Viewing a response to: @musing-threads/p34dyzbzq
<a href="https://musing.io/q/groynes/fknm6qbzw"><b>View this question on Musing.io</b></a>
| author | groynes |
|---|---|
| permlink | fknm6qbzw |
| category | musing-threads |
| json_metadata | "{"app":"musing/1.1","appTags":["Blockchain","question"],"appCategory":"Blockchain","appTitle":"How do the transactions across the blockchains get executed by atomic swap?","appBody":"","appDepth":1,"musingAppId":"aU2p3C3a8N","musingAppVersion":"1.1","musingPostType":"question"}" |
| created | 2018-12-30 15:45:42 |
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<a href="https://musing.io/q/groynes/fknm6qbzw">View this answer on Musing.io</a>
| author | crypto-wisdom |
|---|---|
| permlink | fkfx9qbzq |
| category | musing-threads |
| json_metadata | "{"app":"musing/1.1","appTags":["Blockchain","question"],"appCategory":"Blockchain","appTitle":"How do the transactions across the blockchains get executed by atomic swap?","appBody":"<p> </p>\n<p>Transactions across the chains are possible in a decentralized way without a third party with atomic swap.</p>\n<p>Atomic Swap is a tool to solve the issue of interoperability, as we have so many blockchains but when it comes to cross-chain settlement then we are doing it in a centralized way, just like in Bittrex where we are being able to trade STEEM-BTC or ETH-BTC etc, but all those are happening in a centralized way, that is why we need such a protocol where the role of a third party can be eliminated and the cross-chain settlement can also be done in a decentralized manner.</p>\n<p><br></p>\n<p><em><strong>Atomic Swap enables the exchange of values between two Blockchains without restricting the autonomy of the individual Blockchain.</strong></em></p>\n<h5><strong>Time Lock</strong></h5>\n<p>Funds can only be spent after a certain time period. It could be 1 day or 2 days or 7 days etc.</p>\n<h5><strong>Hash Lock</strong></h5>\n<p>Funds can only be spent after a question hidden by hash is discovered.</p>\n<p><strong>\"Time Lock\" & \"hash Lock\"</strong> verifications in a combination is known as <strong>\"HTLC\"</strong>(Hashed Timelock Contract) protocol.</p>\n<p>I will try to explain this with a an example, so that one can get to completely understand atomoic swap. </p>\n<p>Suppose, \"Eoin\" will send 1 BTC to \"Hales\" and \"Hales\" will send 25 LTC to \"Eoin\". So here the chains are BTC and LTC chain. </p>\n<p><br></p>\n<p><img src=\"https://cdn.steemitimages.com/DQmNyyr9knJghrynmyZ7ErkS298JVccmCPyXa2b9hsPZJN5/wp15.png\" /></p>\n<p><br></p>\n<p><em> (This illustration is prepared by me)</em></p>\n<p>(1) Eoin sets a time lock of 72 hrs.<br>\nEoin executed a hash function(secret value).</p>\n<p>(2) Eoin creates a transaction to Hales on BTC chain that includes the hash (Here the condition is that the transaction can only be executed when the secret value to the hash is revealed and within in the set time lock).</p>\n<p>(3) Hales creates a transaction to Eoin on LTC chain which includes the same hash as a part of the condition. Hales does not know the secret value yet. Here Hales sets time lock of 48 hrs.</p>\n<p><em>Note:- Please note that here the time locks are distinct, this is because, if there will be same time lock then it may be possible for Eoin to redeem LTC at the end of the deadline and still have the possibility to refund his 1 BTC if Hales do not redeem quickly.</em></p>\n<p>(4) Eoin publishes the secret value to the hash and transaction of Hales to Eoin gets executed on LTC chain.</p>\n<p>(5) Now the secret value is public, so Hales can execute the transaction of Eoin to Hales on BTC chain.</p>\n<p><em><strong>In case of a timed out operation: like if Hales does not create his contract, then in this case, Eoin will get his 1 BTC back after 72 hrs and in a similar manner Hales will get his 25 LTC back after 48 hrs in this case if Eoin does not reveal the secret value.</strong></em></p>","appDepth":2,"appParentPermlink":"fknm6qbzw","appParentAuthor":"groynes","musingAppId":"aU2p3C3a8N","musingAppVersion":"1.1","musingPostType":"answer"}" |
| created | 2018-12-30 16:09:39 |
| last_update | 2018-12-30 16:09:39 |
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<a href="https://musing.io/q/groynes/fknm6qbzw">View this answer on Musing.io</a><br />
| author | dali-gis |
|---|---|
| permlink | p32mephyq |
| category | musing-threads |
| json_metadata | "{"app":"musing/1.1","appTags":["Blockchain","question"],"appCategory":"Blockchain","appTitle":"How do the transactions across the blockchains get executed by atomic swap?","appBody":"<p>This means that the currency can now be exchanged for other currencies, such as Bitcoin, without having to rely on a trusted third party, and with a very low risk. This exchange can be conducted through a process based on the scripting language of Bitcoin and its derivatives.</p>\n<p>This makes it possible to contract within the framework of a hash time-locked contract (HTLC), an intelligent contract making it possible to set up basic agreements.</p>\n<p>The transaction must take place with a time limit. If this time is exceeded, then the swap contract is not executed.</p>\n<p>Due to the use of a private key, the exchange can take place without any of the users can cheat.</p>\n<p>Let's take a simple example. Two individuals, Alice and Bob, would like to trade 1BTC against 15BCH.</p>\n<p><strong>Alice will give Bob crypto-currencies on the A chain (here 1 Bitcoin)</strong></p>\n<p><strong>In return, Bob will give Alice crypto-currencies on the B-channel (here 15 BCH)</strong></p>\n<p>But they do not wish for that to address a third party, and would like to contract alone. However, they can not trust each other for the exchange, since they do not know each other.</p>\n<p>They will therefore rely on an Atomic Cross Chain Swap (ACCS):</p>\n<p><br></p>\n<p><img src=\"https://www.crypto-france.com/wp-content/uploads/2017/11/atomic-cross-chain-swap.jpg\" /></p>\n<p><br></p>\n<p>Alice will create a conditional transaction: this is to give Bob 1 Bitcoin if he can sign with his secret hash (his private key), or if both parties sign it. She will then create a second transaction, which will allow her to recover her funds, but only within 48 hours.</p>\n<p>Bob will do the same thing, but this time with 15 Bitcoin Cash (BCH).</p>\n<p>To obtain the fruit of the exchange, each individual will then have to provide cryptographic evidence of their payment, which they are, at that time, both able to do. They also have the opportunity to sign an agreement so that everyone can get the other's currency.</p>\n<p>If this is not the case - that is, if the cryptographic evidence can not be sent to the network, or if both do not agree, the currencies are simply returned to their original owners.</p>\n<p>The advantage is clear: this exchange does not require any trusted third party.</p>\n<p>Indeed, during this 48 hour period, they can each obtain the cryptocurrency of the other. And if, for one reason or another, they do not, digital currencies are returned to their original owner.</p>\n<p>This time window is important. Indeed, it is unclear whether the Bitcoin network will be able to manage these atomic swaps if they are initiated during a congestion of the network, which could extend the transaction times to several days.</p>\n<p>This is the reason why this type of exchange requires however to trust an entity: the network on which it takes place. Indeed, the contracting parties must have confidence in the network's ability to manage their cryptographic evidence during the expected time window, and possibly to return the funds if the transaction does not take place.</p>\n<p>This feature can however be particularly useful, since it allows to set up decentralized exchanges, without trusted third parties, between different crypto-currencies that support these swaps.</p>","appDepth":2,"appParentPermlink":"fknm6qbzw","appParentAuthor":"groynes","musingAppId":"aU2p3C3a8N","musingAppVersion":"1.1","musingPostType":"answer"}" |
| created | 2018-12-31 11:36:09 |
| last_update | 2018-12-31 13:09:57 |
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