Last updated: 04 October 2020 10:07 PM
TrueSwap is a decentralized exchange based on the atomic swap protocol. The atomic swap protocol basically allows trading crypto-currencies peer-to-peer without any trusted third-party or centralized systems.
Currently most exchanges implementing atomic swaps use some sort of centralized backend service to actually facilitate the swap, even though the actual swap happens on-chain some aspects like order-book maintainance and order matching is done on these centralized servers. The goal of TrueSwap is to completely remove any dependecy on third-party centralized services and perform everything on-chain even the order-book maintanance and order matching steps.
TrueSwap provides complete Decentralized Atomic Swaps, it is not dependant on any centralized third-party service and all stages of a swap are performed on-chain by the client application itself.
The main challenge I ran into while working on this project was to find out a way to handle the order-book maintainance and order matching process without any centralized system and with bare minimum changes to the actual atomic swap process.
It took some reasearch and brainstorming sessions with my mentors to finally figure out a way that could possibly replace the current centralized systems with bare-minimum changes.