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Symbol Properties 2- Cross-Chain Swaps (Intermediaryless Swap)
In my previous article, I briefly told you about Symbol, I mentioned the unique Mosaic feature of it, and I stated that I’ll continue to write about the features I like most about Symbol.
Aiming to bring the enterprise blockchain concept to the top in general terms, Symbol will be the evolution of a well-established and respected project NEM. Although the completion of this transition will last 6 years, a perfection like Symbol will emerge from a giant like NEM. I’m looking forward to seeing the process happen! Anyway, let’s not distract our attention.
In short, Symbol aims to offer the blockchain infrastructure that is needed instantly, whether private or open or hybrid, with maximum security, speed and economy and has many wonderful features.
Here you can find out about the Mosaic feature and it is convenient to check it out first. In this article, I will discuss the Cross-Chain Swap feature.
If you’re ready, let’s start!
As it is understood, Cross-Chain Swap is a unique system that will allow assets in different chains to be exchanged without the need for any intermediary such as the exchanges. As it is known, the swap process is one of the most basic features of the exchanges. But what makes Symbol unique is that it allows the swap to happen directly between individuals. In other words, you can exchange XYM with your BTC without any central intermediary.
So how will this trade take place?
1. First-person (A) creates a secret for the asset he or she wants to exchange.
2. Then he or she must create a proof.
3. The person at the other end of the swap (B) performs the same transactions.
4. In order for the swap to take place, proof must be shared mutually.
5. As soon as this sharing process is completely correct, the exchange will take place.
It will work like this in theory, and actually, it is a very practical method, although the technical part is detailed.
With Cross-Chain Swap, not only crypto assets will be traded. At this point, any asset created on any blockchain network can be exchanged for another. Whether it’s Mosaics created on Symbol networks (assets in private and open networks or all Mosaics can be traded) or any other asset on any other network, they can be easily exchanged with a few clicks.
Remember that Symbol also offers this on an enterprise scale. Imagine that assets that are asked to change hands collectively and are demanded differently will be exchanged economically on a highly scalable, incredibly fast and secure network. This is how the finance of the future will take shape!
This completes my post for today here. However, I will continue to explore the Symbol and its unique features. Thanks for reading and stay tunned and healthy!
Note: By the way, I don’t want to go without mentioning that NEM has a great community and a HUB that carries out promotional activities for both NEM and Symbol. If you participate, you can both get to know this wonderful project in-depth and earn rewards for the work you put forward. If you are interested you can find the link below.
If you want to go further, check out these links and dive deep!
hopelivescr- NEM Hub Community Member