Technology, Blockchain, CryptocurrencyJune 26, 2023A protocol has been developed for decentralized cryptocurrency exchangeVienna University of Technology has unveiled a groundbreaking decentralized protocol called "Glimpse," enabling efficient and secure cross-cryptocurrency exchanges. The protocol allows for reliable and efficient transactions between different cryptocurrencies, even when they are not directly linked. Suppose a Bitcoin owner wishes to exchange their Bitcoins for Ethereum. By generating a random number and establishing a smart contract on the Ethereum blockchain, the Ethereum owner guarantees the transfer of Ethereum to the Bitcoin owner, subject to predefined conditions. The Bitcoin owner includes the random number in a transaction, preventing security attacks, and uses the blocks of the Bitcoin blockchain, including the random number, to provide proof of transfer. The new protocol, hailed for its efficiency and compatibility, has the potential to revolutionize not only cryptocurrency exchange but also crypto loans, asset migrations, and token wrapping and unwrapping. Integration into existing crypto software is being explored, with discussions underway with Bitpanda, an Austrian financial company.
Source: Vienna University of Technology