Frequently Asked Questions (FAQ)
Find an answer to the most frequently asked questions that you may have about BasicSwap DEX.
Find an answer to the most frequently asked questions that you may have about BasicSwap DEX.
1- Visit the build instructions page here.
2- Follow the provided instructions to build and launch BasicSwap.
3- Allow time for the client and wallets to synchronize. Progress can be monitored on the Wallets page of the DEX.
4- After the blockchains have fully synced, you're all set to start!
You can find an in-depth explanation of how BasicSwap works by navigating to this page.
1- Open BasicSwap and go to the Wallets page.
2- Find the coin you want to deposit and click on its Manage button.
3- Copy the deposit address shown in BasicSwap.
4- Transfer your funds to the provided address.
1- Open BasicSwap and go to the Wallets page.
2- Click on the Manage button next to the coin you intend to withdraw.
3- Input the destination address and the amount you want to withdraw, double-checking for accuracy.
4- Hit the Withdraw button to process the transaction.
The complete steps for placing or accepting an offer on the books are thoroughly outlined in the BasicSwap documentation. To learn how to place an offer, click here, and for instructions on taking an offer, click here.
1- Go to the Swaps in Progress tab within BasicSwap.
2- Click on the BID ID of the swap you're interested in tracking.
3- View the Swap Progress section on the page to see the current stage of the atomic swap process.
No. BasicSwap is defined by its open and inclusive DEX protocol framework. It does not force you to use a native coin or token and lacks a monetization layer to provide a user experience free of friction. This structure makes it an optimal foundational layer on top of which other applications and services can be built.
BasicSwap is an open-source platform. As such, any individual or team can work on getting their coin added to the platform. You can view the current list of supported coins here.
If you would like to know how to add a coin to BasicSwap, please visit this series of integration examples.
0%. BasicSwap operates without any trading or service fees and without any commercial activities. It's important to remember, though, that since BasicSwap utilizes atomic swap technology for on-chain settlements, you'll incur the standard blockchain transaction fees for the coins you're exchanging. Typically, these fees amount to just a few cents, and sometimes even less.
During the current beta phase, only full BasicSwap nodes are operational. Setting them up involves two key steps: building the application and syncing the blockchains for the coins you've chosen to enable.
The build process typically ranges from 10 to 30 minutes, influenced by your system's readiness for application builds and your adherence to the provided instructions. This process can be expedited by using the installation wizard (available as an .exe) here or the Linux community script available here.
Syncing the blockchains to your computer varies in time, largely depending on your internet speed and the specific coins you're enabling.
For Bitcoin, we suggest using the “fast sync” option, which utilizes a pruned chain snapshot to drastically reduce syncing time by over 90%. In the case of Monero, you can begin swapping without waiting for full blockchain synchronization thanks to its bootstrapping feature, which temporarily connects you to a public node during syncing.
The duration of a swap varies based on the specific coins involved. Since BasicSwap leverages atomic swap technology, all swap transactions are conducted on-chain. Consequently, you'll need to allow time for several blocks to be confirmed on both involved blockchains, making the swap times reliant on each blockchain's specific block time.
To approximate a swap's duration, you can calculate it by taking the block time for the coin being swapped and multiplying it by 6 (or 10 for Monero swaps), reflecting the average number of confirmations required to fully complete a swap.
BasicSwap currently supports limit orders exclusively. More order types may be included as contributors keep on improving the protocol.
Should any issues arise during a swap, both parties will automatically receive a refund of their coins at no extra cost, thanks to the atomic nature of the swaps.
The atomic swap protocol is designed to advance to the next step only when precise conditions are fulfilled. If these conditions aren't met, the swap will time out, and the coins, temporarily secured in atomic swap smart contracts, will be returned to their original owners.
No. Swaps cannot get stuck thanks to the atomic nature of atomic swaps. Should any condition go unmet or if either party ceases to advance through the necessary steps, the coins are automatically returned to their original owners after a predetermined period. Thus, it's impossible for coins to become "stuck" within atomic swap smart contracts.
Currently, in this beta phase, it is necessary for your BasicSwap node to stay online throughout a swap.
BasicSwap operates on the P2P SecureMessaging network (SMSG) for communication between participating chains, facilitating the exchange of necessary data to the atomic swap smart contracts. Given the step-by-step and atomic structure of these swaps, an SMSG node needs to be online to transmit this data effectively.
Absolutely, running BasicSwap on a VPS is not only possible but also a practical method to ensure it remains operational 24/7. We particularly advise setting up a cloud instance of BasicSwap DEX for those planning to utilize the automated market making script outlined here. However, it's important to remember that when you run BasicSwap, you also run the official core wallets of each coin you've enabled. As such. using third-party servers carries inherent risks. Therefore, we strongly advise encrypting your BasicSwap instance for added security.
Absolutely not. BasicSwap operates on a peer-to-peer, open-source basis. As such, there is no central party, operator, or service provider to collect or share your data whatsoever.
Furthermore, this website does not retain your personal data.
BasicSwap is operational on the mainnet and functions reliably, yet it's still in the beta phase due to several factors.
Firstly, you might notice that some features and functionalities are either in need of refinement or absent altogether. This situation is to be expected during the beta stage of development, as the community of contributors is still working on the protocol.
Moreover, the end vision for BasicSwap extends far beyond its current state. And while a pivotal point where gathering user feedback and conducting thorough stress tests has been reached, the platform's end vision is much more ambitious than what you see today.
By opening up the beta phase to the public now, this objective can be achieved more effectively.
BasicSwap can be best understood as the decentralized version of the SWIFT messaging network; all it does is send and receive messages between two peers via the decentralized SMSG network for them to execute coin swaps together without any central party involvement.
The coin swapping process itself is not conducted by BasicSwap. Instead, it is handled by on-chain atomic swaps on the respective blockchains of the cryptocurrencies being exchanged. BasicSwap's role is to enable communication between swappers, allowing them to exchange the necessary information for atomic swaps and to publicly broadcast their offers without intermediaries.
BasicSwap is built on three fundamental components: the atomic swap protocol layer, the SecureMessaging network (SMSG), and the official coin cores of the coins you want to swap. It is then wrapped under a user-friendly GUI to ease the process of swapping for users.
Atomic swaps: The core mechanism enabling direct swaps between parties without intermediaries. Using an atomic, condition-based process, coins are temporarily secured in time-locked addresses until all conditions are satisfied. If any part of the process fails, the swap is voided, and coins are returned to their original owners after a set period. Discover more about atomic swaps here, with a focus on Monero atomic swaps here.
SecureMessaging: This peer-to-peer and decentralized messaging network (‘mixnet’) facilitates communication between two peers that seek to swap coins with each other. It enables them to communicate with each other and provide the other with the necessary data (e.g., transaction hashes and proofs) to satisfy atomic swap conditions. It enables blockchain interoperability without centralized control or friction, and additionally supports other DEX functions like BasicSwap’s decentralized order book. Learn more about SMSG here.
Coin cores: BasicSwap does not provide wallet functionalities. Instead, it relies on the official coin cores of the cryptocurrencies you wish to swap. When setting up BasicSwap, you download and install coin cores (e.g., Bitcoin Core, Litecoin Core) that provide the wallet functionalities required to manage your coins and execute atomic swaps. Alternatively, you can point BasicSwap to existing nodes, either locally on your device or via remote connection.
Yes. BasicSwap's order book is fully decentralized, with no central point of failure or any centralized components. It operates on the SecureMessaging (SMSG) network, ensuring it is completely distributed. For further details on how the SMSG network facilitates this decentralization, you can read more here.
The SMSG network operates as a global peer-to-peer network of nodes. By running BasicSwap, you automatically become part of this network, contributing as an SMSG node. This means the network's strength and continuity are directly supported by the active user base of BasicSwap.
BasicSwap's core operations and functionalities do not involve connections to third-party services; the platform is fully decentralized, eliminating any centralized points of failure. However, for added convenience within the user interface, features like historical price charts for coins might utilize data from external APIs.
Currently, there is no premade builds for BasicSwap. It requires manual compilation, but rest assured, the process is made simple with our easy-to-follow instructions available here, the installation wizard (.exe), or this Linux installation script written by the community.
No.As a completely open-source and decentralized DEX, its functionality does not hinge on any team or central organization involvement. If community development and contributions stopped today, BasicSwap would be unaffected and continue working without any difference.
The stability of BasicSwap is fundamentally anchored in its design where every user acts as a peer-to-peer (P2P) node, ensuring the DEX remains operational as long as there are users.
Questions about this topic are common, and the good news is, there's no catch. BasicSwap leverages h4sh3d’s Monero atomic swap protocol; all other functionalities are powered by the SecureMessaging (SMSG) network and scriptless scripts. Notably, BasicSwap avoids the use of wrapped Monero tokens, intermediary chains, or any form of workaround.
The entirety of the platform's code is openly available and fully open-source. For a comprehensive audit or to simply review the code, feel free to visit our GitHub here. This allows you to scrutinize every line, confirming by yourself that BasicSwap operates exactly the way it's being described.
Reading this FAQ section is a good first step towards understanding BasicSwap, but you can learn more about it by heading over to its documentation section here.
Explore BasicSwap's GitHub to familiarize yourself with the code and identify how your skills and time can be most effectively utilized. If you're truly motivated to join us in developing this project, don't hesitate to join the Matrix channel and contact other contributors there. Passionate individuals that wish to contribute to this important mission are always welcomed!
Join the Matrix channel and come say hello!
There are many ways to help, including contributing code here. Even if you're not a developer, you can still make a significant impact on the project. The most effective ways to contribute are by spreading the word about BasicSwap and providing liquidity. Increasing user engagement and liquidity on the platform are crucial steps toward enhancing its usability and positioning it as a viable alternative to centralized exchanges. Remember, every contribution counts, no matter the size!
