Cross-chain exchanges, anyone?

[Abiky]

I'm eager to know if there's any working cross-chain exchange that allows you to exchange a coin from one blockchain network to another in a decentralized fashion. It would work similarly to atomic swaps, except that the exchange can be easily accessible through a web browser. Imagine exchanging Bitcoin to Ethereum or an ERC-20 token without the need to interact with a middleman, ever. It would be completely revolutionary, rendering centralized exchanges "obsolete".

Do you happen to know if there's any working product out there in the crypto/Blockchain space that will achieve said purpose? I've seen the concept of cross-chain exchange, but it's still in testing phase (AFAIK). This, combined with atomic swaps, should make crypto much more decentralized than what it is right now.

Any suggestions, or recommendations will be greatly appreciated. Thanks in advance

[tbct_mt2]

Cross-chain exchanges are interesting by its convenience but I am wondering about risks. How owners and operators of cross-chain exchanges can manage Replay attack risks?

On a single chain, it is complex already and with cross-chain, it is a more complex puzzle for exchange operators. They have to run many nodes on many chains and have good security alert systems.

https://blog.coinbase.com/coinbases-perspective-on-the-recent-ethereum-classic-etc-double-spend-incidents-1fd19ef215f3
https://bitcoinist.com/brian-armstrong-coinbase-ethereum/

[TheUltraElite]

Sound very much futuristic, but it might take a long time to develop. Like you said, its currently in testing phase - may we ask for the source of the information too?

If this comes out to be a possibility leaving out the risks of attacks which will definitely be prepared by hackers, it could be a step further in the development of new projects and their implementation in blockchain.

Right now what DEXes have done is on same chain conversions/exchanges. Most welcome would be the ERCtokens to BTC exchanging.

[TradingBull.io]

Binance DEX is built on COSMOS (ATOM) SDK and therefore is cross-chain.
However, Binance DEX is not really decentralized as BNB is an heavily centralized (private) chain and still require KYC/AML through Binance (compliance).

Atomic DEX on Komodo (KMD) is another one but liquidity there is low, mostly because KMD team is not doing great at marketing.

[FanEagle]

I think stakenet was doing something like this right? I don't know if it was via any browser, I don't know if it is from spesific token to token, but I know that via stakenet you could exchange bitcoins to erc20 eth address which is what is the important part. Obviously it is double layered and it takes time and it is a brand new tech so we are not sure how it would be effectively changing the way we trade, but the idea is already there and it is already getting done today while we speak.

I had some bnb as well that I wanted exchange to ETH for example but my BNB is in binance and in order to withdraw it to erc20, it was really expensive and I found it not worth it and kept my BNB investment there, if it was simple I would have already moved it to eth to my metamask.

[Abiky]

Sound very much futuristic, but it might take a long time to develop. Like you said, its currently in testing phase - may we ask for the source of the information too?

If this comes out to be a possibility leaving out the risks of attacks which will definitely be prepared by hackers, it could be a step further in the development of new projects and their implementation in blockchain.

Right now what DEXes have done is on same chain conversions/exchanges. Most welcome would be the ERCtokens to BTC exchanging.

The COMIT Network is a cross-chain protocol which allows you to perform transactions from one chain to another. It's not an exchange per se. But the protocol can be used to build a cross-chain exchange that would allow a person to trade from one coin to another living on different blockchain networks respectively. The concept is similar to atomic swaps, except that it can be used regardless if the crypto being exchanged has adopted SegWit + Lightning Network or not. It's completely revolutionary if you ask me (more info here: https://comit.network).

For now, we have "wrapped" tokens on the ETH blockchain which are based on the original crypto assets. Exchanging WBTC (Wrapped Bitcoin) to ETH or any other ERC-20 tokens is now feasible. My guess is that developers will go this route instead of creating a new cross-chain exchange from scratch. The current approach is not completely decentralized though. But at least it brings an alternative to people looking to avoid centralized exchanges altogether. As crypto/Blockchain tech becomes mainstream, we might be able to see new concepts of exchanging crypto without middleman. I'm impressed by how far Block DX (a decentralized exchange) has gone. More competition is needed in order to reduce centralized exchange's dominance in the crypto/Blockchain space. Until cross-chain exchanges become a working product, we're going to have to rely on P2P platforms and ordinary decentralized exchanges. Just my thoughts

[TheUltraElite]

The COMIT Network is a cross-chain protocol which allows you to perform transactions from one chain to another. It's not an exchange per se. But the protocol can be used to build a cross-chain exchange that would allow a person to trade from one coin to another living on different blockchain networks respectively. The concept is similar to atomic swaps, except that it can be used regardless if the crypto being exchanged has adopted SegWit + Lightning Network or not. It's completely revolutionary if you ask me (more info here: https://comit.network).

I see, this is an interesting information for many users in this forum who are taking part cross platform exchanges. I wonder how long it will take before this becomes something like a normal exchange for everyone. Would like to know more about it in future as to how they are mitigating possible risks associated with this type of conversions.

For now, we have "wrapped" tokens on the ETH blockchain which are based on the original crypto assets. Exchanging WBTC (Wrapped Bitcoin) to ETH or any other ERC-20 tokens is now feasible. My guess is that developers will go this route instead of creating a new cross-chain exchange from scratch. The current approach is not completely decentralized though. But at least it brings an alternative to people looking to avoid centralized exchanges altogether. As crypto/Blockchain tech becomes mainstream, we might be able to see new concepts of exchanging crypto without middleman. I'm impressed by how far Block DX (a decentralized exchange) has gone. More competition is needed in order to reduce centralized exchange's dominance in the crypto/Blockchain space. Until cross-chain exchanges become a working product, we're going to have to rely on P2P platforms and ordinary decentralized exchanges. Just my thoughts

I have heard of wrappedBTC too, but it is not the complete package but a workaround to ERCtoken<>BTC exchanges. I believe that CEXs are DEXs are not meant to keep fighting for that problem and hope to see only "exchanges" in future even if asking KYC but having a legal backing from government to perform their business without hassle. It will obviously be a long way down after crypto can have a mainstream coverage.

[Abiky]

I have heard of wrappedBTC too, but it is not the complete package but a workaround to ERCtoken<>BTC exchanges. I believe that CEXs are DEXs are not meant to keep fighting for that problem and hope to see only "exchanges" in future even if asking KYC but having a legal backing from government to perform their business without hassle. It will obviously be a long way down after crypto can have a mainstream coverage.

It'll be difficult to implement a cross-chain exchange that would gather massive adoption in the mainstream world. The Wrapped Bitcoin solution is not 100% decentralized. But at least, it's a workaround for those looking to gain all of the benefits of Ethereum-based assets by just using their Bitcoin holdings. This is still an emerging industry that's not mature for the public yet. Developers are working hard to ensure people can participate in the decentralized economy without the need to interact with a middleman ever. Once full decentralization is achieved, centralized exchanges will have little to no impact over the prominence of the crypto/Blockchain industry. It'll be practically impossible to take down crypto once everything (from creating a wallet to trading cryptocurrencies across different blockchain networks in a decentralized manner) becomes completely decentralized. My guess is that governments will be going after developers to stop the revolution. Only time will tell us what will lie ahead with the future of crypto as governments devise new regulations in the mainstream world.

All in all, both the COMIT Network and the TenX protocol seem to be quite promising for exchanging crypto assets in a cross-chain manner. They're still experimental and not ready for mainstream use yet. But once a stable version is rolled out, things could get kicking in the crypto/Blockchain space. My guess is that new cross-chain exchanges using the aforementioned protocols, will challenge traditional centralized exchanges and even ordinary decentralized exchanges. Universal compatibility (interoperability) is essential for widespread adoption of Blockchain tech in the mainstream world. With how fast crypto is evolving, it shouldn't be long enough before centralized dominance becomes a thing of the past. Just my thoughts