Minexcoin, the payment system blockchain based on low-volatility cryptocurrency, has successfully executed its first Atomic Swap between BTC and its MNX blockchains following its groundbreaking internal testing.
The Kyiv-based company is delighted to announce to the crypto-community that it is now test-driving its Atomic Swap technology into the blockchain industry, taking it one step closer towards the creation of a truly decentralized cryptocurrency exchange platform that doesn't require third-party intermediaries or charges excessive fees to process orders.
“So far we use Testnets only for demonstration of MNX capacities,” MNX Blockchain Developer Vladyslav Zaichuk stated.
Minexcoin utilizes two distinct blockchains - in Testnet mode - to achieve it goals; MNX and BTC blockchains. Testnet blockchains are different from the Mainnet in that the currency on those blockchains have no value - or cost. This enables developers to test our new features and updates without breaking or disrupting the main chain or exposing their assets to risk. MNX developers were able to test out their groundbreaking Atomic Swap technology on the Testnet and demonstrated how the exchange works via console in this video.
Atomic Swaps enables users to exchange one form of cryptocurrency to another without needing to trust a third-party. Atomic Swap facilitates the connection of different blockchains, enabling users across different blockchains to seamlessly exchange values based on pre-arranged (and time exclusive) terms. But what happens when one of the exchange parties does not have enough time to make a transaction or cancels the exchange? MNX has put together an explanatory video on their official channel which can be viewed here.
“To put an event-driven system in order our code uses the idea of a reactive non-blocking programming approach. It is good for processing a large number of events, which makes our solution functional. Also, it has to be highlighted that Atomic Swap implementation will trigger quality modifications in MNX blockchain itself,” MNX Lead Blockchain Developer Roman Hulenko explains .
MNX’s Atomic Swap technology is now entering its public tests phase for the crypto community to put the technology to the test and through its pace. To do this, users will need to first check the team’s protocol code published on MNX official GitHub. This code includes instructions on launching a cross-chain exchange on the user's machine and also includes a test cross-chain exchange. Users will need to launch Bitcoin and MNX blockchains in Testnet mode after downloading the latest Wallet version from GitHub and compiling it by themselves. MNX users can await for an updated desktop version is released.
Currently, Minexcoin team is hard at work on a user-friendly GUI for its Atomic protocol to facilitate seamless and intuitive interaction with the protocol. Once the GUI is completed, the app will be release on MNX site for the community to test and feel the convenience of decentralized exchange. The Alpha version of the GUI has been scheduled for the first part of April, while new exchange pairs including LTC to MNX or Decred to MNX will be added during the public tests period.
“First and foremost, it is due to the safety of our customers,” Vladyslav continues, “With the launch of a final product, our trustless exchanger will not only improve the comfort of the exchange processes but will also work as a "supervisor". Thus, all transactions will be carried out without the third party, but our intermediate link will be entitled to block suspicious transactions, expose the user ratings to avoid scammers, and monitor the security of the system without having access to the user's assets.”
For more Information, visit the Minexcoin website at – https://minexcoin.com
Follow Minexcoin on Twitter – https://twitter.com/minexcoin
Connect on Telegram – https://t.me/minexcoin
Minexcoin on Medium – https://medium.com/minecoin-blog
Thread on BitcoinTalk – https://bitcointalk.org/index.php?topic=1847292.0
Check out Minexcoin on Github – https://github.com/minexcoin/minexcoin
Find Minexcoin on Facebook – https://www.facebook.com/minexcoin
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