Hello world! in this video I will show you the way to exchange cryptocurrency by using an atomic swap It allows to provide exchange without custody fees and you can use it as a more secure and private toad than a traditional exchange Let's get started Ehm… Stop! What is an atomic swap?! It's a technology for the safe exchange of digital assets without involving a third party which using decentralized asset storage This means that the exchange occurs on the client-side and you don't need to send your money to the accessor side During atomic swap transactions all that you have to pay is minor fees By the way, this tech provide complete privacy without the KYC stuff Let's take a look at how the process of this swap happens Imagine that there is a Walter, who has some ETH and wants to change it to Bitcoin and Jessie who is looking for it after they made each other and shared their requisites Walter generates a special secret and sends To Jessie a hash of that secret and then locks his ETH on the ethereum blockchain Then mr.
Pinkman checks that the details are correct and provides a similar payment, but it in the Bitcoin chain When it's done Walt makes redeem of the BTC and thereby extract his secret which allowes Jesse to redeem the ETH and complete the deal So that's it! Private swap without third parties and exchange fees *Jessie makes YeA SCIENCE* in the case, when one of them can't fulfill his part of the deal there is a return period After which they can refund their assets that protects process from mistakes and malicious participants So there are four stages of the atomic swap script 1.
Initiate 2. Add 3. Redeem 4. And refund in case of a deal it's broken In fact, it only looks horribly complicated: using atomic swap is very simple introducing Atomex and multi crypto desktop wallet with built in hybrid exchange After downloading and installing the package open the Atomex application You can either generate a new wallet or restore an existing one from mnemonic phrase Click create a new wallet Choose the network Use testnet for testing proposes, exploring features or having fun Be careful, DO NOT import your mainnet wallet or sent real funds to the addresses created in this mod "Now say my name" *The wind blows really creepy* *CREEEEPY* Walter: "You're goddamn right" Generate seed. before generating the seed. You should pay attention to the word count, and don't forget to write down your seed after pressing generate step 4 Set a derived key password That will be used in addition to the seed phrase to restore your wallet Local password. Set up the storage password which needed every time to open the wallet Keep in mind that all your passwords are stored locally Moreover your Atomex wallet doesn't trust anybody while driving swaps.
So keep your password safe So you created a wallet, private keys are recruited on your computer and you're almost ready to make the first swap First of all, click the wallet tab and choose the currency to deposit Receiving address is shown here Now we have a bit of ETH and going to the conversion tab to make a swap Enter a number and wallet is automatically setting a max amount including all fees Then you can see the result including the estimated price and all fees Click the convert button confirm it, and it's gone! Here you can see that the conversion is in progress state. A few minutes later, we can see that the swap is confirmed, but we're waiting for confirmation from Bitcoin. So it's status is still pending So the swap is complete, money is here and here you can send your Bitcoin just like a usual wallet That's it.
This is an atomic wallet. And if you want to try it just click the link in the description See you in the next videos!.