Announcing Bounty0x partnering with Lamden to bring Atomic Swaps to Bounty0x

Bounty0x is proud to announce that it will be partnering with Lamden to enable cross chain Atomic Swaps of bounty hunter rewards

Beginning January 19, 2018, Bounty0x will be entering into an early access partnership agreement with Lamden to integrate Clove Atomic p2p swaps on the Bounty0x network.

This partnership will allow Bounty0x to support bounty payouts in any type of cryptocurrency, not just ERC-20 compliant tokens, but also let bounty hunters receive payouts and exchange rewards freely between blockchains including: EOS, NEO, TRON, QTUM, BITCOIN, and ZCash.

What is Lamden?

Lamden.io is building an enterprise blockchain platform, and currently offers a suite of blockchain products, including Flora, a blockchain package manager; Saffron, an enterprise blockchain project generator; and Clove, a cross chain swap protocol.

What will the Bounty0x partnership with Lamden consist of?

Bounty0x will become an early access partner and will assist Lamden by testing their Clove atomic swap product on the Bounty0x network.

As an early access partner, Bounty0x will be assisting Lamden in making the integration of their product easier for future partners, finding bugs, and providing product feedback.

Bounty0x will receive early access to the Clove atomic swap protocol. This will enable Bounty0x to offer Bounty hunters the ability to automatically exchange their bounty hunter rewards into any other crypto-currency, including non ERC-20 compatible tokens. A tentative list of supported blockchain tokens is included below.

When will Bounty0x release atomic swaps powered by Lamden on the Bounty0x platform?

Bounty0x will be integrating Lamden’s Clove cross chain swap protocol onto the Bounty0x beta platform which will be released on or about Q2 2018.

How will atomic swaps be used on the Bounty0x platform?

Bounty0x currently supports payment of bounty hunters in any ERC-20 compatible token. However, the Bounty0x roadmap calls for supporting not just ERC-20 bounty hunter payments, but any blockchain based token including EOS, NEO, TRON, QTUM, BITCOIN, and ZCash.

Once a bounty hunter receives payment for completing a bounty, Bounty0x will then let a bounty hunter automatically exchange their token reward into any other token through the use of Atomic Swaps powered by Lamden’s Clove protocol.

What are atomic swaps?

Atomic swaps, or atomic cross-chain trading, is the exchange of one cryptocurrency to another cryptocurrency, without the need to trust a third-party. A relatively new piece of technology, atomic cross-chain trading is looking to revolutionize the way in which users transact with each other. For example, if Alice owned 5 Bitcoins but instead wanted 100 Litecoins, she would have to go through an exchange, i.e. a third-party. However, with atomic swaps, if Bob owned 100 Litecoins but instead wanted 5 Bitcoins, then Bob and Alice could make a trade. In order to prevent, for example, Alice accepting Bob’s 100 Litecoins but then failing to send over her 5 Bitcoins, atomic swaps utilizes what is known as hash time-locked contracts (HTLCs).

Hash time-locked contracts ensure that the atomic swap process is completely trustless by ensuring both fulfill the requirements of the trade. HTLCs require the recipient of a payment to acknowledge receiving payment prior to a deadline by generating a cryptographic proof of payment. Or the recipient risks losing the right to the claim the payment, therefore returning the funds back to the sender.

Therefore, for a trade between Alice and Bob to take place, both must submit their transaction to their respective blockchain, Alice on the Bitcoin blockchain and Bob on the Litecoin blockchain. In order for Alice to claim the 100 Litecoins sent from Bob, she must produce a number that only she knows, used to generate a cryptographic hash, therefore providing proof of payment. Similarly, in order for Bob to claim the 5 Bitcoins that was sent from Alice, he must also provide the same number, that was used to generate the cryptographic hash. Learn more.

Tentative list of planned supported swap markets and their marketshare:

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