What is Transit Swap and how does it work?

Updated on 6 August, 2022 12:44 PM
1 min read

Jump to:

    What is a Blockchain?

    If you are new to the world of cryptocurrency, blockchain is a term you would come across quite often. As per definition, a blockchain is a kind of Digital Ledger Technology that comprises a growing list of transactions made via different cryptocurrencies. These individual records are called blocks and are securely linked across networks using cryptography. For people already confused with cryptocurrency jargon, Digital Ledger Technology is nothing but a digitally hosted system of data and transactions that can be stored in multiple places at the same time.

    Every block has a certain amount of storage capacity, and once the limit is reached, it is closed and linked to the previously filled block. This is how a chain of linked data is formed, hence the name ‘blockchain.’ Its decentralized nature is the most significant advantage of storing your information on a blockchain. In a blockchain, since data is held across several nodes spread across the network, if data is tampered with at one node, the other nodes would remain unaffected, thereby preventing data loss, as seen in traditional databases.

    Also, since all the blocks in a chain are connected via nodes, it becomes effortless to track down the node where the data has been tampered with.

    What is Tron Blockchain and how does it work?

    You may have heard of several famous blockchain networks, the most popular ones being Bitcoin blockchain and Ethereum blockchain. Similar to these, there exists the Tron Blockchain. This Blockchain Network was founded by H.E. Justin Sun in September 2017. It has been a fully decentralized network since December 2021 and is known to host the most extensive circulating supply of stablecoins worldwide.

    It is an open-source blockchain-based operating system that supports smart contract functionality and Proof-of-Stake (PoS) as its consensus algorithm. PoS works by selecting a node to be the validator of the next block in the chain using a pseudo-random election process. It also has a native cryptocurrency known as Tronix (TRX).

    What is Transit Swap?

    Transit Swap is a cross-chain swap aggregator platform. It is the most convenient platform to trade in decentralized exchanges (DEXs) of several public chains such as Ethereum, Binance Smart Chain, Solana, Tron, etc. The platform selects and combines the advantages of different DEXs and ensures you get better returns! In short, it is your go-to platform for trading in Decentralized Exchanges.

    The platform makes cross-chain transactions more accessible and safer. Transaction paths are selected smartly with varying strategies to achieve the best transaction prices. TokenPocket supports the platform. TPT is the native token hosted by this platform. To participate in activities organized by the Government, TPT token holders can stake their tokens and receive discounts on their transaction fees based on their holdings.

    How to get started with Transit Swap?

    For people who have not been following the news regarding the recent swap in Tron Blockchain, the switch began in 2018. The switch is from the Ethereum blockchain platform to its network. On 25th June 2018, TRON Mainnet went live with the launch of its new TRX. Transit Swap is at your rescue to ease this process of swapping!

    Sounds easy, right? To further ease out the process of using the platform, users could go through the following steps:

    • Connect your wallet and TransitSwap platform by selecting from the range of networks available and then clicking on the connect button.
    • Select the token/coin you want to transfer.
    • Select the destination token/coin.
    • Enter the amount of source coin you want to transfer to the platform to demonstrate the amount of the resultant token (destination token).

    Note: For cross-chain swaps, you need to choose the source and destination chains. You may import them if they are unavailable in the list by manually typing out the address.

    Like this article? Spread the word

    Subscribe to our

    Receive timely updates on new posts & articles about crypto world.