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Back in October news.Bitcoin.com reported the influx of development related to Drivechain, a project initiated by software developer Paul Sztorc. We also covered project extension applications coded by programmer Andreas Brekken at the time. One of those applications created by Brekken allowed to exchange any currency of Drivenet between any blockchain protocol. On Friday, an application of Sideshift.ai was used to demonstrate a bitcoin core exchange (BTC) to tether (USDT) using the Lightning network.
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Presentation of Sideshift
<img class = "alignright wp-image-274267″ title=”The Sideshift app demonstrates a trade between Lightning Network BTC and Tether ” src=”https://news.bitcoin.com/wp-content/uploads/2019/01/mojnregp_400x400-300×300.jpg” alt=”The Sideshift app shows a trade between Lightning Network BTC and Tether "width =" 119 "height =" 119 "srcset =" https://news.bitcoin.com/wp-content/uploads/2019/01/mojnregp_400x400 -300×300.jpg 300w, https://news.bitcoin.com/wp-content/uploads/2019/01/mojnregp_400x400-150×150.jpg 150w, https://news.bitcoin.com/wp-content/uploads/2019 / 01 / mojnregp_400x400 .jpg 400w "sizes =" (maximum width: 119px) 100vw, 119px”/>January 11 saw a demonstration of Sideshift.ai, an application that allows users to exchange cryptocurrencies between chains. Sideshift was revealed last year by Andrea Brekken in the suite of applications he created for the Drivechain project. Brekken is the CEO of the review site Shitcoin.com and the infamous programmer that one time held most of the BTCs ($ 220,000) on the Lightning network last year. The Sideshift platform allows people to convert coins for a small fee with a processing time of less than five seconds.
In demonstration, Automatic Translator, processes an exchange between BTC held on Lightning Network and Tether (USDT) using the Eclair mobile wallet for Android. At the moment the Sideshift application is in its early stages, but users can experiment with the "test pilot phase". However, to access the test phase, a special code and the Sideshift translator is required Manage Twitter will only provide codes to eager testers who have a Bitcointalk.org account that is more than two years old.
Furthermore, the Sideshift application is not accessible to residents living in North Korea or the United States. Of course, the US ban is probably due to the overcoming financial laws in the country. They could potentially law enforcement agencies and US regulators pursue individuals and organizations threatening them with criminal charges for the execution of financial transactions.
Cross-chain trading platforms are still very experimental
To view Sideshift, we changed our proxy to an EU-based server and saw the platform operating similarly to Shapeshift, but without involving the know-your-customer (KYC) guidelines. Looking at the past transactions recorded on the Sideshift main page, the testers exchanged small fractions of cryptocurrencies.
The platform shows all the currencies that can be traded, including BCH, BTC, LTC, ZEC, USDT, XMR, DASH, ETC, ETH, DAI and SPANK. The translator also lists the conversion rates for each digital asset combined with the other listed currencies. At the time of publication, the last step was seven hours ago using the Lightning network with 0.0003 BTC for 0.008601 ETH. There is also an exchange between 0.0149022 BTC and 0.9805 ZEC which does not involve the Lightning network.
In the last months, after Shapeshift adopted KYC cryptocurrent enthusiasts have been searching for platforms that offer anonymous cryptocurrencies. Since then a lot of digitalization applications of digital resources have jumped out of carpentry. Cross-chain atomic exchanges it has also been a hot topic among digital currency advocates, as many veterans have little confidence in third-party exchanges. Although Sideshift provides rapid cross-chain exchanges, testers should remember that the platform is still in its infancy. So those who get the access code from the Sideshift administrator should probably only use small fractions of cryptocurrency.
What do you think of the Sideshift.ai application? Let us know your thoughts on this topic in the comments section below.
Disclaimer: Readers must exercise due diligence before taking any action relating to the company mentioned or its affiliates or services. Bitcoin.com and the author we are is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use or reliance on any content, goods or services mentioned in this article. This editorial is for informational purposes only.
Image credits: Shutterstock, Twitter and Sideshift.ai.
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