Qtum teaming up with Beam for atomic swaps
Blockchain

Qtum teaming up with Beam for atomic swaps

By Marco Cavicchioli - 17 Jul 2019

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Qtum has announced a partnership with Beam to offer atomic swaps. 

Beam, the scalable and high-level privacy cryptocurrency that uses MimbleWimble technology, allows to carry out atomic swaps with other cryptocurrencies, starting from bitcoin. 

The public and open-source blockchain platform Qtum has now launched a trial version of atomic swaps using this feature offered by Beam. This will allow secure cross-chain transactions between the two currencies, in a trustless manner, i.e. without having to rely on third parties.

To achieve this, Beam uses Hashed Timelock Contracts (HTLC) to prevent fraud during the fulfilment of cross-chain transactions. Using HTLC, in fact, each transaction is blocked until all the conditions are met to ensure that it can be considered secure and correctly executed. This completely eliminates the need for third-party approvals. 

The IOC of Qtum, 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”.

Beam’s CEO, Alexander Zaidelson, added: 

“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”.

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 11 thousand subscribers.

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