https://www.tumblr.com/tuckfheman/119218150749/worlds-first-atomic-cross-chain-transfer-on-a
Author: twospirit on 5/17/2015

Do you know what Burst has in common with Qora? If you haven’t heard of these two coins, you’re about to! The first ever “Atomic Cross­Chain Transfer” (ACCT) has happened on their blockchains. Thanks to CIYAM Developers and the passionate communities of each coin, this event is now an important milestone in crypto history.

Love is sparkling between blockchains

Burst and Qora became the first testing engines for CIYAM Developers and their Automated Transactions (AT) – a Turing Complete Smart Contractsmechanism. Burst, a promising crypto known for its efficient HDD mining, has had AT running successfully on its blockchain for almost half a year without any issues. Qora, also innovative and a little bit of a mysterious project has recently released its latest version with the AT feature activated.

As everything went well with Qora implementation, soon after, CIYAM Developers have performed the first ACCT; a trustless exchange of coins between these two blockchains. This is obviously a huge thing for all cryptos, because it enables decentralized and trustless trading of cryptocurrencies. Very soon a convenient dashboard is going to be made available and Qora/Burst traders can begin to automatically find trading partners.

How does it work

To perform an Atomic Cross­Chain Transfer (ACCT) two ATs are created (one for each of the two blockchains).A hashed secret (lock) is published by the creator of the first AT (known as the Initiator) and the creator of the second AT includes this same hashed secret (the second creator does not know the secret ( key ) ­only its hash).Refund timeouts are in place for both ATs should things not proceed but assuming all is good the secret is revealed by the Initiator in a message sent to the Responder’s AT which transfers the funds in the “other blockchain”. The Responder then sends the secret back to the Initiator’s AT to complete the transfer.

● Alice wants to trade Burst for Qora – Initiator

● Bob wants to trade Qora for Burst – Responder

● Alice deploys an ACCT AT on Burst that will contain the recipients address (Bob’s Burst address), quantity, password and length (timeframe). Two hashes are made of the password – key and lock.