Opinions

Qtum Introduces Bitcoin (BTC) Atomic Swaps to its Mainnet

Ethereum (ETH) has emerged as arguably the most popular platform that supports both smart contracts and decentralized apps (dApps), but its popularity doesn’t mean it’s the only platform supporting the two. The blockchain based platform, Qtum shares some similarities with ETH and now it is all set for introducing Bitcoin (BTC) atomic swaps to its mainnet infrastructure.

Atomic swap is basically a technology that allows the exchange of one cryptocurrency for another all the while eliminating the need for a trusted third party or centralized exchange infrastructure.

The platform is going to achieve this Qtum-to-BTC atomic swaps by using the Hash Time-Locked Contracts (HTLCs) technology, based on the code of the open-source cryptocurrency Decred. Qtum ardently believes that the HTLC technology is the secure way of implementing the swaps.

Furthermore, the team also announced that it has plans to release  “0 Value UTXOs. The purpose of this pipeline project is to give users, who don’t hold any Qtum tokens, the opportunity to interact with smart contracts, while a third party pays the fee.

Qtum’s own cryptocurrency token is doing pretty well and is up 2.6% on the day, trading at around $2.39, according to CoinMarketCap data. Also Qtum and ETH might share some features, but there is a major difference between the two and that is the former uses the Unspent Transaction Output (UTXO), its blockchain reportedly enables more lightweight smart contract interactions.

Qtum has been stepping up its smart contract game since some time now. In December there were reports of Qtum having awarded $400,000 to a Columbia University research team to fund the development of a smart contract programming language. The language, referred to as DeepSEA, is meant to support “reliable, dependable, and ultimately – adoptable” Ethereum-style smart contracts.

For further details, stay tuned to BlockPublisher.

Abeer Anwaar

Abeer holds a Bachelors degree in Media studies and covers blockchain startups for BlockPublisher. An optimist, excels in the art of the written word and swears by the joy of all things sweet. Contact the editor at editor.startups@blockpublisher.com

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