By
Temitope Olatunji
March 7th, 2024
MinexCoin, a decentralized payment service based on Blockchain technology, has successfully conducted a coin exchange process called Atomic Swap.
Purchasing items on an international e-commerce website is easy when it comes to paying with credit or debit cards. With all accepting at least one of the three major fiat, USD, GBP and EUR, a client only needs to know the exchange rate and use his or her card, while the bank takes care of the rest. Cryptocurrencies were developed to make the process more seamless and easy than traditional online fiat usage.
However, decentralization means that the user is the bank. If an e-commerce website accepts Zcash and the user possesses Bitcoin, it is the user who has to first acquire Zcash through an exchange to transact.
MinexCoin is a digital currency that has successfully conducted a coin exchange process called Atomic Swap. This essentially removes the need to go to a third party service to exchange coins.
Minexcoin represents itself a decentralized payment service based on Blockchain technology that allows for near instantaneous transfer of digital money from one person to another anywhere in the world. Unlike most of the cryptocurrencies out there, this one is not based on Ethereum. Rather than have a decentralized currency dependant on Ethereum, it has its own independent main chain that is based on Bitcoin’s.
Perhaps one of the most striking feature of MinexCoin is its low volatility. Cryptocurrencies are, by large, very volatile. High in value and decentralized, there is no chance to controls them. This makes people free to trade in any amount on any compatible exchange, however, the extreme swings in value on a daily basis makes cryptocurrencies a very risky investment for people who fully depend upon fiat – a major friction point keeping cryptocurrencies from being adopted by the masses.
Minexcoin stabilizes its value through different methods, such as using algorithms traditionally associated with financial tools and predicting growth and demand, releasing or acquiring the coins to stabilize the supply and demand ration.
Atomic Swap is a function through which two different coins or tokens from incompatible Blockchains can be exchanged using a smart contract, without the need of a third party intermediary, such as an exchange. This allows for faster transaction and saves users the fee of exchanges.
MinexCoin, although not the first one to test Atomic Swaps, is the first one that is about to put it beyond the test phase. Previous attempts by other cryptocurrencies have been in isolated test conditions that are not ready for general use. The test phase of MinexCoin was conducted in February and the cryptocurrency’s team is planning to present a MNX to BTC Atomic Swap to the community that will be accessible to view on their GitHub.
A practical feature of the Atomic Swap is that it will be executed by a GUI, rather than a command console, enabling people without special programming skills in Blockchain to execute their own Atomic Swaps. The Swaps will be available without charge initially, allowing for mass adoption and any other modifications that are deemed necessary.