Binance Will Add Atomic Swap Support To Its Blockchain And Optimizes Consensus Mechanism
The developers of Binance’s own blockchain cryptocurrency exchange this Thursday announced the preparation of a hard fork called “Archimedes”, which will be carried out on the test network at block 39,581,000. It will be mined tentatively on September 16 at about 08:00 Moscow time.
One of the main innovations of Archimedes is the ability to perform atomic swaps between Binance Chain and other smart-contract-enabled blockchains such as Ethereum. Atomic swaps allow you to quickly exchange two cryptocurrencies based on different blockchains. The company is urging third-party Binance Chain-backed crypto custody providers interested in implementing atomic swaps to do so as soon as possible in order to test it on the testnet.
The technical implementation of atomic swaps will be handled by Binance through the addition of the BEP3 standard, which introduces Hashed TimeLock Contract (HTLC) functions to create smart contracts that can modify payment channels..
With HTLC, a time-based payment channel is created between two users. The recipient of an HTLC transaction must confirm the fact that funds have been credited to their account by providing a cryptographic confirmation within a specified number of time blocks. If he does not provide such confirmation, the funds will be returned to the sender. One of the most popular examples of HTLC use is Bitcoin’s Lightning Network.
The Archimedes update also introduces a number of changes to Binance Chain’s Tendermint consensus mechanism. For example, it will introduce the hot-sync protocol, which will increase the efficiency of full nodes and further optimize their synchronization compared to fast-sync.
In addition, there are some improvements to the server API, the introduction of additional configurations and metrics, as well as fixes for a number of existing bugs..
Binance Chain mainnet update will take place a few weeks after Archimedes was activated on testnet.