TenX’s Comit is a game changer: First BTC Lightning to ERC20 atomic awap went smooth

BTC Lightning to ERC20 Atomic Swap

TenX showed a live demo where of their Comit protocol where they swapped a non-native asset to an asset on a layer-2 network on both mainnets. In particular, they swapped 10 PAY tokens on Ethereum for 71240 Satoshi on the Lightning Network using COMIT. COMIT stands for “Cryptographically-secure Off-chain Multi-asset Instant Transaction network.”

The company bills COMIT as the Internet of Transactions, a universal protocol for uniting the transactions across different blockchain ecosystems. They compare it to the early days of the Internet, where a bunch of siloed, incompatible networks ruled the world. Before the World Wide Web, they couldn’t talk to each other. COMIT is an open protocol facilitating trustless cross-blockchain applications. The simplest use case one can imagine is an atomic swap between two currencies.

With this tech, in the future you will be able to buy digitally tokenized ‘stuff’ with Bitcoins on LN trustlessly. Those tokens could represent anything from company shares, to car share minutes, internet access, to ownership of digital media (like a movie rental), etc. All without a third party taking a cut. In the near future this will generate huge productivity gains for the economy and people using it.

How to use it?

CoBlox team urges developers not to run COMIT on any mainnet as it is highly experimental project at the moment.

For the motivated developer a good starting point is to have a look at our end-2-end tests. You can find the code for swapping between BTC-ETH and BTC-ER20 there. We tried hard to build an amazing API for the comit-node and we are still working on it so please be patient in terms of documentation 🙂 Please have a look in the repository for now, examples can be found there.

What’s next?

If you haven’t noticed, COMIT is amazing and its usability is enormous. We will keep improving and extending COMIT, add more features and add support for more currencies. If you are interested, please feel free to follow our GitHub repository. Additionally, we will provide more information about crucial design decisions, our roadmap and how-tos for adding additional blockchains in future blog posts.

 

 

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Philipp Traugott

Philipp Traugott

Phil Traugott is a staff writer at CaptainAltcoin. As a trained marketing specialist for copywriting and creative campaigns, he has been advising top companies on the following topics: online marketing, SEO and software branding for more than 10 years. The topic of crypto currencies is becoming increasingly important for companies and investors and he found it very alluring and fitting for his skillset which prompted him to pivot his career towards blockchain and cryptocurrencies.

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