How Do Atomic Swaps Work?
Agreement
You and another person agree to trade,
The Smart Contract
A smart contract is created. Think of this as a vault that holds the coins for both of you.
Cryptographic Puzzle
The smart contract has a puzzle built into it, and only by solving the puzzle can you unlock the coins.
Time Limit
If either of you doesn’t meet the conditions within a certain amount of time, the trade is canceled.
Trade Complete
Once everything checks out, the vault opens, and the coins are swapped.
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