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Minexcoin Releases Atomic Swap Protocol for Live Public Testing

Originally published on: CoinSpeaker
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March 29, 2018

Minexcoin (MNX) has announced the release of its atomic swap protocol for public testing and looks forward to further testing.

The low volatility cryptocurrency and blockchain payments solution Minexcoin (MNX) has just released its atomic swap protocol for public testing, following a successful atomic swap exercise completed between MNX and Bitcoin (BTC) blockchains. The company operating MNX, MinexSystems, has announced on its official blog the successful completion of preliminary internal testing and the firm’s plans on further testing from the community and general public.

MNX sees itself as a leading contender in the so-called “atomic swap technology race”, aiming to create a truly decentralized exchange with a simple and convenient mechanism that does not rely on an intermediary. The successful atomic swaps have taken place on the MNX and BTC Testnets – Blockchains that are separate and distinct from the actual operating Mainnets, often used by developers to test out new technologies, such as atomic swapping. This sandboxing prevents potential risks to the main chain and actual digital assets.

The console demonstration also includes explanations by the MNX developers on typical scenarios, such as what happens if one participant in the swap cancels the exchange or does not complete the transaction in time.

With the protocol made public via its official MNS GitHub page, any member of the public is now invited to test it, using instructions to launch cross-chain exchanges via his or her own device. Users will be required to launch both MNX and BTC blockchains in Testnet. To access MNX, the wallet version can be downloaded and compiled from GitHub, or users can wait for the desktop release.

According to MNX lead blockchain developer, Roman Hulenko, the MNX code uses a reactive non-blocking programming approach to order an event-driven system, resulting in a functional solution able to process large batches of events:

“Also, it has to be highlighted that Atomic Swap implementation will trigger quality modifications in MNX blockchain itself”.

MNX efforts are currently focused on a user-friendly graphic interface for atomic swapping, which will also be published on the public site. With an alpha version anticipated to be launched early next month, users can look forward to atomic swaps for major pairs such as LTC/MNX or Decred/MNX. Once tests have been resolved, modifications will be made to the MNX Mainnet alongside a SegWit upgrade.

According to MNX blockchain developer, Vladyslav Zaichuk, the use of Testnet will demonstrate MNX capabilities, with safety to come first:

“With the launch of a final product, our trustless exchanger will not only improve the comfort of the exchange processes but will also work as a “supervisor”. Thus, all transactions will be carried out without the third party, but our intermediate link will be entitled to block suspicious transactions, expose the user ratings to avoid scammers, and monitor the security of the system without having access to the user’s assets”.

MNX upholds the original ideals of cryptocurrency as an alternative and future means of payment, but addresses the main issue of volatility, through a cryptocurrency with low volatility suited as a global means of payment. MNX features a sustainable reward system for holders and a low-fee transaction solution that is affordable and scalable, bridging the world of traditional and digital money.

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