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Bitcoin Press Release: Kyiv-based blockchain payment system Minexcoin have announced a successful atomic swap conducted between its native MNX and BTC blockchains.
March 25th, 2018, Kyiv, Ukraine – Minexcoin, a payment system based on low-volatility cryptocurrency which is a part of MinexSystems, announced successful Atomic Swap that was conducted between MNX and BTC blockchains. As reported in the company’s official blog, following the technologies internal testing, Minexcoin is pleased to announce that it is test-driving Atomic Swaps to the crypto-community. As a direct result of this, the company is entering into technological “arms race” and taking another big step towards the creation of a decentralized exchange with a convenient, working exchange mechanics without 3rd party involvement.
Let’s take a look what is under the hood of this release
Minexcoin cross-chain exchange uses two blockchains – MNX and BTC – in Testnet mode. These are alternative chains that are separate and distinct from actual blockchains named Mainnets. Coins in Testnet does not have any value and allows developers or testers to test new technologies (like Atomic Swap) without worrying about breaking the main chain or risk their assets. MNX developers demonstrate in this video how the atomic exchange works in a console
On the other hand, you may ask what happens if one of the participants wouldn’t have enough time to make a transaction or just cancel the exchange? The explanation also published at the MNX official channel and can be viewed here.
After release, MNX Atomic Swap technology is entering the public tests phase so that everyone can test it on their own. First, check team’s protocol code that was published on MNX official GitHub
There is an instruction how to launch cross-chain exchange on the user’s machine. Notice that to make a test cross-chain exchange, the user needs to launch Bitcoin and MNX blockchains in Testnet mode. To do this with MNX, Individuals can download latest Wallet version from GitHub and compile it by themselves, or wait till an updated desktop version is released.
As MNX Lead Blockchain Developer Roman Hulenko explains:
“To put an event-driven system in order our code uses the idea of a reactive non-blocking programming approach. It is good for processing a large number of events, which makes our solution functional. Also, it has to be highlighted that Atomic Swap implementation will trigger quality modifications in MNX blockchain itself”.
What’s next for Minexcoin?
At the moment Minexcoin team is working on a user-friendly GUI for the Atomic protocol. Since it will be published on their site, a greater number of people will be able to test and feel the convenience of decentralized exchange. These developments will become the basis for the first version of the trustless exchange. The Minexcoin team counts to release an Alpha version of the GUI in the first part of April. Also during public tests, as developers say, they will add new exchange pairs like LTC to MNX or Decreed to MNX. As soon as the testing period completed, the crew will focus on the transfer of the necessary modifications to the MNX Mainnet from the Testnet, as well as conduct a SegWit.
MNX Blockchain Developer Vladyslav Zaichuk explains the stage of the Testnets;
“So far we use Testnets only for demonstration of MNX capacities”
– First and foremost, it is due to the safety of our customers. With the launch of a final product, our trustless exchanger will not only improve the comfort of the exchange processes but will also work as a “supervisor”. Thus, all transactions will be carried out without the third party, but our intermediate link will be entitled to block suspicious transactions, expose the user ratings to avoid scammers, and monitor the security of the system without having access to the user’s assets”.
“Minex Systems Limited”, a Hong Kong registered company, specializes in blockchain product development. The company offers solutions which work on the unified MinexSystens ecosystem and include the best of both conventional financial and crypto worlds. To date, the company’s flagship products are Minexcoin cryptocurrency and MinexBank, an autonomous algorithm for controlling the volatility of the coin.
For more Information, visit the Minexcoin website at – https://minexcoin.com
Follow Minexcoin on Twitter – https://twitter.com/minexcoin
Connect on Telegram – https://t.me/minexcoin
Minexcoin on Medium – https://medium.com/minecoin-blog
Thread on BitcoinTalk – https://bitcointalk.org/index.php?topic=1847292.0
Check out Minexcoin on Github – https://github.com/minexcoin/minexcoin
Find Minexcoin on Facebook – https://www.facebook.com/minexcoin
Contact Name: Alexey Marinich
Email: [email protected]
Location: Kyiv, Ukraine
MinexCoin is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.