The public and open source blockchain platform Qtum has launched a trial version of the atomic swaps using this feature offered by Beam. This will allow secure cross-chain transactions between the two currencies, in trustless mode, or without having to rely on third parties.
To achieve this, Beam uses Hashed Timelock Contracts ( HTLC ) to avoid fraud during the completion of cross-chain transactions. Using HTLC, in fact, every transaction is blocked until all the conditions are met to ensure that it can be considered safe and correctly completed. This completely eliminates the need to resort to third-party approvals.
The IOC of Qtum, Miguel Palencia, said:
Being a public blockchain focused on technical innovation, Qtum has a reputation for promoting the development and application of blockchain technology that ensures security and scalability. We met with great success with our integration of atomic swaps with bitcoins in January and we want to continue to expand interoperability with another cryptocurrency that the Qtum community admires: Beam.
Beam CEO Alexander Zaidelson added:
The original promise of cryptocurrencies is to allow users the full sovereignty of their money without the need for intermediaries. This is what atomic swap technology allows. Thanks to our strong collaboration with Qtum, we provide our users with a way to exchange Qtum with Beam without problems without involving third parties, removing the risk of custody .