Altcoin.io aims to guarantee the security of users’ cryptocurrency by building a decentralised exchange using atomic swap technology. Traditional centralised exchanges have a number of inherent security related risks, and with Altcoin.io’s solutions, users will be able to exchange cryptocurrency without reliance on third parties while always having control over assets.
Altcoin.io is building a marketplace where users can exchange coins in a peer-to-peer fashion. Peers will retain control over their own coins and Altcoin.io will not take custody of any coins. According the their litepaper, Altcoin.io aims to be a decentralised Coinbase where users are always in control of their funds in an environment which has no central point of failure.
So how will this work in practice? Altcoin.io will act as the marketplace where two peers can exchange their coins. Both peers’ coin are stored on the blockchain (and never in web wallets) and are secured by private keys which are controlled by the peers (peers never need to give away control of their private keys). The exchange of coins is processed through an atomic swap transaction, wherein no middleman is necessary. An atomic swap is basically a “floating mathematical algorithm” which executes the transaction when both peers have authorised the transaction. The transaction will not execute if one for the peers did not authorise his or her side of the transaction. An atomic swap transaction is either processed fully (where both parties receive the coins they ordered) or not at all. There is no middle ground.
Learn more about Altcoin.io at https://altcoin.io/.
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