What are the steps to perform a successful Monero atomic swap?

3 answers

• mantisNov 02, 2021 · 4 years ago
  Sure! Performing a successful Monero atomic swap involves several steps. First, both parties need to agree on the terms of the swap, including the amount of Monero to be exchanged and the exchange rate. Then, they generate a unique secret key that will be used to complete the swap. Next, they create a hashed timelock contract (HTLC) on both the Monero and the other cryptocurrency's blockchain. This contract ensures that the swap can only be completed if both parties fulfill their obligations. Once the HTLCs are set up, the parties exchange their respective secret keys. Finally, they reveal the secret keys to each other and use them to unlock the HTLCs, completing the atomic swap. It's important to note that the process requires careful coordination and adherence to the agreed-upon steps to ensure a successful swap.
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• dark ninjaDec 27, 2023 · 2 years ago
  Performing a Monero atomic swap successfully involves a series of steps. First, both parties need to establish trust and agree on the terms of the swap. Then, they generate a unique secret key that will be used to unlock the swap. After that, they create a hashed timelock contract (HTLC) on both blockchains involved in the swap. This contract ensures that the swap can only be completed if both parties fulfill their obligations. Once the HTLCs are set up, the parties exchange their secret keys and unlock the HTLCs to complete the swap. It's important to follow the steps carefully and ensure proper communication between the parties to achieve a successful Monero atomic swap.
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• Mubbashir AliAug 01, 2021 · 4 years ago
  To perform a successful Monero atomic swap, you need to follow a specific set of steps. First, both parties need to agree on the terms of the swap, including the amount of Monero to be exchanged and the exchange rate. Then, they generate a unique secret key that will be used to complete the swap. Next, they create a hashed timelock contract (HTLC) on both the Monero and the other cryptocurrency's blockchain. This contract ensures that the swap can only be completed if both parties fulfill their obligations. Once the HTLCs are set up, the parties exchange their respective secret keys. Finally, they reveal the secret keys to each other and use them to unlock the HTLCs, completing the atomic swap. Following these steps will help ensure a successful Monero atomic swap.
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