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Saturn protocol enables atomic swaps for Ethereum and Ethereum Classic

  • The Saturn Protocol is enabling atomic swaps between Ethereum and Ethereum Classic to allow decentralized trading.
  • This feature allows users to have full control over their funds during the transaction process across the two blockchains.

The developers of the Saturn protocol have announced the launch of a new feature that will allow users to perform atomic swaps cross chain. By enabling a decentralized exchange between the users of two chains, the function will be a medium for the value transfer between two different and isolated blockchains.

An atomic swap is a protocol that allows two untrusted parties to make a value transaction without depending on a third entity, like an exchange. The swap protocol prevents one of the parties from not complying with the terms of a trade. In that sense, transactions with atomic swaps are either fully concluded or reversed.

Peer to peer trading between Bitcoin, Ethereum, ETC and Litecoin

According to the developers, the feature will allow users to exchange values between Ethereum and Ethereum Classic, Ethereum and Bitcoin and even Decred and Litecoin. However, Saturn will start implementing the solution with the first pair mentioned above and then offer atomic swaps for the DAI/ETC and USDT/ETC pairs. Of these pairs, Saturn will gradually adapt the exchange medium for other block chains.

The exchange between the pair DCR/LTC was the first atomic swap completed between two chains 3 years ago, according to the developers of Saturn. Saturn’s team continued to say the following:

Making cross-chain atomic swaps really work at scale is as much a technical problem as it is a user experience challenge. Without an easy way to access liquidity there would be no successful marketplace. We are finally at a stage where our fundamental blockchain research, combined with the power of Saturn Rings, will provide cross-chain liquidity (…)

According to the developers, there are numerous advantages to atomic swaps that are not offered by third parties, such as centralized crypto exchanges. The user of cross-chain atomic chain swaps owns the full control over the funds used in the exchange process. In this way, he can suspend the money transfer at any time:

This is the new, hack-proof cryptographically secure way of trading cryptocurrencies that completely eliminates counterparty risk. Unlike when you use centralized exchanges, your funds will never get stolen by hackers.

On Twitter, the Ethereum Classic team celebrated the launch of the protocol. As reported by CNF, Ethereum Classic has been implementing a series of hard forks to increase its compatibility with Ethereum. The last two updates, Atlantis and Agharta, were successfully activated. The last one, Agharta was activated on January 12, 2020, with block 9,573,000 and incorporated the opcodes of Ethereum’s Constantinople and St. Petersburg hard forks into ETC’s mainnet.

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Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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