Underwater exchange between Litecoin and Bitcoin is a success in its first attempt
Alex Bosworth, application developer for Lightning Network, announced that the first underwater exchange between Litecoin's blockchain and Bitcoin's Lightning (LN) network was successful on August 2 on its first attempt.
Announced through his Twitter account, Bosworth confirmed that block 1,476,323 of Litecoin's blockchain has registered the transaction of litecoins exchanged for a payment in bitcoins in the second layer of the Bitcoin network: Lightning Network.
Bosworth believes that the test was a success, since there was no setback. He also stressed that this new feature will allow people to make payments in bitcoins with funds in Litecoin, only if the recipient accepts payments in an LN portfolio, since the Submarine Swaps or Submarine Exchanges are carried out between a chain of blocks ( on-chain) and Bitcoin's off-chain solution, LN, through a Submarine Swaps contract that facilitates the payment of a Lightning invoice (BTC) with LTC.
Similarly, Bosworth responded to a user on Twitter who questioned him about this type of service, noting that its benefit lies in the fact that it allows a user, who only has funds in LTC, to pay for such services with such crypto that only accepts BTC cryptocurrency as payment method.
Users of the social network celebrated the event, considering that it could be a first step for one of the biggest changes in the cryptocurrency community and in the future for the financial sector. Other personalities said that this type of services offers many benefits, such as the fact that the Litecoin network has lower fees than Bitcoin.
The submarine exchanges are a new function developed by Alex Bosworth and announced last June. The service allows payments to be made in the Lightning Network of Bitcoin to those users who do not use it and who need to cancel an invoice for a service that has it integrated. In return, the user sends the equivalent balance in the chain of blocks, in this case, Litecoin, plus a commission for the exchange service. Until now it is only possible to perform this operation with litecoins; however, the testing option for Bitcoin Cash will soon be available.
Underwater exchanges, in conjunction with the Atomic Swaps service, which allows exchange between different blockchain instantaneously, offer a new range of possibilities to cryptocurrency users.
As if that were not enough, developers of the Bitcoin and LN network have been working on improving the security and functionality of these new services with a view that they are able to be used by the public soon, details that have been unveiled in conferences and web ads
