Atomic swap bitcoin ethereum
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Currently, the Republic Protocol only provides support for cross-chain trading with Bitcoin. Smart contracts The Ethereum Atomic Swap library is made up of several different smart contracts that work together to implement atomic swaps. These smart contracts are used by traders after the Republic Protocol has successfully matched their orders.
However, traders are not required to use the Republic Protocol to use the Ethereum Atomic Swap contracts. The Ether contract implements cross-chain atomic swaps where Ether is being used. None of the contract expose orders. Orders are never passed to the Republic network under any circumstances, and order fragments are never passed to the blockchain.
This maintains privacy between traders that have matched on the order book, and atomic swaps that have been executed. How it works These contracts are used by the Republic Protocol, but can also be used by any traders that are looking to perform a cross-chain atomic swaps.
This is a payable call and Alice must send her Ether when she makes this call. Bob calls check to verify the details of the trade. If he does not agree then he does not need to do anything. At any point, Alice can call expire and get a refund of her Ether.
Doing this cancels the swap. Bob calls close, which will check the allowance and use it to transfer his ERC20 tokens to Alice. At the same time, it will transfer Alice's Ether to Bob. Alice can no longer expire the swap. At any point, Alice can call expire and get a refund of her ERC20 tokens.
Ether to Bitcoin This example will use Bitcoin as the non-Ethereum cryptocurrency being traded. However, it works with any cryptocurrency that supports the same level of scripting as Bitcoin; including, but not limited to, Bitcoin Cash, Bitcoin Gold, and LiteCoin. The Republic Protocol team will provide an official implementation of the Bitcoin Script required to perform atomic swaps with these contracts, which be used without even if the Republic Protocol was not used to match the traders.
Third party scripts will not be supported by the Republic Protocol, but users are free to use whichever scripts they want. When performing an atomic swap between Ether and Bitcoin, the AtomicSwapEther contract should be used. For this example, Alice holds Ether and Bob also holds Bitcoin. Alice is looking to give her Ether to Bob in exchange for his Bitcoins. By contrast, an atomic swap enables direct wallet-to-wallet trading between two peers , using a specially designed smart contract for decentralized exchanges.
AtomicDEX , one of the most popular atomic swap-powered DEXs, provides a true peer-to-peer order book system for crypto trading. Atomic swaps are based on hash timelock contracts HTLC. Every HTLC includes a hashlock, which can be used to lock and unlock the deposited currency with a key available only to the depositor, and a timelock, which automatically returns funds to the depositor if the transaction is not completed within a set timeframe.
Atomic swaps make digital asset trading as secure as it can possibly be.. This creates a passcode, along with a hash of that code. Party A sends the hash to Party B, who uses it to generate an address. Party B deposits their cryptocurrency with that address. Because Party A has the passcode used to generate the hash, they can access the coins deposited by Party B.
At this point, the contract sends the passcode to Party B, who uses it to access the coins deposited by Party A. If the contracts are not signed within the specified timeframe, both deposits are automatically returned to the relevant depositor.
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