TenX Leverages SegWit to Make Historic First BTC / ETH Cross-chain Transaction

TenX Leverages SegWit to Make Historic First BTC / ETH Cross-chain Transaction

Cryptocurrency debit card and wallet producers TenX have announced they have successfully implemented SegWit through their own COMIT Protocol to facilitate a transaction from the Bitcoin network to the Ethereum blockchain.

SegWit is an abbreviation for Segregated Witness, a protocol upgrade that changes the way data is stored on the BTC network. It was first activated on Litecoin in May last year closely followed by Bitcoin in August. It allows for second layer protocols, such as the lightning network, that are intended to increase transaction capacity and facilitate wider functionality.

The cross chain transaction, termed an Atomic Swap using HTLC (Hashed Time-Lock Contracts), was explained in detail on TenX’s own blog post and included proof of the contracts involved.

Token Price Recovery

A year ago, TenX ran a hugely profitable ICO raising around $34 million within 7 minutes of opening the sale with PAY token priced at 350 tokens for 1 ETH.

Like many other ICOs operating within the finance sector, TenX has faced a challenging year – the unexpected withdrawal of services from their VISA card payment provider, WaveCrest, hit them and a number of their competitors especially hard. 

The WaveCrest episode, along with the general bear market, saw the PAY token undergo a slump in price but the news of the BTC / ETH transaction has reversed that trend, at least for now, and it is now trading at around $0.80 with most of the volume split between Bittrex, OKEx and Upbit exchanges.