COMIT Network is an open protocol that promotes cross-untrusted cross-blockchain applications. It announced that the trustless atomic exchange between Monero (XMR) and Bitcoin (BTC) is now on the mainnet. This allows users to exchange XMR for BTC without trusting intermediaries or counterparties. Users can more easily conduct transactions without the need to use regulated financial institutions.

Monero cryptocurrency is best known for its Private and fungible property. Unlike other cryptocurrencies, Monero hides the sender, receiver and amount of all transactions. This expands its privacy protection scope to cover more transactions than Bitcoin hybrids, Ethereum hybrids, and all other “privacy coins” combined transactions.

Although COMIT Network’s atomic swaps are now available, other teams are developing other similar projects:

• Farcaster project Raised 2727 XMR (worth $650,000 today) to build a similar trustless atomic swap implementation.
• port, Is Bisq’s branch that focuses on Monero, and is implementing atomic swaps for its XMR/BTC trading pair.
• Relevantly, The cross-chain bridge has been announced for Secret network And Thorchain, this will make it easy to trade with Ethereum and Binance Smart Chain tokens.

Although retail users’ demand for private and alternative currencies has surged, the limited trading venues have created a strong demand for these decentralized exchanges.The average daily number is more than twice the original currency The deal a year ago.

“The decentralized Monero exchange technology is here, so now is a wallet competition to provide the best user experience,” said organizer Justin Ehrenhofer. Currency space, A working group that provides services to the Monero ecosystem. “Because users’ demand for convenient and private peer-to-peer exchanges is so high, it is only a matter of time before wallets implement them widely.

Atomic swaps can facilitate private and fast peer-to-peer transactions, and popular Bitcoin and Monero wallets have expressed interest in supporting atomic swaps. Samourai Wallet and Monerujo conducted a test swap earlier this month, and Cake Wallet also expressed interest in supporting atomic swaps.