Cryptocurrency News

Blockchain Startup Firm Qtum Teams-up with Beam to launch Atomic Swap Technology

Qtum, a public focused blockchain platform has collaborated with Beam, an Israel based blockchain startup firm to launch a test version of a service ‘atomic swap function.’

Qtum is a blockchain and cryptocurrency firm that offers a stable, safe, and standardized designing environment for smart contracts. It is also a decentralized platform, compatible with present blockchain technology.

The platform of Qtum is developed to promote the interoperability of leading digital currency Bitcoin and Ethereum. The platform uses the proof-of-stake consensus model to minimize computational problems and enhance scalability across the platform.

Beam, on the other hand, is also a blockchain startup firm. It is a privacy-centric cryptocurrency supported by Mimblewimble protocol. By default, all the transaction relating to Beam are private.  Blockchain verification does not require storing the entire transaction record. This in-turn will minimize the size of the blockchain and enhances scalability. Beam backs numerous transaction types’ for instance time-locked transactions, escrow transactions and atomic swaps with Bitcoin and LTC.

The atomic swap feature developed in collaboration with Qtum and Beam allows performing secure and cross-chain transaction across two currencies and need not depend on the third party.  The new feature makes use of Hashed Timelock Contracts (HTLC) to prevent peer-to-peer (p2p) credit scam at the time of ending cross-chain transactions. Hashed Timelock enables to lock every transaction until specific criteria’s are satisfied, removes the need for external party approval, developing a complete unreliable process.

CEO of Beam, Alexander Zaidelson mentioned that initial promise of the digital currency is to enable users to have complete control over their cash without relying on any third person.

Zaidelson mentioned Atomic swap function enables just that. All thanks to our powerful partnership with Qtum, we offer our customers with a technique to easily swap Qtum to Beam without depending on any external party, eliminating the custodial threat.

CIO of Qtum, Miguel Palencia stated,

“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. He added 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.”

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James Pope
James Pope is a chief editor of our team. He has keen interest in finance news and loves reading finance news in his free time. He is a avid traveler.

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