Swap PART and XMR on Mainnet Without Any 3rd Party 👥
As we head towards the long-awaited Particl V3 release, the Particl developers have been wrapping up the last few pieces required for its launch.
Particl V3 is Particl’s biggest update to date and it introduces a brand new desktop application as well as greatly improved marketplace experience. It makes Particl faster, lighter, and as easy to use as ever. But more than just that, it also adds a ton of new features and functionalities.
If you don’t know about Particl V3 yet, than make sure to click on the link below to get all currently available details.
Although the focus has almost exclusively been on the Particl V3 release for the last few months, Particl Core has been ready for it for quite some time. This has given Tecnovert, Core Developer, enough time to work on a little surprise which has been a very popular request from the community for a long time.
This surprise can now be revealed! 🎉
Monero and Particl Atomic Swaps Live on Mainnet
On the 15th of September 2020, the first ever Monero to Particl atomic swap was successfully completed on mainnet.
- Particl's xmrswap repository: https://github.com/tecnovert/xmrswap/
- Transaction: https://explorer.particl.io/tx/46a9ad3d1374e8e97c65fda7961ac8fa620c1c511400b1a0842bf5e851cbae30
It is now possible for anyone to do the same thanks to the xmrswap protocol to which Core Developer Tecnovert has added Particl support. The xmrswap protocol is based on the work of Joël Gugger (h4sh3d) from the Monero community. You can read Joël’s extensive whitepaper by following this link.
To make a Monero to Particl (or the other way around) atomic swap on mainnet, you’ll first need to find another peer that also wants to do a swap, agree on swap parameters (how many Coin A for how many Coin B), and then simply follow these step-by-step instructions here.
Note: xmrswap is a fully-functioning Proof-of-Concept for a protocol that allows swapping Monero to Particl without any third-party at all. It is only available in CLI (command-line interface) for the moment.Although the protocol is safe and has been tested extensively, it should still be considered as experimental software. Its usage is reserved for advanced users only and no immediate support will be provided from the Particl team or Tecnovert.
What’s an Atomic Swap
If you’re unfamiliar with the term, an “atomic swap” is a special type of cross-chain exchange that allows two parties that don’t know each other to exchange a currency for another without involving a third-party like an exchange or escrow service provider. The process is entirely trustless, meaning that you don’t need to trust the other party to know for certain you won’t get scammed. The integrity of each swap is guaranteed by cryptography.
In the specific case of this blog post, the “atomic swap” refers to the process of safely exchanging Monero for Particl, or Particl for Monero, without the help of any third-party.
Monero and Particl Atomic Swap Use Cases
Although this Proof-of-Concept is still only available as a command-line tool and reserved for advanced users only, it sets the foundation for future and deeper integrations into the Particl ecosystem. Here are just some of the use-cases the xmrswap protocol enables.
Shop online using XMR
Monero is the world’s most private cryptocurrency. Particl has the world’s most private marketplace. Both are unstoppable. Then why not combine them and get the world’s most private, unstoppable eCommerce ecosystem?
The xmrswap protocol can be integrated in such a way that lets you easily swap XMR for PART to privately buy anything on the Particl Marketplace without leaving any digital footprint. This same integration can be applied to easily cash out marketplace sales revenue into Monero and get that extra privacy layer when leaving the Particl ecosystem.
Increases Particl’s resiliency
Adding a more user-friendly interface that easily allows to swap Monero, and other cryptocurrencies, for Particl will also increase Particl’s resiliency and make it unstoppable.
That’s because atomic swaps, other than simply being great tools for privacy, security, decentralization, and freedom, also act as a solid fallback solution in case of exchange delisting, geographical bans, and other types of restrictive measures. It reduces the overall influence some third-parties may have over the network and allows it to be accessible in perpetuity.
Privately acquire PART
A deeper integration into Particl Desktop would allow you to privately acquire PART straight from the Particl wallet and without having to forfeit your data to anyone, including exchanges, ISPs, and etc.
This is a particularly strong use-case if you take your privacy seriously as it not only protects your personal information when using the marketplace, but also before and after using it.
Integration of the xmrswapprotocol into Particl Desktop is an entirely separate task and requires other Particl developers other than just Tecnovert to get involved. As they are currently busy with the Particl V3 release as well as other tasks, it is currently not possible to estimate when it will be ready.
There is, however, some mock ups in the works of how an xmrswap integration may look like in Particl Desktop. Here’s one!
Take note that this mock up is purely a work-in-progress and would most definitely look a bit different when it’ll be ready for release. It does, however, gives a good visual representation of how it may look like.
This news announcement is only part of some more major announcements coming soon. Yes, it’s been a long road to the launch of V3, but it’s given the time for the Particl team to prepare very exciting stuff for the “after-V3” era.
Stay tuned, the best is yet to come!