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Here is an article that divided Bitcoin atomic swaps in simple terms:
Ethereum: Can anyone Eli5 (explain as if it were 5) Bitcoin atomic swaps?
Imagine you have money, say $ 100 and want to buy a toy from a friend. You still don’t know what the toy is paying, so you sign an agreement with your friend: “Hey, I’ll give you my money ($ 100), but in return I will get 10 toys.”
Problem
Now, let’s say there are two children in this game: 1 and 2. You want to buy a player’s toy, but they don’t want to pay $ 100 immediately.
For the deal to work, you need something called “atomic swaps”. Atomic exchange is like magical offers that can be made without sending round and friendly money between you and your friend.
What is atomic exchange?
Atomic exchange is a transaction type of Bitcoin (and other cryptocurrencies), where two parts agree to exchange different quantities of cryptocurrencies with each other. This is called “atom” because it happens at the same time, just like magic!
So it works:
- You are creating a new business block in a circuit saying, “Give me 100 bitcoin, but only if you give me other coins.”
- Your friend creates a similar deal saying, “Take 10 coins and delegate them.”
- Both transmit (send) transactions to the network.
- The network checks both transactions (check errors).
- When everything is tested, the transaction converts into the block chain.
Magic happens
Now things are getting interesting here. Since atomic swaps means two different transactions, the network must find how to resolve these conflicts. This is called “balance”.
Imagine you have $ 100 in one transaction and another $ 100 in another transaction. How do you recover coins?
To solve this, you can create a new deal saying “Take 10 coins (first in the deal) and give them to my friend” (the second deal). This deal is called “atomic exchange”.
Why is atomic exchange
There are many advantages for the exchange of atoms:
- They allow people to easily buy and sell cryptocurrencies without waiting for each other.
- Reduce the amount of money to be transferred between individuals.
- They provide quick and safe transactions due to the use of complex cryptography.
Conclusion
In summary, atomic swaps is a type of transaction in Bitcoin (and other cryptocurrencies), where two parts agree to exchange different quantities of cryptocurrency with each other. It’s like a magical treatment that takes place at the same time in the block chain! With atomic exchange, people can buy and sell cryptocurrencies, not being expected, which makes it easier and faster.
I hope this explanation has helped you a little better understanding the exchange of Bitcoin atoms!
