It’s quite simple: an Atomic Swap is a trade of one cryptocurrency directly for another, between the two parties wallets..without the use of any intermediary party, token, or exchange.
For example, let’s say Bob wants Bitcoin in exchange for his Litecoin. Sally has Bitcoin and wants to buy some Litecoin. And let’s assume these two don’t know each other so this is a trust-less relationship…and for all intents and purposes, anonymous.
When Bob and Sally perform an Atomic Swap, they each receive their desired token at an agreed upon price, directly between their wallets. The end result: Bob sends Sally Litecoin and receives Bitcoin in his Bitcoin wallet. Sally receives Bob’s Litecoin direct from his LTC wallet into her LTC wallet.
https://medium.com/@EthAdvisor/atomic-swaps-etomic-swaps-explained-in-plain-english-4c3936c7adb8
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