BasicSwap, a privacy-first, open-source decentralized exchange (DEX) built on atomic swaps and Particl's ten year old peer-to-peer encrypted messaging system, is experiencing a surge in usage as privacy tokens face increasing regulatory pressure.
With increased regulation leading to the delisting of coins like XMR and Zcash on several major exchanges, BasicSwap has become a go-to protocol for many privacy-conscious users seeking uncensored and resilient trading. To complement privacy coins, highly liquid coins such as Bitcoin Cash ($BCH) have also been discussed as potential contributors to a growing list of supported assets.
Built for Privacy, Backed by Community
Particl's BasicSwap protocol initially attracted the Monero community's interest by offering the first solution for adaptor signature-based swaps, as well as the first bidirectional Monero atomic swap. This success story has been followed by the recent integrations of Litecoin (incl. MWEB), Decred, and Wownero, with their respective communities contributing financially or undertaking the integration work to join the open source application.
BasicSwap's unique approach is especially attractive for users of pseudonymous cryptocurrencies that use standard, open ledgers (such as BTC and BCH), and that wish to exchange their funds for a coin with stronger privacy provisions without being subject to chain analysis or KYC identification - or vice-versa. To that end, an adaptor signature swap is both anonymous and very safe for end users.
This is why the BasicSwap protocol has attracted a growing number of contributors in the past year, from Bitcoin to Monero enthusiasts, and why a deep-seated respect for privacy remains a core value within the community.
BasicSwap: A Secure, Anonymous, and Cost-Effective DEX
Particl's core strength lies in its free to use, encrypted messaging system based on BitMessage. This system, named the SMSG network, empowers the creation of secure protocols for existing cryptocurrencies and decentralized applications, without requiring additional software beyond a lightweight library. BasicSwap leverages this in several different ways.
Swaps occur directly on the blockchain, utilizing adaptor signatures and semi-scriptless scripts, while Particl's encrypted messaging system anonymously manages the trustless order book and automates the swapping process between involved parties. This allows BasicSwap to coordinate swaps and disseminate orders throughout the open source network, while sacrificing none of its privacy-first concerns and network resilience.
This combination effectively positions BasicSwap as the most affordable, secure, and anonymous exchange solution currently available in the cryptocurrency landscape.
Bitcoin Cash Integration: Expanding Options for Users
The BasicSwap open source community seeks support from the Bitcoin Cash community in order to integrate their coin into the ecosystem. This integration would enable Bitcoin Cash users to trade with the existing pool of supported coins, away from centralized exchanges, while offering privacy and security benefits without the need to convert to another token or secondary layer.
Looking ahead, BasicSwap's integration will also allow supported currencies to be used on Particl's decentralized, censorship-resistant marketplace, which has been operational for over five years. The marketplace revolutionizes crypto's use case for e-commerce, by decentralizing all of its aspects while simultaneously enforcing trust when buying goods and services from unknown parties.
This collaboration could ultimately pave the way for a more cash-like crypto future, where Bitcoin Cash and many other cryptos become increasingly independent from centralized infrastructure, from exchanges to e-commerce applications, and beyond.
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