Monero Price Rises After Implementation of Atomic Swaps
Monero Price Rises After Implementation of Atomic Swaps By Editor DiarioBitcoin

The Monero Project introduced a new form of intermediary-free exchange between Monero and Bitcoin

last Friday. The price in one week skyrocketed 28%.

***

Monero (XMR ), the largest and most well-known privacy-focused cryptocurrency, has seen a price increase of over 20% following the launch of the Atomic Swap implementation program (atomicswaps

) on Friday last week.

It’s worth noting that an atomic swap

is a type of cryptocurrency exchange that occurs in a decentralized manner and without the need for intermediaries in the process

As you can see from the chart on CryptoMarkets

, the price of the coin has since climbed. Although the price is up 28% from 7 days ago, it actually fell a bit today: -1.86%. MoneroMoneroCryptomarkets Chart

Atomic Swap Launch

On Friday, the Monero Project officially announced a launch of the Atomic Swap implementation developed by the COMIT Network blockchain protocol ,

aiming

to simplify exchanges between XMR and Bitcoin

.

After the launch of Monero Atomic Swaps, XMR experienced a surge that was growing day by day, according to CryptoMarkets data: on Friday it cost around USD $248, on Saturday it reached USD $283, on Sunday USD $313, on Monday USD $332 and only ho

and has a slight decline and a current price of USD $319.

For those who bought on January 1st the gain is almost 100% at today’s prices. And for those who bought Monero a month ago the gain is 56.1%.

New Technology

ErCiccione, a contributor to the Monero Project, told Cointelegraph that the newly introduced exchange implementation is a brand new technology that allows users to exchange BTC and XMR without relying on a trusted third party like a cryptocurrency exchange. “These exchanges are called ‘atomic’ because they only have two possible outcomes: either the trade completes successfully and each trader receives the other’s funds, or nothing happens and both traders are left with the funds they started with,” he explained.

According to the announcement, users can now continue to test XMR Atomic Swaps by downloading the software designed by COMIT. ErCiccione warned users that the new swaps “might have unexpected bugs” and recommended testing with small amounts.

Monero and controversy

Launched in 2014, XMR is a major privacy-focused cryptocurrency designed to support private and untraceable transactions. It is currently ranked 28th among coins with the largest market cap, however, it was long in the top ten.

Monero has also been at the center of scandals, and one of the reasons has been the issue of private transactions. In July, for example, the developers themselves detected a bug that could affect privacy itself. In September last year, the U.S. Department of Homeland Security reported that it would track Monero transactions with a special tool.

On the other hand, earlier this month the main developer of Monerowas caught, but not for reasons related to the digital currency, but alleged fraudulent activities that occurred more than ten years ago.

Sources: Cointelegraph, CryptoMarkets, archive

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