What are the steps involved in executing an atom swap transaction in the cryptocurrency space?

1 answers

• McCaffrey RoedJun 15, 2023 · 2 years ago
  Executing an atom swap transaction in the cryptocurrency space can be a complex process. Here's a step-by-step guide to help you: 1. Find a compatible cryptocurrency pair: Choose two cryptocurrencies that support atomic swaps. 2. Generate the secret hash: Create a secret hash that will be used to lock the funds during the transaction. 3. Lock the funds: Lock the funds in a smart contract using the secret hash. 4. Initiate the swap: Broadcast the transaction on the respective blockchains of the two cryptocurrencies. 5. Wait for confirmation: Wait for the transaction to be confirmed on both blockchains. 6. Reveal the secret: Once the transaction is confirmed, the recipient can reveal the secret that corresponds to the secret hash. 7. Claim the funds: With the secret revealed, the recipient can claim the funds on the other blockchain. Remember to double-check the compatibility of the cryptocurrencies and ensure that you are using a secure platform for the atom swap transaction.
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