UPDATE (08-11-2022): BasicSwap's open beta launches publicly on the 8th of December, 15:00 UTC. Check out the announcement blog post for more details.
As we near the major beta release of the long-awaited BasicSwap DEX trading platform, we thought now was a good time to officially present it, its release features, and the path ahead in more detail.
The upcoming release is in open beta and, therefore, still a work in progress. But rest assured: the currently available functionality is already quite impressive and there is a ton to be proud of right out of the gates. Let’s check out what that’s all about!
BasicSwap in a Nutshell
BasicSwap is both a cross-chain and private decentralized exchange (DEX) protocol and a trading app that allows you to swap one cryptocurrency for another without any middleman or third-party being involved. It lets you make or take orders on a distributed order book and execute swaps that are safe, trustless, unrestricted, and private. All of this combined sets BasicSwap apart from the unfathomable number of so-called DEX’s out there, and creates an environment that is totally free of any central point of failure. And best of all: it’s all available without trading fees.
In the coming days, BasicSwap will be released as a powerful and very easy to use DEX client with useful features exclusive to its protocol. It offers a uniquely private and decentralized way to swap several cryptocurrencies, including Bitcoin and Litecoin, but also privacy coins like Monero (XMR) or Particl (PART) with no compromise to your privacy and a heavy focus on ease of use.
Any layer-1 (L1; Bitcoin, Monero, Ethereum, Firo, Particl) blockchain that supports atomic swaps can ultimately be handled by the protocol. Subsequently, if a L1 blockchain with residing layer-2 (L2) tokens is connected to the BasicSwap protocol, their native tokens (i.e., Ethereum’s ERC20 tokens like Chainlink, 0x, or Tether) become supported naturally as well.
A DEX Trading Platform and Protocol at the Same Time
BasicSwap is a DEX trading platform and an open-source trading protocol at the same time. While its open beta phase will be exclusively in the form of a distributed local client, its underlying protocol can be used by any outside contributor to build other DEX platforms with different features or services offered.
This much will become increasingly apparent and useful as we near the beginning of Particl’s upcoming new major development cycle in which the ecosystem will adopt a much more modular and interconnected approach, essentially allowing dApp developers to easily and readily integrate swap or trading functionality into their own dApps or third-party services without having to re-implement these functions from scratch.
Who is it for?
Decentralized exchanges generally come with certain limitations compared to centralized alternatives. But it’s certainly useful for many, and in other cases, a literal life-saver. So why, exactly, should you rather use a decentralized exchange rather than centralized solution and what benefit can BasicSwap give you that others can’t?
When you use traditional centralized exchanges, you give control of your coins away the moment you deposit coins onto the platform. That means these coins can be stolen, frozen, seized, or hacked. This has happened several times in the past, notably the Quadriga debacle where the owner allegedly died before he could give anyone access, losing the funds of over a hundred thousand users into limbo - or the more recent Coinbase freezing of Russian assets.
BasicSwap keeps you in complete and total control over your funds, by letting you swap with other people without ever giving access to your coins away. You stay in control at every step of the way and you don’t ever have to factor in the risk of losing your coins when using the platform. That is not the case with all decentralized exchanges: the AMM model (Uniswap, SushiSwap, PancakeSwap, etc), for example, makes you forfeit your private keys by sending coins into a unified liquidity pool powered by smart-contract. This has resulted in heavy losses of coins and outright scams, most famously the 2021 Pancake Bunny exploit that raked in over $200 million dollars.
Nowadays, it is uncommon to be able to use centralized exchanges without revealing every single little detail about your personal life to an entity you don’t really know or trust. This includes sending pictures of your passport, driving license, a selfie of your face, full name and address, proof of income, and even tax reports in extreme cases. Of course, as we’ve explored in depth before, all of that extremely sensitive information about yourself is routinely hacked, stolen, lost, or misused.
That’s exactly what BasicSwap stands against. Everybody should be free to swap and trade cryptocurrencies without having to dox themselves to a central authority. This is directly in line with the original cypherpunk ethos of cryptocurrencies; Bitcoin was created as a digital currency open to all, without restrictions or bias, and that’s exactly the trajectory BasicSwap is following, but instead of applying these characteristics to a currency, does so to an entire trading exchange platform.
Over the past year or so, a worrying policy has become adopted by some of the leading exchanges and blockchain service providers in the space: that of blocking access, or even seizing coins, of citizens from certain countries. We’ve seen it happen with Venezuelans and Russians, and now that the precedent is set, it could very well happen to citizens of other sovereign nations, including you.
As stated just above, this entire mentality is very anti-crypto. BasicSwap stands strong against any form of discrimination, especially when done through blanket bans of innocent citizens of certain countries based on events totally out of their control. Never will you find yourself banned or restricted from using BasicSwap, not only because the platform is opposed to any such measure, but because it is truly decentralized and simply unable to apply any sort of targeted ban in the first place. You are safe here, whatever the country you reside in or have been born into.
Depending on the exchange you use and the volume you make, trading cryptocurrencies can be expensive. While some businesses like market makers are able to gain access to no-fee trading accounts on select exchanges, this is more-often-than-not not the case for the common folks.
BasicSwap democratizes the benefits of trading without fees to everybody, not just businesses or connected insiders, effectively creating a fair level playing field trading environment for all. The only fee you’ll ever pay on BasicSwap is the typical cryptocurrency transaction fee charged by the blockchain of the coin you want to exchange. Nothing more, meaning you can optimize the value of each of your trades.
Isn’t it weird that Bitcoin, a cryptocurrency initially created to fight back against the reckless and harmful fiscal practices of national banks and the dangerous centralization of our global financial system, is now almost entirely reliant on centralized entities that are, perhaps surprisingly for some, controlled by the very same type of organizations that Bitcoin put up a fight against?
Well, we think it’s not only weird but absolutely wrong. BasicSwap is a torch in this dark night’s sky for those that want to preserve the original ethos of Bitcoin and get rid of the middleman for good. There’s not a single central party involved here, and BasicSwap lets you trade cryptocurrencies with the very same properties and benefits that a P2P Bitcoin transaction possesses. BasicSwap is not just cool tech, it is absolutely an ideologically-driven project that restores the balance of power within the cryptocurrency industry back to the people by cutting off the middleman from the asset swapping process. Enough with greedy and agenda-driven gatekeepers!
It goes without saying, whenever you trade cryptocurrencies using traditional centralized exchanges, every single bit of data about your trades and financial activity is logged in a database. Not only can access to this data be requested by (and granted to) various types of organizations, including certain questionable government agencies, but the collected information can be lost, stolen, hacked, or misused.
Additionally, privacy coins that rely on decoys, like Monero for example, see their level of privacy being decreased as more and more decoys (used to obfuscate transaction details) are owned by central parties like trading exchanges that can collude together, and with larger organizations like ill-intended governments, to put the pieces of the puzzle back together and unmask certain transactional details.
BasicSwap is all about just saying “no” to that malpractice and claiming your rights to privacy. No data, personal information, network metadata, or any sort of information is collected about you, in part because there is no central authority to do so, but also because the DEX is built with a strong privacy ethos in mind. You can swap any available currency you wish with anybody else and you never have to worry about your financial activity leaking to any unauthorized party.
Although not entirely ready for easy out-of-the-box integrations (that’s our long-term goal), the BasicSwap protocol will eventually let developers easily integrate swap or trade functionality into their apps, dApps, or services using BasicSwap-derived SDK modules. This more open-ended modular approach is the cornerstone of Particl’s upcoming evolutionary phase. It turns many of the core components of the Particl ecosystem, BasicSwap being one such critical component, into independent modules that can be leveraged by developers to integrate certain functionality into their products without having to re-implement them from scratch. As such, several modules based on BasicSwap’s back-end capabilities will be made available, allowing for easy swaps or advanced trading capabilities right from inside other apps.
Under the Hood — The Tech That Powers BasicSwap
BasicSwap is able to provide its set of unique capabilities by leveraging leading edge blockchain and peer-to-peer technology, making it a novel DEX with a unique approach compared to other available solutions. Three key technologies make BasicSwap the powerhouse that it is: the SecureMessaging (SMSG) protocol, scriptless scripts technology, and the more widely-known ‘atomic swaps’ protocol.
Atomic swaps have been around for quite some time and are an important part of many DEX platforms currently available online. They allow for swapping digital assets between two users in a peer-to-peer fashion, assuming that the logistical requirements behind executing such a swap exist.
The atomic swap technology is, in and of itself, a relatively narrow-scoped protocol; it does not match orders between two users or provide any DEX framework whatsoever. It just safely swaps assets.
For a properly decentralized DEX to exist, it needs a common and decentralized channel in which the information related to a swap is transferred between two parties — sometimes across two entirely different chains. Without this added layer, it is impossible for a chain to know when to release the swap in question because it isn’t directly connected to the other blockchain.
This is often where some so-called “DEXs” cut corners and introduce a certain level of centralization. They offer decentralized swaps, but centralize the process of matching orders which entirely defeats the purpose of being a DEX in the first place as it introduces a major central point of failure and control. But in the case of BasicSwap, this process remains entirely decentralized thanks to the SMSG network.
More detailed information on atomic swaps can be found here.
SecureMessaging (SMSG) Network
SecureMessaging (SMSG) is Particl’s own custom-built and unique P2P messaging network that stands at the very core of its ecosystem. Inspired by the BitMessage protocol, the SMSG network is a mixnet that acts as a decentralized storage network (DSN). It stores and transfers data across nodes in a privacy-preserving manner, encrypted from end to end (E2EE), and without requiring the use of any central server.
This decentralized technology is essential in providing the BasicSwap DEX with functionality not provided by atomic swaps itself, such as an order book and order matching system, and with transferring swap data between users of two different chains.
When running a BasicSwap client, you are also automatically running an SMSG node along with it. Any DEX and swap related data is then uploaded and downloaded directly from the SMSG network and interpreted by BasicSwap’s scripless scripts, giving you a full-blown decentralized trading exchange (DEX) experience.
More in-depth information about the SMSG protocol can be found here.
Scriptless scripts are another key aspect of BasicSwap and are a largely misunderstood and overlooked feature of Bitcoin and blockchains in general. Originating from MimbleWimble, they are, in their basic sense, a way to execute secure and private smart-contracts off-chain using Schnorr Signatures or ECDSA.
In the case of BasicSwap, two people send coins on a scriptless chain and into an address that's created from the sum of one private key from each of them. That way, to spend that output requires them to cooperate through One-Time Verifiably Encrypted Signatures (OtVES).
"A One-Time VES is a signature made invalid by mixing it with the public key of an encrypting key pair, a valid signature can be decrypted with knowledge of the private encrypting key and the private encrypting key can be recovered with knowledge of both the encrypted and plaintext signatures." — Tecnovert, XMRswap's protocol implementation notes
Compared to traditional on-chain smart-contracts, scriptless scripts provide added privacy and scalability. And compared to the rigid and barebone Bitcoin smart-contracts, they add a ton of functionality by allowing for much more complex and flexible, yet still securely tight, smart-contracts.
Privacy: When on-chain, many details of a smart-contract are shared to the entire network. These details include the number and addresses of participants and the amounts transferred, among other metadata. But because scriptless scripts are smart-contracts operating off-chain, most of the usage data and user information is NOT shared with the rest of the network. The only thing that the network knows is that certain individuals are interacting with a smart-contract according to its pre-defined rules. However, depending on the specific implementation, it is also possible for that information to be completely hidden as well.
Scalability: Smart-contracts take up a lot of space on a blockchain. By moving the smart-contracting process off-chain, that data doesn’t bloat and fill up the blockchain, leading to much better scalability. What’s more, that responsibility is shared between scriptless scripts themselves and the SMSG network mentioned in the section just above. Additionally, because scriptless scripts are eventually intended to leverage Schnorr Signatures, multiple keys can be aggregated into a single one, making the actual smart-contract code much lighter and more efficient than traditional on-chain smart-contracts.
Perks and Features
BasicSwap already provides users with many substantial perks and features. Let’s take a detailed look into the actual features and benefits of BasicSwap, from both a product and user perspective.
The SMSG network allows BasicSwap to transfer swap and order-related data between participants from two different blockchains without the use of wrapped assets or any third-party intervention. This even includes the anonymous and rigid Monero cryptocurrency, which can be swapped for any other cryptocurrency available on BasicSwap.
This lets you make or take orders at the price you judge is fair, much like traditional centralized exchanges let you do. This gives you much more control and freedom over what price you want to swap your assets at compared to the widely spread AMM DEX model. It also protects you against liquidity pool-driven rug pulls and exploits, as it is entirely non-custodial.
That means absolute and total uncompromising freedom to trade cryptocurrencies without any boundaries, restrictions, or identification requirements. You’re free to use BasicSwap as you please and there isn’t anything anyone can do about it.
BasicSwap is a fair and open-source protocol that does not seek to profit off of people but rather reinforces your rights to exchange digital assets freely. The only fee you’ll ever pay swapping on BasicSwap is the typical cryptocurrency transaction fee that you must pay every time you make a crypto transaction.
BasicSwap features full support to swap Monero pairs such as BTC/XMR and supports Particl-based RingCT and CT swaps as well. The DEX is 100% peer-to-peer, just like blockchains and torrent protocols are, with no central server. Additionally, you can enjoy the benefits of a full (but still experimental) Tor support to mask your network identity (IP address) from the rest of the network’s peers. Finally, and although not live at the moment, BasicSwap has forward compatibility with Taproot and the Lightning Network, both of which are extremely powerful protocols that will further improve scalability as well as privacy.
BasicSwap is a P2P network that runs on a vast network of nodes scattered all across the globe. There is no central server and no single point of failure — to shutdown BasicSwap, you would have to shut down the entirety of all the peers that make its network. There are also no identification requirements or any other sort of prerequisite to use BasicSwap. That means you can use it regardless of who you are, where you’re from, or how much you want to swap. BasicSwap is absolute and uncompromising freedom in its purest form.
“Not your keys, not your coins”! We’ve heard it often, but exchanges still get hacked to this day, lose their customers’ coins, or are forced by outside forces to seize and freeze accounts for a variety of reasons. BasicSwap does not suffer from the vulnerabilities that have drained AMM DEX liquidity pools dry in the past, leaving users with billions of dollars in stolen funds. BasicSwap swaps are atomic in nature, the order book is powered by SMSG, and the logic is handled by off-chain smart-contracts (scriptless scripts). You stay in control of your keys at every step of the way and never have to hand control of your coins to any third-party or unsafe smart-contract. BasicSwap is a safe and private environment.
Although Monero has had atomic swap support for nearly 2 years, thanks to the pioneering work of h4sh3d on Monero atomic swaps, there are still very few DEXs around that support Monero, and even less so with a proper user interface and easy-to-use process. Fortunately, BasicSwap comes in with full support for Monero trading pairs and a fully-integrated and user-friendly interface. That means you can trade one of the world’s most anonymous cryptocurrencies with atomic swap compatible assets such as Bitcoin, Litecoin, Namecoin, and Particl. And you don’t even have to bother with security deposits or swap moderators!
Of course, BasicSwap will be of great benefit to the Particl community moving forward. Indeed, it will be an integral part of the ecosystem as it is about to begin an important evolutionary phase in which any current and future dApp of the Particl ecosystem (and third-party apps and services as well) that requires swapping will be able to make use of the BasicSwap protocol through its module. This will make Particl’s applications more accessible and inclusive to many communities, extending their use-cases beyond Particl’s own community. More details on this upcoming major evolutionary phase coming shortly on Particl News. As always, stay tuned!
A Focus on Usability
While there are a lot of easy-to-use AMM-based DEXs around, DEXs which provide more functionality than simple “quick swaps” are generally quite complicated to get started with. That’s not the case with BasicSwap.
We’ve taken great care in building a comprehensive and intuitive user interface on which most of the complicated processes involved with the swaps are kept entirely in the background. This means a seamless, easy-to-use decentralized exchange that matches as much as possible the user experience that traditional trading environments offer.
The only caveat is that the initial setup process for this open beta phase has to be manually compiled using a few simple terminal commands, but we’ve prepared some easy-to-follow instructions that you can refer to that will get you started in just a few minutes. As we progress through this open beta phase, we plan on simplifying this process even further, just as we fully intend on significantly speeding up any node syncing process.
How BasicSwap compares to the competition
BasicSwap is not the first DEX to see the day, but it certainly holds a unique position for itself notably in relation to its strong commitments to privacy, security, and uncompromising decentralization. Let’s take a look at how it compares to other popular DEXs available today.
As this comparison table makes obvious, each DEX has its pros and cons and crafts a niche and use-case of its own. While BasicSwap DEX may be at an earlier stage of development compared to others, it may not be as quick to get started, for example, but it makes up for that with its incredible level of financial privacy.
Of course, a comparison table cannot tell the entire story, and there are certainly varying levels of nuances to take into consideration when looking at other available options, but there is no doubt BasicSwap DEX, even as a beta product, will be an incredibly useful tool as we move forward into a world that grows more dystopian and anti-privacy by the day.
Let’s Recap the Essentials
- No fees; Freely trade cryptocurrencies without any of the predatory rent-seeking fees exchanges typically charge you
- Rug-pull safe; Swap digital assets at the exact price you want, without slippage, using an order-book
- Collateral free; No security deposits, collaterals, or escrow intermediary required. The entire process is automated and secured by cryptography
- No interference; Decentralized by fact, not by badge; it doesn't go halfway about being decentralized. The process of swapping is entirely decentralized and done between two people who don't know each other and don't need to trust each other
- Instant on-chain cross-chain; It does not mimic cross-chain interoperability by way of unsafe wrapped assets. Exchange one native coin for another one without any unsafe trickery or marketing-driven deceit
- Unique tamper-proof data protocol; It has a unique and safe protocol (SMSG) to exchange encrypted data between buyer and seller without middlemen
- No single point of failure; The whole system is built in a way that no single entity, technology, methodology, or service can create an interruption of service availability or put your funds, data, financial privacy, and security at risk.
Roadmap, upcoming perks, and milestones
As we’ve just mentioned, BasicSwap is still in beta phase. That means there’s a ton of important milestones and exciting developments that lie ahead. Aside from typical general improvements, bug fixes, and user experience upgrades, here’s a list of intended features and functionality planned for the DEX.
- The completion of a glue layer, allowing the BasicSwap protocol to be isolated into a module that can be integrated into Particl Desktop, web applications, and other privacy-first dApps
- The rebasing of BasicSwap into a modular dApp, allowing for additional networks and mixnets like SMSG to carry messages between two participants of a swap
- The integration of Taproot into the dApp, allowing for swap transactions to look identical when compared to regular blockchain transactions
- Add support for Lightning Network transactions
- Add Electrum support for Bitcoin and Particl to eliminate the need to download entire blockchains.
New Features and Functionality
- The ability to click on something in the order book and buy it via atomic swap
- The display of a price graph for each pair
- The ability to place limit and market orders
- Add support for Ethereum and Ethereum token pairs
- Add support for more coins, including DAI (ERC20 stablecoin)
- The ability to restore swap wallets from their seed
- The ability to block blacklisted Bitcoin
- The completion of the full XMR integration (allow to "make" XMR orders and not only "take" them)
Of course, this list is likely to be expanded as we move forward and items may also be substituted in favor of others which may become more critical. Notably, BasicSwap will play a major role within the Particl ecosystem as it moves towards a more modular infrastructure with the upcoming major development cycle and so, its back-end is likely to be adapted in consequence.
Why This Release is Considered a Beta
With all of the above-mentioned benefits and technical goodness in mind, one may ask, “But why is this considered a beta?”.
The truth is, we have grand plans for BasicSwap as we intend to make the DEX a critical part of the Particl ecosystem in its expansion beyond its current form and right into the major evolutionary phase that’s coming up soon. At this point, it is pretty functional, but it’s still a work-in-progress that some may even be inclined to dub as an MVP.
With this in mind, you may encounter processes that may feel less polished, or that may need improvement. For example, it can take some time for your client to be fully ready to make your first swap. That’s because you need to sync the full nodes of the coins you want to swap. And even though BasicSwap uses snapshots and bootstrapping protocols to make that process much faster than syncing from scratch, we plan on eventually making this step almost instantaneous later during this beta phase.
Or, as another example, it is currently only possible to take an XMR order from the books - not make one. That, too, is something we fully intend on resolving during this beta phase and is, in fact, at the top of the to-do list.
As such, we encourage you to report any issue, bug, or area of possible improvement you come across to the Particl team. This is precisely what this beta phase is intended for. To report anything, please leave a Github issue on BasicSwap’s repository located here.
We appreciate your support and help in shaping a future for crypto that’s free, open, and private for all!
Current Status of Development
We’ve got some very exciting updates regarding BasicSwap’s status of development to share within just a few days. Indeed, we’ve made a ton of progress lately and we’re almost at the point that it is ready to be released publicly (beta), hence the timing of this very blog post.
We highly recommend keeping an eye on Particl News in the days to come as we will provide a major BasicSwap-focused development update in an upcoming blog post. Stay tuned!
The obligatory frequently asked questions at your fingertips. Did we miss a question for you? Send them over to us, so we can add them here.
BasicSwap, in and of itself, doesn’t have a for-profit model. The protocol was originally meant to provide functionality and exposure for PART, but rapidly grew outside of that scope. That’s very important because it now serves as both a trading platform and swapping protocol with a much more extensive mission is bringing fairness, accessibility, and openness back into the act of trading cryptocurrencies.
Because it is a protocol, it can, and eventually will, provide swap functionality to other dApps, third-party platforms and services, or even other DEXs built on top of it. But to accomplish this effectively, BasicSwap must remain free-to-use at the protocol level.
As we will soon enter a major evolutionary phase for the Particl ecosystem, the BasicSwap protocol will power all sorts of dApps, modules, and swap services that will be able to be monetized to the benefit of the network.
Although BasicSwap is a standalone product and not yet part of Particl Desktop, it is an integral and critical component of Particl’s privacy-first ecosystem.
As such, its development is funded by the team’s development budget, which is obtained through community-approved claims from the network’s decentralized treasury system (1, 2).
Additionally, we’ve received a generous donation from a private individual specifically for the development of BasicSwap as a core component of the Particl ecosystem. We want to take this opportunity to thank this individual who’d rather remain anonymous. Your donation is incredibly important to us and for the Particl mission. We are immensely and forever grateful for your selfless act.
BasicSwap is entirely decentralized, meaning that no one and everyone “runs” the service. There is no central party, server, or middleman involved in any single part of the process, and you never need to give access to your keys to anybody or any smart-contract (which could get exploited).
All of these safety measures are baked into the atomic swap protocol. Atomic swaps are, by design, condition, and time-based steps that can only be progressed when certain conditions (communicated between two chains through the use of Particl’s SMSG) are met. Should a condition not be met, for example if the other participant doesn’t keep their end of the deal, then the coins committed to the swaps are refunded to their respective owners.
However, because the process of atomically swapping assets is automated by the SMSG network, this should not happen unless one of the participants willingly goes out of their way to obstruct the process, in which case the coins committed by the other participant would simply be refunded to them.
You can read more on atomic swaps here.
BasicSwap is developed and released by the Particl team. Since the project’s inception in 2017, the team has released numerous breakthrough products and deliverables, many of which are “crypto firsts”. This includes, but isn’t limited to, their own native cryptocurrency based on the most recent Bitcoin codebase, including of course Segwit, Lightning Network, and all the recent upgrades to Bitcoin, but to which was also added many privacy improvements such as RingCT, CT, stealth addresses, and bulletproofs range proofs.
The team has also released its own proof-of-stake protocol (PPoS) which had the first iteration of a cold staking protocol in the blockchain space back in 2017. Cold staking pools followed shortly after.
Additionally, the team released the groundbreaking Particl Marketplace dApp, a decentralized, privacy-first, and unrestricted two-sided marketplace application that lets you buy and sell anything online without middlemen, which is powered by the project’s very own SecureMessaging network (SMSG), a peer-to-peer mixnet that lets two parties exchange messages and data in complete and total anonymity. More recently, Particl was one of the first projects after Bitcoin to integrate Taproot into its codebase.
The Particl team has demonstrated its commitment to privacy, security, and hard work throughout the years, which is demonstrated by its constant high ranking within Github ranking websites. BasicSwap follows the same ethics and ethos.
BasicSwap is at the very end of its closed beta phase and will enter its final testing round within a few days. Once that is complete, its open beta phase will start where anyone will be able to use it on mainnet.
If you’d like to be notified as soon as possible of when that happens, then make sure to subscribe to the Particl newsletter. We’ll be sure to send you an email as soon as it's ready to launch!
If that’s crossing your mind, then we’re delighted that you feel this way about BasicSwap and are in it with us for this wonderful journey of cutting off the middlemen and reasserting our rights to a free and private financial system.
If you’d like to donate, then by all means contact the Particl team at firstname.lastname@example.org and we’ll make a deposit address available to you in the cryptocurrency of your choosing (ideally, one available on BasicSwap 😉)
No, this is not possible. BasicSwap uses the atomic swap technology that lets you swap assets in your possession for other assets.
Absolutely, although not at this present time. With BasicSwap’s future modular approach, it’ll be easy to integrate the protocol into web gateways, third-party applications (i.e., a cryptocurrency wallet), or even within a mobile application. However, that’s planned for later during this beta phase.
That depends on your internet connection speed and whether or not you choose to “fast sync” the Bitcoin blockchain. That’s because BasicSwap works using full nodes and, as you probably already know, it takes quite some time to sync the Bitcoin in full.
With that in mind, it should take you roughly 10 to 30 minutes to install and build BasicSwap, depending on how used you are to this kind of process. Then, syncing the blockchains is entirely dependent on your internet connection, taking roughly 60 minutes on average with a fast connection and the “fast sync” option.
The good news is that, once BasicSwap is installed and running, you can let the blockchains sync in the background.
Note that Monero is integrated with its bootstrapping functionality, meaning that, while it syncs, it connects to a public node and lets you use it through that. That means you can swap Monero even if it’s not fully synced. Once the node is done syncing, the daemon will automatically switch to the local version instead of the public node.
This is entirely dependent on the block time of the coins you’re swapping. For example, it takes Bitcoin, on average, 10 minutes for one block to sync. Particl, on the other hand, takes 2 minutes, just like Monero. And so, swapping Bitcoin for Monero should take slightly longer than swapping Particl for Monero.
As an example, a Bitcoin to Monero swap takes on average 30 minutes for the whole process to complete. Note that, once a swap is initiated, everything happens in the background and you don’t need to complete any manual steps. Just initiate the swap and wait for it to complete; you can track the progress right from inside the client.
As we near the public release of BasicSwap DEX’s open beta, spreading the word is more important than ever. It helps get more people to know about this awesome trading platform and actively contributes in building liquidity and awareness, which in turn improves the user experience of the platform.
Perhaps more importantly, it lets more people enjoy the benefits of an open, free, private, and uncompromisingly decentralized economy.
The revolution is here, and there ain’t no stopping it!
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