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Atomic Swap

An atomic swap is a cryptocurrency exchange between two parties that wish to exchange tokens from different blockchains (i.e., exchange Bitcoin for Ether or vice-versa) without first converting to fiat. Atomic swaps do not require supervision or the need of an intermediary or trusted third party; atomic swaps will not require Know Your Customer (KYC) exchanges between parties similar to swaps at centralized exchanges. In order to prevent one user withholding their agreed upon amount of currency, atomic swaps use hash time-locked contracts (HTLC) to automate the exchange of tokens.

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