It’s embarrassing that we still can’t easily move between the two largest crypto ecosystems trustlessly.
In less than a fortnight, developers at Suma have come up with an open-source ‘cross-chain swap system.’ Summa offers private, self-enforcing, and self-settling cross-chain contracts which are trustless and non-custodial.
The twitter thread with Github codes is shared here,
And our bcoin relaylib indexes Bitcoin, to watch for these swap transactions 👀https://t.co/oeyz9eV4kH
— Summa (@summa_one) April 6, 2020
Moreover, the team is working towards the interoperability of other crypto chains as well. The lead Bitcoin and cryptographic experts working on the systems were mentioned in the tweets as well,
Bitcoin and crypto markets are strongly intertwined in terms of price correlations. Moreover, as the systematic risk is higher, they tend to lose or gain higher than BTC in a trending move.
As the markets are beginning to turn bullish, the likelihood of altcoins benefiting from the sentiments is large. The glimpse of which was witnessed during Bitcoin’s move to $7450 yesterday.
With Bitcoin’s 8.12% rise on a daily scale, ETH records a 19.8% gain. Some of the other altcoins which also logged double-digit percentage gains include Litecoin, EOS, and Tezos. As things mature with time, a decentralized future would require seamless on-chain interaction between these protocols as well. An open-source trustless and independent swap system should not be difficult to envision.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com