Even More Decentralized: Litecoin x Swap.Online

We will also have decentralized exchanges

using atomic swaps. The possibilities are endless.

Charlie Lee, the creator of Litecoin.
September 20, 2018

A team of Swap.Online – the decentralized cross-chain wallet working on atomic swap technology is preparing to list Litecoin on their platform, placing it among the world’s most popular cryptocurrencies like Bitcoin, Ethereum, USDT, EOS and dozens of other popular ERC-20 Tokens. Before the release of atomic swaps with Litecoin, Swap.Online will tell about the unique features of this currency and why it was decided to add it to our wallet.

How to improve Bitcoin in free time from work?
Charlie Lee who was born in Côte d’Ivoire came to Google in the early 2000s. Among the most famous projects of the company on which he had the opportunity to work as a developer is Chrome OS, an operating system that uses the Google Chrome browser as the basis of its interface. In 2011, Charlie became interested in Bitcoin and began to explore the mechanisms of the network. “At first, it was just interesting for me to learn something new about the Bitcoin network. Then it became a kind of game: I wanted to create one of the best Altcoins” – says Charlie Lee about his creation. While still working at Google, he began to develop a more advanced version of Bitcoin. The Litecoin network was launched on October 13, 2011 after Mr Lee managed to mine 150 coins within this fork. A year later Litecoin capitalization exceeded one billion dollars, in some periods showing growth of 100% per day. Few people remember, but till December 2017 it was up to 7 times more profitable to invest in Litecoin than in Bitcoin. In 2014, Forbes highlighted Litecoin among all other early Altcoins, admiring its investment potential and adaptability.

Light Bitcoin by SatoshiLite: faster and more affordable
The second after Namecoin fork of the Bitcoin network is significantly different from the “parent” version of the Bitcoin Core algorithms. Bitcoin uses the SHA-256 hashing principle, whereas script is inherent in Litecoin. One block in Litecoin network is mined for about 2.5 minutes versus 10 minutes for Bitcoin. This leads to the fact that the maximum amount of emission of a Litecoin is 84 million coins, which is 4 times more than that of Bitcoin. These features of Litecoin cryptography lead to the fact that it is more often mined not on ASIC circuits, but on video cards and home computer processors. However, Charlie Lee himself urged never to compare Bitcoin with Litecoin (so as his brother Bobby who founded the first Chinese Bitcoin exchange). “Bitcoin is gold, and Litecoin is silver.” Litecoin became the first mass cryptocurrency, which in May 2017 almost simultaneously applied the SegWit network scaling technology and conducted a transaction through the Lightning Network; Swap.Online already wrote in detail about both solutions. This original experience (when Litecoin has pioneered the integration of both network scaling solutions) has a breakthrough value not only for Litecoin, but also for all Bitcoin Core forks.

Atomic swaps with Litecoin and currency opportunities
Atomic swaps — cross-chain decentralized peer-to-peer interactions — were first conducted with Litecoin network. On September 19, 2017, the Komodo Platform team made the first atomic swap between the Litecoin and the Decred blockchain, and just three days later Charlie Lee personally announced the swap between Bitcoin and Litecoin. Although more than a year has passed since then, developers are still arguing about whose atomic swap with Litecoin is “truly atomic”. The creator of Litecoin himself has already decided on whether Litecoin needs atomic swaps. The humble Chinese developer turned out to be an eccentric network speaker. Quiet and modest in life Mr Lee may be harsh in statements when it comes to cryptocurrencies. His tweets influenced the market numerous of times – just remember the sale of all of his Litecoins, about which he later regretted. And now, at the end of September 2018, he delivered a number of statements the most outstanding of which concerned atomic swaps: “We also will be on the decentralized exchanges which use atomic swaps. The possibilities here are endless”.

And now is the time to tell about the most important – Why Swap.Online and Litecoin are looking the same way.

The technology is above all. The first atomic swaps were conducted with Litecoin. Swap.Online team was the first to conduct atomic swaps with EOS and USDT. The Lightning Network solutions will also be applied in swap.online in the future. By the way, in June 2018 our leading developers participated in the Lightning Labs hackathon in Berlin with Swap.Online project.

Long-term development, not momentary benefits. Charlie Lee refused to apply pre-mining, revealing the mechanism of his fork, having only 150 coins. Swap.Online did not perform an ICO, relying only on the functionality of the SWAP token.

The future is in atomic swaps and cross-chains. As Mr Lee said: “Lightcoin interacts with Bitcoin through Lightning Network channels using atomic swaps.” Swap.Online is one of the few decentralized services that simultaneously supports bitcoin and other blockchains.

We are absolutely sure: the adding of Litecoin will be one of the highlights of this fall for Swap.Online. According to Ed Sdwas, responsible for the integration of Litecoin at Swap.Online, with the proper ability to understand the ready-made code, the development of our project allowed us to quickly and reliably integrate such an important currency. Right now, atomic Litecoin swaps are already available in test mode: check-out the exchange on our testnet.

Here’s who it looks like:

We have already released a Litecoin wallet, available at the direct link: https://swap.online/litecoin-wallet. The list of coins with which atomic exchanges are available can be seen after you click the Exchange button. When building a cross-project for different networks, we cooperate only with the most promising and advanced projects and solutions.

How to perform an Atomic Swap

Since Atomic Swap technology is a brand new in a blockchain world, some people have difficulties using it. In this short instruction we give our users a simple explanation of how it works on Swap.Online cross-chain wallet. It will give you an opportunity to exchange your crypto fast, simple and decentralized. From now on, you don’t have a need to send your money to a third party like centralized exchange – everything happens p2p – from one wallet to another. Safe and sound.

There are two possible ways to perform a swap
Create your own order and wait till somebody except it
Execute existing order

You can also try out our platform to find out how everything works in testnet, by creating your order from one browser and executing it from another. Since each and every account is connected to a browser and its local storage, it will mean you are performing swap between different accounts.

Important notice. For this example, I have used two browsers – Safari and Google Chrome. In Google Chrome I have created order, in Safari – executed this order. If you want to do so, you have to create order in one browser, execute it in another. Both browsers should be online.

Create your own order

From the main page go to “Exchange” tab or select the coin you would like to exchange directlyatomic swap wallet

If you have chosen “Exchange” tab, then select direction of exchange (BTC-ETH the most popular, for example) and click “Show orders”atomic swap exchange

In case you have chosen certain coin, select the direction of exchange for this coin.how to perform an atomic swap

Now click the tab “Create offer”swap online wallet create order

On the next screen, choose the amount you want to sell. The amount you will get will be calculated automatically. You can also choose your own custom exchange rate. And click “Next”swap btc to eth

Check that everything correct in your order. Click “Add”bitcoin to ethereum atomic swap

Done and done. Here is your order. You can also check all your orders in “Show my orders” tabexchange orders

Execute existing order

From the main page go to “Exchange” tab or select the coin you would like to exchange directly.swap online exchange

If you have chosen “Exchange” tab, then select the direction of exchange (BTC-ETH the most popular, for example) and click “Show orders”choose exchange direction

In case you have chosen a certain coin, select the direction of exchange for this coin.trading pairs

Now you are in the order book. Select the order for execution. Let’s choose order we have just created.
Important notice. For this example, I have used two browsers – Safari and Google Chrome. In Google Chrome I have created order, in Safari – executed this order. If you want to do so, you have to create order in one browser, execute it in another. Both browsers should be online.buy sell orders

Now all you have to do is wait, while an order is being executed. Once everything is done, you’ll see such screenatomic swap complete guide

And such screen you will see in first browser — from which you have created your order.atomic swap exchange guide

Do you want some SWAP tokens? Perform an Atomic Swap with this instruction, and post it in your social media channels!

Swap.Online Essential Links

GitHub: https://github.com/swaponline
Email: [email protected]
Twitter: https://twitter.com/SwapOnlineTeam

Swap.Online запускает атомарные свапы с лайткоином


“…мы будем и на децентрализованных обменниках, использующих атомарные свапы. Возможности здесь безграничны”.

Чарли Ли, создатель лайткоина.

20 сентября 2018 года.

Команда децентрализованного кросс-чейнового кошелька Swap.Online, работающего по технологии атомарных свопов, готовится добавить к перечню своих валют Лайткоин (Ł , LTC). Топовая криптовалюта мира, таким образом, встанет в один ряд с биткоином, эфириумом, USDT, EOS и десятками популярных ERC-20-токенов. В преддверии релиза атомарных свопов с лайткоином, Swap.Online поведает об особенностях этой валюты и расскажет, почему было решено добавить её в наш кошелёк.

Как улучшить биткоин в свободное от работы время?

Уроженец Кот-д’Ивуара Чарли Ли пришёл в Google в начале 2000-х годов. Самый известный из проектов компании, над которым ему довелось работать в качестве разработчика – Chrome OS, операционная система, использующая браузер Google Chrome в качестве основы своего интерфейса. В 2011 году Чарли заинтересовался биткоином и стал исследовать механизмы работы сети. “Поначалу мне было просто интересно узнавать что-то новое о сети биткоина. Потом это стало своего рода игрой: мне захотелось создать лучший из альткоинов” – говорит о своём детище Чарли Ли. Не уходя из Google, он стал разрабатывать более совершенную версию биткоина. Сеть лайткоина  была запущена 13 октября 2011 года после того, как господину Ли удалось намайнить в рамках этого форка 150 монет. Уже год спустя капитализация лайткоина превысила один миллиард долларов, в отдельные периоды показывая рост до 100 % в день. Мало кто помнит, но вплоть до декабря 2017 года инвестировать в лайткоин было до 7 раз выгоднее, чем в биткоин. В 2014 году Forbes выделил лайткоин среди всех ранних альткоинов, восхищаясь его инвестиционным потенциалом и технологичностью.

Лёгкий биткоин от SatoshiLite: быстрее и доступнее

Второй после Namecoin форк сети биткоина значительно отличается от “материнской” версии алгоритмов Bitcoin Core. Биткоин использует принцип хэширования SHA-256, тогда как лайткоину присущ scrypt. Один блок в сети лайткоина майнится около 2,5 минут против 10 минут у биткоина. Это ведёт к тому, что максимальный объем эмиссии у лайткоина составляет 84 млн монет, что в 4 раза больше, чем у биткоина. Эти особенности криптографии лайткоина ведут к тому, что его чаще добывают не на ASIC-схемах, а на видеокартах и процессорах домашних компьютеров. Впрочем, сам Чарли Ли, брат которого Бобби, кстати, основал первую китайскую биткоин-биржу, призывал никогда не сравнивать биткоин с лайткоином. “Биткоин это золото, а лайткоин – серебро”. Лайткоин стал первой массовой криптовалютой, которая в мае 2017 года почти одновременно применила технологию масштабирования сети SegWit и провела транзакцию по каналам Lightning Network; Swap.Online уже писал подробно об обоих решениях. Этот необычный опыт – лайткоин стал пионером интеграции обоих решений масштабирования сети – имеет прорывное значение не только для лайткоина, но и для всех форков Bitcoin Core.

Атомарные свапы с лайткоином и перспективы валюты

Атомарные свопы – кросс-чейновые децентрализованные одноранговые взаимодействия – как раз и были впервые проведены с участием сети лайткоин. 19 сентября 2017 года команда Komodo Platform совершила первый атомарный свап между лайткоином и блокчейном Decred, а всего три дня спустя Чарли Ли лично объявил о свапе между биткоином и лайткоином. Хотя с тех пор прошло больше года, разработчики до сих пор спорят о том, чей же атомарный свап с лайткоином является “истинно атомарным”, а чей – нет. Сам же создатель лайткоина, как нам кажется, уже определился с тем, нужны ли лайткоину атомарные свапы. Скромный китайский программист оказался эксцентричным сетевым спикером. Его твиты неоднократно обрушивали рынок – чего стоит одна лишь продажа всех принадлежавших Ли лайткоинов, о которой тот позже сожалел. Вот и сейчас, в конце сентября 2018 года, он выступил с рядом откровений, самое ясное из которых касалось атомарных свапов: “Кроме этого, мы будем и на децентрализованных обменниках, использующих атомарные свапы. Возможности здесь безграничны”.

И здесь время сказать о самом важном.

Почему Swap.Online и лайткоин смотрят в одну сторону?

Технология – превыше всего. С участием лайткоина были проведены первые атомарные свопы, команда Swap.Online первой провела их для EOS и USDT. Решения Lightning Network также будут применяться нашей командой, ведущие члены которой представляли Swap.Online на хакатоне Lightning Labs в Берлине в июне 2018 года.

Долгосрочное развитие, а не сиюминутная выгода. Чарли Ли отказался от пре-майнинга, раскрыв механизм своего форка, имея всего 150 монет. Swap.Online не проводили ICO, возлагая надежды лишь на функциональность токена SWAP.

Будущее – за атомарными свопами и кросс-чейном. Снова слово господину Ли: “Лайткоин взаимодействует с биткоином по каналам Lightning Network через атомарные свопы”. Swap.Online является одним из немногих децентрализованных сервисов, поддерживающих одновременно биткоин и иные блокчейны.

Мы совершенно уверены: добавление лайткоина станет одним из самых ярких событий этой осени для Swap.Online. По словам Ed Sdwas , отвечающего в Swap.Online за интеграцию лайткоина, при должном умении разбираться в готовом коде, developability нашего проекта позволило быстро и надежно интегрировать такую важную валюту. Прямо сейчас атомарные свапы с лайткоином уже доступны в тестовом режиме: попробуйте провести обмен в нашем тестнете!

Вот как это выглядит: 

Мы уже выпустили лайткоин-кошелек, доступный по прямой ссылке: https://swap.online/litecoin-wallet . Список монет, с которыми доступны атомарные обмены, доступен при нажатии кнопки Exchange.  Выстраивая кросс-чейновый проект для разных сетей, мы сотрудничаем лишь с самыми перспективными и передовыми решениями.


Swap.Online September Development Update: Reconsidering Usability, New Tokens, Tweaks in Core

The Swap.Online decentralized Atomic Swap cross-chain wallet released its mainnet version this September. Our team finalized the first ever Atomic Swaps in USDT and GUSD. By the way, the story is just beginning. Let us go through the progress we made last month together with our lead developer Nikita Dementiev.

stomic swap online wallet update

Usability: On the Road to the Ideal Swap

First of all, we have added some useful features to our User Interface. After analyzing the feedback and the results of some hallway testing, we found that users, both experienced and newbies, are confused after seeing the full list of numerous tokens available for swaps. That is why the possibility of customization of the list of tokens has been implemented: the user is now able to hide any token in just one click.
We have also redesigned the swap (https://swap.online/exchange) page and made it really intuitive. Now users can place and take orders from one page, customize the exchange rate, chose the direction of the exchange and the currency from the dropdown list.
With regard to usability, we have upgraded the EOS storage and trading performance. Everyone knows that it is really difficult to get an account in this network. On Swap.Online, the user now is able to get the keys for EOS for only 0.01 BTC.

Token Integration

As our approach to token listing on Swap.Online is really over-the-counter, we have launched an active listing campaign. Today every valuable and promising project can add its token to our balances for free in a day or two. We ask for nothing but a mutual PR-agreement, which can help both the partners’ and Swap.Online communities to know about each other. For example, we reached agreements with truly fascinating teams — Knowchain, which is building a bridge between crypto and real-word assets, Aeron, which tokenizes the sector of flights safety, and Crowdholding, a blockchain-based startup which addresses the unlimited klondike of commercial feedback. Our developers have built a framework, which made ERC-20 token listing easier than ever before. Icon in .svg, ticker, smart-contract address — that’s it for the listing on Swap.Online. Moreover, the page of the swap with every ERC-20 token is followed by a brief review made by Swap.Online PR-specialists.

That’s how the added tokens look like in our core

The issues with top cryptocurrencies have also been addressed by our listing program. Recently, we added Bitcoin Cash (BCH), the fork of Bitcoin with the third capitalization rate in the world. Now Swap.Online users can exchange the product of Roger Ver for the BTC, ERC-20 and USDT for free.

Core Tweaks

Firstly, we have redesigned some details of the core of our exchange system. The new system of gas calculation now check the average gas fee in the Ethereum network and adds a little before the transaction is sent. This results in the fact that transaction speeds in Swap.Online are always above-average.
Secondly, the mechanism of secret extraction during the Atomic Swap has been reconsidered. Before the update, it was extracted from the ETH smart-contract. Now, we allowed it to be extracted directly from the transaction hash. It leads to an economy of time and resources.
Finally, we rescheduled the mechanism of users identification. Formerly, it was pegged to the peer-id in the IPFS network. Now, it correlates with ETH public address. We achieved this thanks to the economy of IPFS speed.
Today, we are working hard on new token listings and the upgrade of system stability. Also, some details of the interface may be simplified after the analysis of comprehensive feedback.
Stay tuned and do not miss our development updates!

Best regards,

Swap.Online Team