Ether atomic cross chain transactions

FlanaganFlanagan Member Posts: 15
Is it possible to do "Pay on secret reveal" style cross chain transactions with Ethereum? and i'm not talking about a custom token within a contract, I mean with actual ether?

https://en.bitcoin.it/wiki/Atomic_cross-chain_trading

This is a repost from General Discussion.. Thought it might get a better response here.

Comments

  • GeorgeHallamGeorgeHallam Member, Administrator, Moderator Posts: 229 admin
    Howdy @Flanagan,

    There is already some working going on for this.

    Check out:

    https://github.com/ethereum/btcrelay/

    btcrelay is an Ethereum contract for Bitcoin SPV. The main functionality it provides are:
    • verification of a Bitcoin transaction
    • optionally relay the Bitcoin transaction to any Ethereum contract
    • storage of Bitcoin block headers
    • inspection of the latest Bitcoin block header that is stored
    There are also some useful explanatory videos:

    This is a clearer high-level overview of EthereumBitcoinSwap to show how the process for trustless exchange differs from conventional exchanges.

    2nd video on EthereumBitcoinSwap WHAT explains the UI elements

    3rd video on HOW btcrelay and btcToEther is used for EthereumBitcoinSwap
    quite a bit more details in this one. the reasonings are left for a later video

  • FlanaganFlanagan Member Posts: 15
    Thanks @GeorgeHallam, thats pretty cool.

    Not sure how the Bitcoin SPV block headers get into ethereum, must require someone to run a process that is constantly feeding a ethereum contract with that information.

    Seems like this is a lot of mucking around to make this work, like embedding SPV block headers into Ethereum blockchain, putting claimers fees in the value field from the 4th decimal place etc..

    If we pretend we live in an ideal world where all crypto currencies including Bitcoin support the "shared secret atomic swap" algorithm then from what I can understand Ethereum could also participate as an Ethereum contract can lock its own balance of Ether to be released on valid "Secret reveal".
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