TenX (PAY) seems to start recovering its losses as the coin surges over 50 percent as per Coinmarketcap after having the first atomic swap between Ethereum and Bitcoin on both the mainnets by leveraging Segwit.
Cross-chain ETH/BTC transaction
A few days back, TenX conducted a successful atomic swap by implementing SegWit through their COMIT protocol. Segregated Witness or SegWit is a protocol upgrade that changes the way data is stored on the bitcoin network allowing to increase the transaction capacity.
In its official blog post, on-chain Atomic swap between ETH and BTC by using SegWit has been explained in detail. It also provides proof of the contracts involved. However, the team does mention that this implementation is just a simplified version of what they are planning to achieve with COMIT. The team is also planning to open source the code for the on-chain Atomic Swap.
Cryptocurrency debit card and wallet producer, TenX had a successful ICO last year but took on a shaky ground with the unexpected withdrawal of services. However, looks like with BTC/ETH transactions, things will start working out in its favor as prices go in the upward direction.
TenX [PAY] price take a Surge
TenX is the second highest gainer of today after Power ledger by soaring over 55 percent in the past 24 hours. With a market cap of more than $94.8 million, it is currently in the 95th rank.
At the time of writing, TenX has been at $0.8685 while running in the green in the BTC and ETH market as well.
For the past one week, TenX price has been on a somewhat straight line staying between $0.52 to $0.56. Yesterday, the price started experiencing an upward momentum. And today according to the Coinmarketcap, the prices took a hike of 55.25 percent.
What are your views on the cross chain transaction of BTC and ETH? Do you think it will continue its bearish momentum and will soon hit $1? Let us know in the comment section below!
A computer science engineer, I have been adamantly following the blockchain and cryptocurrency industry for the past 2 years. A crypto enthusiast and hardcore blockchain follower. Reach out to him at [email protected]