Those who are crazy enough to think they can change the world usually do.
— Steve Jobs
For quite some time I have been a personal advocate for using cryptocurrencies for e-commerce and peer-to-peer payments. I was a true believer that cryptocurrencies' true purpose was to become a global payment system: a payment system that is censorship-resistant, non-discriminatory and open for everyone.
Life is life
when we all give the power
we all give the best
every minute of an hour
don't think about a rest— Opus
After months of hard work we are proud to present a live testnet version of COMIT. The description below gives you step-by-step guide of how to setup the COMIT Node daemon (cnd) on your machine and do a first swap against Bobtimus: an automated swapping bot on our side. He currently supports Bitcoin and Ether but will be extended in the future.
We are aware that the the gossip factory is working overtime since our short demo at the TenX summit on Friday, 7th of December: So yes, it is true, we showed a live demo where we swapped a non-native asset to an asset on a layer-2 network on both mainnets. In particular, we swapped 10 PAY tokens on Ethereum for 71240 Satoshi on the Lightning Network using COMIT.
TL;DR: We did the (first) Atomic Swap between Ethereum and Bitcoin (using SegWit) on both Mainnets: BTC funding transaction: https://btc.com/ad067ee417ee5518122374307d1fa494c67e30c75d38c7061d944b59e56fe024 ETH contract creation: https://etherscan.io/tx/0xab28552e19ccd3d5c0701d4a7fa471c4e99a88a270df75c9af126b39f3d14200 ETH redemption: https://etherscan.io/tx/0xd90ae78006c04b944b44a8949cc487de33f01210d127f6b4efcb2d6e1b13b03c BTC redemption: https://btc.com/5800c704f139e388d4146be7110294470c8c17b34488544863a535d2346a4637
Since Bitcoin’s genesis block in 2009 a multitude of different blockchains have emerged. Each serving different purposes, from providing the means of payment, smart contract execution, identity management, logistic tracking or securing IoT.
