Qtum Collaborates with Beam to Offer Atomic Swap Function

Qtum, the open-source public blockchain platform, has launched its test version of an atomic swap function with Beam, the scalable and confidential cryptocurrency utilizing Mimblewimble technology. The Qtum/Beam atomic swap feature, available here, will enable secure, cross-chain transactions between the two currencies without having to rely on a third party.

Qtum CIO Miguel Palencia said: “As a public blockchain focused on technical innovation, Qtum has a reputation for promoting the development and application of blockchain technology that guarantees security and scalability. We saw great success with our bitcoin atomic swap integration back in January and want to continue to expand next-level interoperability with another cryptocurrency that the Qtum community admires: Beam.”

The Qtum/Beam atomic swap function uses Hashed Timelock Contracts (HTLC) to avoid peer-to-peer credit fraud when completing cross-chain transactions. By utilizing HTLC, each transaction will be locked until specific conditions are met. This eliminates the need for risky third-party endorsement, creating a completely trustless process.

Beam CEO Alexander Zaidelson said: “The original promise of cryptocurrencies is to allow users full sovereignty of their money without the need for any intermediaries. Atomic swap technology allows just that. Thanks to our strong cooperation with Qtum, we provide our users with a way to seamlessly swap Qtum to Beam without involving any third party, removing the custodial risk.”

To access the Qtum/Beam atomic swap function, visit: https://github.com/BeamMW/beam/wiki/Atomic-swap.

Author: Yash Hirani

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