Blockchain platform Qtum introduces atomic cross-chain swaps
The innovation called blockchain is slowly and steadily making its way into the mainstream consciousness. But there are still hurdles that need to be overcome in order to facilitate the wider adoption of this innovative technology. The inability to perform cross-chain swaps is one of the many problems that burden the blockchain industry. Trying to solve this issue an open blockchain platform Qtum is introducing Bitcoin (BTC) atomic swaps to its mainnet infrastructure. This news was made public the company in its Medium blog on Wednesday.
Atomic Cross-Chain Swap on Qtum by QtumX https://t.co/C33AbwtWls
— QtumOfficial (@QtumOfficial) January 9, 2019
The implementation of atomic swaps has been achieved by HTLC (Hash Time-Locked Contract) ensures the atomicity of cross-chain transactions, which has the highest security and is based on the code of the open-source cryptocurrency Decred.
The blog further adds:
“The HTLC (Hash Time-Locked Contract) technology that atomic cross-chain swaps are based on is used in many production environments, like the lightning network because of its robust security.”
The feature of not having a third party dependency and atomicity is consistent with basic principles of Bitcoin, so the future of atomic cross-chain swaps are favored by the market.
As different blockchains use different payment scripts, there are different implementations of the atomic cross-chain swap. An implementation of Bitcoin payment script caters to the need of Bitcoin like cryptocurrencies such as Bitcoin [BTC], Bitcoin Cash [BCH], and Litecoin [LTC]. There is also a Solidity-based implementation, which facilitates swap among Ethereum-like cryptocurrencies and ERC20 tokens.
Qtum is an opensource blockchain platform that supports smart contracts and decentralized applications (DApps). As the time of writing, Qtum’s own cryptocurrency token is up 5.2 percent and is trading at around $2.44, according to CoinMarketCap data.
In November last year, Qtum and Ontology joined Binance’s Gold Label project on Monday and became one of the first to get a verification from Binance Info.
Image via Shutterstock
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