It is only a matter of time until we see the first cross-chain atomic swaps take place. By the look of things, these first trades may very well include Litecoin and Decred. It is evident the desired team is very excited to work together with Charlie Lee in this regard. Multi-chain atomic swaps will be implemented in the very near future. Good things continue to happen for Litecoin, although it will take some time until these creations come to fruition. This is also positive news for Decred supporters, as the currency can become a part of cryptocurrency history.
The new LND update provides many opportunities for the future. As discussed earlier, cross-chain atomic swaps between BTC and LTC are looming on the horizon. However, Bitcoin is not the only compatible currency as far as this technology is concerned. It turns out the Decred team is more than eager to get involved as well. Considering how both development teams have been working together for some time now, this was only to be expected.
Decred and Litecoin Cross-chain Atomic Swaps
Rest assured other currencies will show a keen interest in this concept as well. Virtually instant conversions between currencies across different blockchains will revolutionize the cryptocurrency industry. It will take months, if not years, until a properly working system is put in place, though. The development of cross-chain atomic swaps has taken place behind the scenes for some time now. With a working implementation coming closer, things will get pretty exciting.
Looking forward to the first DCR-LTC cross-chain atomic swap! 🙂
— Decred (@decredproject) August 23, 2017
In fact, there is no currency which won’t benefit from this technology. It will require some work by developers to make things compatible, though. LND may very well become the first convenient way of executing atomic swaps moving forward. The project’s main focus is Bitcoin and Litecoin, but there’s room for other currencies as well. Once the foundation is laid, support for other currencies can be built quite easily. Decred can become the first “altcoin” to execute swaps with LTC in this regard. A big milestone for both currencies, to say the least.
It’s worth nothing how Decred has been focusing on the Lightning Network for some time now. A blog post issued a month ago touches upon this concept specifically. Removing centralized exchanges from the equation will be beneficial to all cryptocurrency users. The developers are actively working on their own Lightning Network implementation as we speak. There are some minor drawbacks, but the risk is a calculated factor. It will be interesting to see how these developments play out. Cross-chain atomic swaps with Decred and Litecoin would certainly shake things up quite a bit.