessly”.
Once the foundation is laid, support for other currencies can be built. The big jaw dropping milestone will be between Bitcoin and Litecoin.
By the look of things, the first swaps may very well include Litecoin and Decred. This development is a huge breakthrough… and assuming the tests will be successful will give Litecoin a first mover advantage.
Definitely, hold your horses and #watchthisspace! You can follow my Medium post for more information about atomic swaps.