Ethereum successfully converted to Bitcoin without 3rd parties involved

Altcoin Exchange, a decentralized cryptocurrency trading platform, has successfully managed to convert Ethereum to Bitcoin on-chain.

This means that, as in all atomic swap cases, no third parties was involved, because the blockchains of Ethereum and Bitcoin are compatible enough to conduct direct currency swaps. However, the first swap is not breathtaking in sums – only 0.12345 ETH was converted to BTC.

However, the first electrical experiments were as primitive as this test swap, but now we have electricity all around the world. The CEO of the exchange must be thinking something similar about the prevalence of atomic swaps in the future. The media cites him telling that such swaps will eventually become a business standard. He reminded: 26 cryptocurrency exchanges have been compromised since 2011, so the cryptocurrency market need atomic swaps not only to upgrade the process, but to minimize fraud risks.

Interestingly enough, Bitcoin and Ethereum, two most popular digital currencies in the world, were not the first ones that had such a swap. Decred was the pioneer currency in this field, with Litecoin and Vertcoin later repeating the success.