First Trustless Swap On-Off Chain Completed By Individual
According to reports, an individual has managed to successfully conclude the first ever trustless transfer by trading BCH on-chain for off-chain BTC by utilizing the submarine swap procedure by Alex Bosworth.
On and Off
Bitcoin Cash, a decentralized digital coin, saw a successful trade via the Lightning Network for off-chain Bitcoins. As per one Reddit user operating under the name of Darkdeepths, he comments on his luck in seeing the submarine swap’s trial and then promptly decided to test it himself.
The protocol itself is on-off chain trading exchange created by Alex Bosworth and enables users to utilize on-chain payments for off-chain invoices. Additionally, participants can try the tool itself with testnet tokens. The protocol itself was used by Jason Wong recently as a means of facilitating an on-chain transaction involving Litecoin in return for off-chain Bitcoin. The Redditor then used BCH for his test on the 8th of August.
As he explains it, he trades On-chain Bitcoin Cash for Off-chain Bitcoin while bypassing any need for establishing trust. He also comments on his lucky chance at taking a look at the innovative swapping tech that Bosworth is developing and then decided to conduct his own experiment. He states that he registered on Moneni.com and acquired a Lightning wallet and then paid the already available script by Bosworth to facilitate the swap.
A handful of BCH supporters did react positively to the notion of on-chain Bitcoin Cash and its trustless transfers. The Redditors post ranked at the highest on the BCH thread on Reddit and additional announcements by Darkdeepths did reveal that he would attempt to counter the process as part of his next experiment.
Ideas and creativity on this scale spread more awareness and understanding in terms of trustless swaps and the concept of a fully decentralized trading platform. Additionally, atomic swaps, as well as plasma, are providing countless opportunities for many traders to begin exchanging digital coins without the need of a medium or observing party during a transaction.