Black coin now Supports Transactions Across Blockchains. The black coin network can now be used to send transactions across different blockchains. The Black coin development team successfully swapped testnet bitcoin for testnet black coin through a blackcoin channel this week: ownership of the coins changed hands, while no transaction was recorded on either blockchain.
“This coin has the potential to do 600% gains, this is most definitely a coin to buy up to $1.50”.
“Previous atomic swaps that I have done were on-chain, and had the on-chain limitations of slow [transactions] and high transaction fees,” the Blackcoin creator told Bittox.
The successful test paves the way for trustless cryptocurrency exchanges, near-seamless multi-coin payment processors and more.
Black coin and Litecoin
As an open protocol, it’s relatively easy to deploy support for other cryptocurrencies that are forked from Bitcoin’s codebase — like Litecoin.
Interestingly, if the runs on different blockchains, these chains can effectively be linked together. If one or several peers on the network are willing to take one type of coin and forward another, it’s possible to send bitcoins on one end of a channel that will end up as the equivalent in litecoin on the other end.
On the news of Atomic swaps:
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When SegWit activated on Litecoin last spring, Lee’s vision came one step closer to reality. Because the soft fork had not yet activated on Bitcoin at that time, blackcoin Labs decided to add Litecoin support to their LND implementation. Thus, by the time SegWit activated on Bitcoin last summer, LND was already compatible with both chains.
The testnet versions of these two blockchains are now made interoperable through the for the first time, allowing users to swap one type of coin for the other.
In addition to offering a faster, cheaper and more private solution to exchanging coins, the successful test paves the way toward a whole new range of possibilities in the context of the . For example, peers on the network could eventually act as cryptocurrency exchanges, competing with one another to offer the best exchange rates.
“Arguably the most important benefit of blackcoin swaps is the ability to efficiently exchange different currencies without a custodian
Similarly, such exchangers could act as payment processors: it would be much easier for users to spend litecoin at merchants that only accept bitcoin (or vice versa). And it’s even conceivable that bitcoin-to-bitcoin payments over the will route via Litecoin hubs, if that’s the cheapest way to get funds from A to B.
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