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At the moment, the biggest risk is the inaccessibility of public nodes or spam of the blockchain. For example, let's take such situation
1. Alice and Bob have frozen funds in smart contracts
2. Alice tries to withdraw funds from ethereum smart contract and sends the secret with a low gas price (the secret becomes visible to everyone)
3. Bob sees the transaction and starts a DoS attack in which he starts spamming ethereum ito prevent the transaction mining.
4. Bob withdraws BTC from a Bitcoin script (since the secret is already known)
5. After a timeout, Bob sends a refund transaction with an increased gas and withdraws ETH
Such attack makes sense when the amount of exchange is more than $ 10,000 (the minimum cost of gas). It also may happen accidentally
There may also be a risk that
1. The node will not accept a Bitcoin transaction for withdraw (transaction is too small or spam)
2. public node suddenly becomes unavailable
All these scenarios should be worked out by additional analysis of the state of all systems on which a successful swap depends.
How to remove the risk:
Do not let the swap start if the nodes are unavailable, as well as be able to quickly switch nodes, replace the transaction if it is long mined, give the user an opportunity to complete the swap by manually sending the transaction manually.
Such risk assumes that an attacker can somehow start a swap with an unprofitable course for the victim. We check that the course during the swap coincides with the course in the order, but the atack process is not yet developed
What is planned to do: to audit the work of the order book,
1. check how it works in flood conditions.
2. check the possibility of exhibiting extremely large or extremely small exchange rate values
For example, lets consider such attack.
1. Alice places an order to sale ETH
2. Bob accepts it but does not freeze bitcoin, until timeout
3. Alice cannot start swap with others.
How we will solve: users will have rating which depends on successful trades and how many SWAP tokens they hold in wallet
BTC, ETH, ERCO20, LTC, USDT - mainnet
BCH, EOS - beta
Bitshares and other - planned
We do not store users orders on any server. Each user stores his orders and sends them to other users directly via the IPFS pub sub network, which works on the principle of the IRC (Internet Relay Chat) - an application-level protocol for real-time messaging.
How order is being created?
1. The user selects a pair in the interface and indicates the amount he wants to sell (the amount should be available on the wallet).
2. User's browser creates a message based on the protocol, signs it with the user's private key (for identification) and sends it to the ipfs pub sub network
3. Other users' browsers receive this message, and add an order to their local copy of the order book.
3. in case someone wants to execute an order, he sends the message directly to the creator of the order
Thus, disabling the main domain does not stop trading.
atomicwallet - it works only with BTC, LTC an QTUM (another cryptocurrencies are just shown in balances as Atomicwallet exchanges it via their partners - Changelly). Moreover, you are not able to exchange part of your deposit (Swap.online uses partial fulfillment).
sparkswap, exchangeunion - you need to download lnd and work in console. At the moment, we research lightning network, we launched swaps ETH-Lightning, but haven't deployed this feature in mainnet yet.
changelly, shapeshift, zigzag - are custodial services where your money can be held by system for 30 minutes and more. On Swap.online your work directly with your counterparty or marketmaker. Also, Swap.online works much faster (15+ minutes on Shapeshift vs 1 minute on Swap.online).
binancedex, bitshares, eosdex - to deposit money to these DEXs, you need to send it to the admin or to special CEXs and the exchange of IOU (proxy-token) on Bitcoin or another asset is not guaranteed.
polkadot bridge, kosmos - are just cross-chain IOU-services, with the exchange guaranteed by the consensus. No way for the Bitcoin.
0x (kyber, radar relay, airswap) - work only with ETH and ERC-20 tokens, no exchange for other blockchains.
The Atomic Swap is a complex operation which consists of multiple software/hardware elements controlled from different world regions. E.g, here is just a couple of the systems (elements):
Mining fee. How much is the fee and which fee is optimal? How this fee will be calculated? How much cryptocurrency will be spend in both blockchains and who will pay this amount of crypto? Which sum will be final for the maker to send and for the taker to get?
Blockchain features. E.g. for the ERC20-tokens the operation should be 'approved' and client must have some ETH to receive the tokens. For the EOS, the paid account activation is required. This problems shouldn't be of user's concern.
How do the public nodes work? Three public nodes activity is required during the swap (two blockchains and orderbook). What if one node works better than the other or is blocked in some countries?
Correct swap recovery after the update of page. How the swap progress can be recovered from the last point if some problem occured and page was updated?
We elolve. We update our system timely and the blockchains' interoperability management takes time.
We are a marketplace, where other participants trade with each other. If you receive"Request is declined", then the other participant does not want to exchange with you at the moment. Our platform cannot know the reasons why this is happening.
Common causes of rejection:
-Your account is not credible (few exchanges)
-The other party is currently already sharing with you or with someone
-The other side lacks funds
What ca i do?
You can view other offers by clicking on "Orderbook"
We individually review each project and technical characteristics of the token. Please contact us to define terms of listing for your project https://t.me/swaponline
Our main advantages are:
- Fast and cheap transactions
- Almost impossible to hack
- No KYC process
- P2P cross-chain transaction
Therefore, we have three main target audiences:
1. Blockchain geeks, early adopters, and trendsetters who have a genuine interest in new technologies and high tech transactions.
2. Projects which are interested in trading their tokens with BTC and USDT. This group is of special interest to us for the moment. We developed a white label solution for such projects which allows exchanging tokens of the project directly on their website.
3. Large coin holders who are interested in transactions with very big amounts. It is important for them to perform exchanges fast, in a secure way, with no additional commissions, and stay anonymous.
ERC20 tokens can be listed within 24 hours. If your project works on a different blockchain please contact us to define a time frame for listing your project
We’re on the final step to be added to coinmarketcap.com and other trackers. You’ll be able to find us there in the DEX section soon.
It depends on the blockchain you perform a transaction with. For example, for the pair BTC<>ETH it takes less than 40 seconds to receive funds in ETH wallet and up to 3 minutes to receive funds in BTC wallet.
Oh YES! Try it now testnet.swap.online
The first month we launched on the mainnet we had 3000 users, and this number is growing rapidly. Loyalty rate is about 20% which indicates a great interest to the project.
We are continuously working on UX to make the platform in the most user-friendly way. Also, we negotiating big partnerships which will bring more traffic to swap.online.
We just launched on the mainnet at the beginning of September. The same month we were the first to perform Atomic swaps with USDT and EOS. In October we added Litecoin and Bitcoin Cash and started to integrate ERC20 tokens. Our platform is based on Atomic swap technology which is just gaining popularity among the community. This technology has a big interest as from big trading companies so as from individual traders. Listing on swap.online will benefit more to your brand than to our overall liquidity. See which companies already joined cross-chain network and are now listed on swap.online. Total capitalization is more than $220 M.
Import private key to blockhcain.info for withdraw your cryptocurrency
The Bitcoin network is designed in such a way that you can spend Bitcoins received to your address (or the address of the smart contract) even if the transaction has 0 confirmations. Thus, you can use Bitcoins almost immediately, for example, send them to another wallet. Of course there is a risk of the transaction being canceled, but in reality, if the network is not overloaded and sufficient mining fee is set up, the probability of such an event is very low. Nevertheless, for transferring over $50, we still expect confirmation of the network and the swap will take longer than 10 minutes, for the sake of security.
Miners fee is 0.001 ETH. Your balance must exceed this sum to perform transaction
If you're reading this, you probably want to exchange Ethereum-based assets.
As you may know, each transaction within Ethereum blockchain requires some gas to be performed - apr. 0.001 ETH. That is why you have to deposit some ETH to exchange your tokens.
Swap.Online - innovative company the aim of which is to develope atomic swap technology. 99% of DEXs are working with ETH, whereas we decided to focus on BTC, USDT, EOS. We will add ETH but later
A blockchain is primarily a new approach to storing keys (passwords). The keys must be stored by the user. In this case, the operator (exchange) removed the extra burden of responsibility for the safety of data, funds, etc., while the end user appreciates a sufficient increase in speed and security. Although, it is worth saying that the technology is not suitable for high-frequency trading.
At the moment SWAP tokens are not trading anywhere but on swap.online. And we avoid giving any predictions about its price. Although, as a reference, the contributors who help the development of the project and receive the reward in SWAP tokens generally evaluate 1 SWAP token at the price of $1. Therefore, they calculate the amount of compensation for their work considering that 1 SWAP = 1 USD.
In the memory of your Device
No, you don't need to pass KYC in order to trade on SwapOnline platform!
For the moment you can trade your project with the most popular cryptocurrencies: BTC, USDT. EOS will be added soon.
We keep our eyes wide open and if there is high demand for another currency we will definitely add it to our platform.
Nope, but you should pay miners for confirmation of transaction. Each exchange requires two transactions of two blockchains. For example bitcoin and ether.
Usually, it's 100-150k. But the price of Gas depends on network load!
It's equivalent of 20 USD in BTC or ETH. The larger the sum of trade, the more profitable for you!
If there is a “non final” error, try to send the transaction again in an hour
For refunds from other blockchains send the message “My swap is broken!!!” to our Telegram group https://t.me/swaponline
"Swap.Online DEP" (Decentralized exchange protocol) is a protocol for cross-blockchain exchange of cryptocurrency directly between users.
Simply put, this is when Alice and Bob exchange Ether and Bitcoin among themselves without the involvement of a third party.
The exchange is implemented in such a way that the funds do not pass through a centralized gateway, as in the case with traditional stocks. This excludes the possibility of hacking the central gateway and stealing users' assets.
The protocol is based on the Atomic Swap technology.
Most likely x works with only one blockchain (eg 0x, etherdelda, bitshares ...) or it is not launched yet.
Testnet is working, minenet – only balances
If you are a programmer, you can see the tests immediately
Replenishment of a smart contract is possible not only with internal balance, but also with a direct transfer. So the user can keep the money out of the application and transfer it only during the exchange (for example, moving it from another exchange). Moreover, we will use arbitration
Most of the exchanges are written in Go, C, and we write our stock entirely in JS, that means that users will not have to download and install binary files. At the same time, no data passes through our server.
Just text to firstname.lastname@example.org or directly to t.me/sashanoxon
Lightning requires "channel" opening, and we make onchain transactions, so the money can be used immediately, unlike Lightning where you still need to close the channel.
We’re focused on only safe swaps (for example, btc- ERC20)
The majority uses gateways that accept currency and issue unsecured tokens instead (for example BTC > dexBTC), which can be already traded inside another blockchain, there is no guarantee that gateways will exchange the tokens back.
You don’t have to keep the volume/asset over here
A fraud is impossible due to technology because HTLC implies that the exchange is either done according to certain rules or not. The maximum damage is possible if one of the parties does not confirm the transaction, in this case the money can be frozen, but not lost. The amount of necessary reputation is dictated by the market, from a certain point the flood is not beneficial to the attacker.