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Crypto users who want to convert their Bitcoin (BTC) for Ether (ETH) currently have to use third-party exchanges. Ethereum co-creator Vitalik Buterin is proposing a solution to ease the intricacies of swapping the two leading cryptocurrencies.
In a tweet, Buterin suggests building a bridge between BTC and ETH via a trustless and serverless decentralized exchange (DEX) where users can directly convert BTC to ETH and vice versa.
“We should put resources toward a proper (trustless, serverless, maximally Uniswap-like UX) ETH <-> BTC decentralized exchange. It’s embarrassing that we still can’t easily move between the two largest crypto ecosystems trustlessly.”
Buterin says the decentralized exchange is ideally similar to Uniswap, which facilitates automatic exchange between ETH and Ethereum-based tokens.
Unlike other exchanges, Uniswap does away with book order functionality and instead uses an automated market-making mechanism to guarantee liquidity. Buterin envisions a similar decentralized exchange that would allow users to swap between BTC and ETH with just a click of a button.
He says Bitcoin holders could swap the king coin for ETH to use Ethereum-based applications such as Maker DAO, Tornado.cash and smart contract wallets.
Buterin adds that DEX bridges should also be created to facilitate direct swaps between ETH and other crypto ecosystems. To jumpstart a dialog in the developer community, he says he has already spoken with Zooko Wilcox-O’Hearn, CEO of Electric Coin Company, the firm behind the cryptocurrency Zcash.
Developers across the cryptosphere highlight just how many different platforms are being built in an effort to create basic infrastructure that solves this type of demand. The team at Komodo, for example, points to AtomicDEX, a mobile-friendly atomic swap powered DEX that it says can do the job, effectively swapping the two cryptocurrencies.
Intro w video here: https://t.co/WG8PqTnn1c
Technical docs here: https://t.co/2DriF0OAlU
A basic desktop tui: https://t.co/3xQ5Q1MoID
The full desktop version is in development here: https://t.co/ef8qemm4Ip— Mr.KomodoWorld (@MrKomodoWorld) March 25, 2020
The team at Komodo says they’re eager to collaborate with the Ethereum community.
Featured Image: Shutterstock/hxdyl