There have been various attempts to introduce an atomic swap protocol within the Bitcoin network. The Coinswap protocol is a trustless, decentralized way to swap coins between two parties without the need for a trusted third party. The protocol was initially proposed by Greg Maxwell in 2013 and later improved by Chris Belcher in 2020. The protocol consists of several steps, including the funding transaction, contract transaction, hash preimage propagation followed by private key handover. The protocol can be executed with two or more participants. This whitepaper provides an overview of the Coinswap protocol, its variants, and its potential impact.
The protocol was initially proposed by Greg Maxwell in 2013 in the bitcointalk.org forum. The idea was to create a trustless, decentralized way to swap coins between two parties without the need for a trusted third party. Chris Belcher later proposed a more efficient version of the protocol in 2020 on the bitcoi