UPDATE: We have just officially performed our first BNTY -> TAU Atomic Swap on the mainnet!

Today, we are pleased to announce that Lamden’s atomic swap protocol is no longer theoretical. We have successfully carried out our first interchain swaps! Using the Clove protocol, we successfully exchanged between Bitcoin, Ethereum and ERC20 tokens using the Bitcoin and Kovan testnets. This marks a momentous step in the development of Clove, and the start of Lamden’s Tau token realizing its true utility.

We’re proud of the rapid progress we’re making on Clove, our tool designed to allow inter-chain swapping. Clove works through the use of atomic swaps, which allow users to transfer or exchange assets from one chain to another. Our development team has been hard at work integrating atomic swaps into Clove by manually adding as many coins and tokens as possible.

Thanks to their tireless effort, we now have over 150 integrated cryptocurrencies with 800+ additional currencies awaiting review from our recent bounty campaign! This includes virtually all forks and compatible variations of Bitcoin and Ethereum, including ERC20 tokens.’

Update: We just successfully implemented our first BNTY → TAU Atomic Swaps on the mainnet!

About Atomic Swaps

Atomic swaps are an integral part of the Lamden project, as they solve the problem of trustless cross-chain interaction. Just as we expect the exchange of assets within a blockchain to be trustless, so too should interactions between different blockchains. This is essentially the function of atomic swaps: trustless exchanges between two different blockchains.

Currently we rely on centralized exchanges to swap between different cryptocurrencies, but this exchange method introduces a third-party that we are forced to trust. In reality, centralized exchanges have time and time again broken this trust by committing theft or allowing faulty security to enable hackers to steal millions of dollars worth of cryptocurrencies. Aside from these severe security risks, exchanges also require us to pay fees per transactions, and restrict trading options to a limited number of pre-set pairs.

Lamden aims to use the solution of atomic swaps to do away with the need for third parties for inter-chain exchanges, be it for commercial or personal transfers. Using Clove, the two parties swapping different currencies will do so in a manner visible by public ledger, similar to how transactions within most blockchains happen now. Both parties will see what the the other is sending, and the transaction will only go through with the acceptance of both.

It is these atomic swaps that will allow interoperability between practically all the different blockchains that exist today, and Lamden is now one step closer to making this idea into a reality.

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