Bitcoin (BTC) Atomic Swaps Find Integration into Qtum’s Decentralized Platform Mainnet
Qtum has just introduced Bitcoin atomic swaps to its mainnet. The information was released by the company in a press release on January 9. Atomic swaps are one of the most important blockchain developments that are currently being analysed and tested.
Atomic Swaps would allow users to exchange one cryptocurrency for another without having to trust another third party. This is completely different to what cetnralized exchanges are currently offering.
In order to implement Qtum-to-Bitcoin atomic swaps, the blockchain network used a technology called Hash Time-Locked Contracts (HTLCs). This is based on the open source code of the Decred (DCR) cryptocurrency.
In a blog post uploaded by the Qtum, they explain about Atomic Swaps:
“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 favoured by the market. Many mainstream cryptocurrencies have realized atomic cross-chain swap and released their codes.”
Furthermore, the intention is to allow users that do not own Qtum tokens to interact with smart contracts. Meanwhile, a third party would be paying for that fee. Qtum uses the so-called Unspent Transaction Output (UTXO) that enables more lightweight smart contract interactions. This is one of the advantages that the network has compared to Ethereum, the third largest digital asset and blockchain network in the market.
Qtum is currently being traded around $2.22 and has a market capitalization of $197 million. This makes it the 29th largest digital asset in the market.
Back in December, Qtum awarded a grant of $400,000 to the Columbia University to develop a new programming language for the Ethereum (ETH).
Back in December 2018, the Litecoin Foundation announced that it is partnering with X0 to bring one-click atomic swap capability to the Lightning Network. Litecoin (LTC) is one of the most popular digital assets and developers on it have always been researching how to add Atomic Swaps to the network.
The LF has formalized a collaboration with @X9developers of @XSNofficial in the maintenance, and hardening of ltcd. They’ve recently brought ltcd up to speed with btcd. This enables #litecoin support on neutrino, a light LN client. Read more here: https://t.co/cPeCMGZ6qK
— Litecoin Foundation (@LTCFoundation) December 20, 2018
Charlie Lee, Litecoin’s creator, performed in September 2017 an atomic swap of 1.337 LTC for 2.4066 DCR.
— Charlie Lee [LTC⚡] (@SatoshiLite) September 20, 2017