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!
1- Navigate to the Tor setup instructions page here.
2- Follow the tailored instructions to direct all traffic through a Tor proxy, based on whether you are setting up BasicSwap for the first time or if you are an existing user.
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 at the Particl Academy. 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 unrestricted DEX protocol framework. It is not anchored to any native coin or token and lacks a monetization layer to prevent friction. This structure makes it an optimal foundational layer on top of which other applications and services can build.
We continuously strive to expand the selection of assets available on BasicSwap. You can view the current list of supported coins here.
If there's a particular coin or token you wish to see added to the DEX, please visit this page. to discover how to request a listing. Additionally, you have the option to integrate compatible coins on your own by referring to this series of integration examples.
0%. BasicSwap operates without any trading or service fees. 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.
Future updates will introduce more user-friendly options, such as light services and web-based alternatives, as part of the beta's progression.
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. However, we plan to introduce market orders in a future update during the beta phase.
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.
Efforts are underway to eliminate this online requirement and introduce the capability for offline swaps. However, these developments are planned for a later stage in the beta.
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 BasicSwap involves wallet functionalities, and using third-party servers to host wallets 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 and does not collect or share any user data whatsoever.
Furthermore, this website does not retain any personal data. We refrain from using data analytics tools and ensure that IP addresses are cleared from our server logs daily, every 24 hours.
1- Use Tor.
2- Prioritize trading privacy coins such as Monero or PART (Anon).
3- Everything else is handled by BasicSwap!
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, and we appreciate your patience as we progressively improve and expand the protocol.
Moreover, our vision for BasicSwap extends far beyond its current state. We've reached a pivotal point where gathering user feedback and conducting thorough stress tests have become crucial.
Our commitment is to develop a robust product built on strong, efficient foundations designed for long-term success. By opening up the beta phase to the public now, we aim to achieve this objective more effectively.
BasicSwap is built on three fundamental components: the atomic swap protocol layer, the SecureMessaging network (SMSG), and scriptless scripts/adaptor signatures. Together, they create the infrastructure of the BasicSwap DEX.
Atomic swaps: The core mechanism enabling direct swaps between parties without intermediaries. Using an atomic, condition-based process, coins are temporarily secured in smart contracts 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 network facilitates communication between the two blockchains involved in a swap, delivering necessary data to the atomic swap smart contracts. It enables blockchain interoperability without centralized control and supports other DEX functions, like the distributed order book. Learn more about SMSG here.
Scriptless scripts: A generally underappreciated feature of UTXO blockchains like Bitcoin or Litecoin, scriptless scripts stem from MimbleWimble technology. They allow for the execution of secure, scalable, and private smart contracts operating off-chain using mechanisms like Schnorr Signatures or ECDSA. Within BasicSwap, they enable the transfer of private key ownership for completed atomic swaps without leaving a trace on either blockchain. Further details on scriptless scripts, adaptor signatures, and their advantages can be found here.
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.
But the functionality of SMSG extends beyond BasicSwap. It serves as a robust mixnet that supports various applications within the Particl ecosystem. Notably, it powers several functions of the Particl Marketplace dApp and is also directly integrated into Particl Core nodes.
Looking ahead, the Particl project is committed to increasingly utilizing the SMSG network for its array of privacy-centric dApps. This strategic direction not only promises to expand the network's node count but also its degree of decentralization. Consequently, the growth in the user base of BasicSwap and Particl directly amplifies the network's decentralization, reinforcing the infrastructure of its dApps, including 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, we do not offer 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.
Looking ahead, we are planning to provide premade builds to streamline the setup process, with this feature expected to be introduced at a later point in the beta phase.
No. BasicSwap operates independently of the Particl team. As a completely open-source and peer-to-peer DEX, its functionality does not hinge on team involvement. While the team may release updates and improvements, BasicSwap is designed to function without their direct input.
The stability of BasicSwap is fundamentally anchored in its design where every trader acts as a peer-to-peer (P2P) node, ensuring the DEX remains operational as long as there are users.
Moreover, the backbone of BasicSwap, the SecureMessaging (SMSG) network, is a core component of the Particl ecosystem, supporting various functionalities of the Particl Marketplace dApp and integrating seamlessly with Particl Core nodes. This significantly increases the node count, thus improving BasicSwap's own level of decentralization and stability.
With the Particl project's commitment to increasingly utilize the SMSG network for its suite of privacy-focused dApps, we anticipate a continuous growth in both the network's decentralization and node count.
We often receive questions about this, 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.
All our 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 that BasicSwap operates exactly as we describe.
Reading this FAQ section is a good first step towards understanding BasicSwap, but you can learn more about it by heading over to its Particl Academy section here.
Explore our GitHub to acquaint 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 our Matrix channel and contact us there. We're always looking for passionate individuals to contribute to this important mission that is claiming our financial privacy and liberty.
Our team is continuously working to expand the variety of coins available on the DEX, and we're eager to learn which coins you'd like to trade. If you're associated with a cryptocurrency project and wish to have your coin featured on BasicSwap, just follow this link to start the process.
Join our 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!
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