- The Saturn protocol enables atomic swaps between Ethereum and Ethereum Classic to enable 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 cross-chain atomic swaps. By enabling decentralized exchanges between users of two chains, the function will be a medium for value transfer between two different and isolated blockchains.
An Atomic Swap is a protocol that allows two untrusted parties to perform a transaction of value without depending on a third party such as an exchange. The swap protocol prevents either party from defaulting on the terms of a trade. With this in mind, Atomic Swap deals are either completed in full 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 above and then offer atomic swaps for the DAI/ETC and USDT/ETC pairs. Of these pairs, Saturn will gradually adapt the medium of exchange for other blockchains.
The exchange between the DCR/LTC pair was the first atomic exchange completed between two chains 3 years ago, according to Saturn’s developers. Saturn’s team went on to say the following:
Getting cross-chain atomic swaps to really work at scale is both a technical issue and a user experience challenge. There would be no successful marketplace without easy access to liquidity. We are finally at a stage where our fundamental blockchain research combined with the power of Saturn’s rings will provide cross-chain liquidity (…)
According to the developers, atomic swaps offer numerous benefits not offered by third-party providers, such as centralized crypto exchanges. The Cross-Chain Atomic Chain Swaps user has full control over the funds used in the exchange process. Here’s how he can interrupt the money transfer at any time:
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This is the new hackproof, cryptographically secure way of trading cryptocurrencies that completely eliminates counterparty risk. Unlike centralized exchanges, your funds will never be stolen by hackers.
On Twitter, the Ethereum Classic team celebrated the launch of the protocol. As reported by CNF, Ethereum Classic has implemented a series of hard forks to increase compatibility with Ethereum. The last two updates, Atlantis and Agharta, have been activated successfully. The last one, Agharta, was activated on January 12, 2020 with block 9,573,000 and integrated the opcodes of the Ethereum hard forks in Constantinople and St. Petersburg into ETC’s mainnet.
Coming soon: ETC <-> ETH ‘Atomic Swaps’ enable decentralized trading between networks via @SaturnProtocol! https://t.co/iKdD6mUI1V
— Ethereum Classic (@eth_classic) April 23, 2020
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