ATOMIC WALLET - The First Wallet with Atomic Swaps
ICO market is nowadays pretty similar to the Wild West during the gold rush period. It is possible to earn money very quickly, sometimes even good money, but you have to find a perfect spot, or in this case, a good project to invest. Common thing to the Wild West? No guaranties and almost no law. It is pretty easy to find bad cowboys which are going to promise you golden mountains to steal your last piece of bread. So in all this mess, if you want to find your gold nugget, you can trust just your own brain composites.
So did I and during my research I found the project in which I really put my faith: ATOMIC WALLET. Very likely you haven’t heard about them, project is made by great team members. Nevertheless, guys have an advantage, many other teams does not: already existing product made on a very perspective field. But these are not all pluses I found in this project. Below you can read the analysis and decide on your own, do you want to send some pennies to the pot.
Atomic wallet is a decentralized multi-currency platform that provides a powerful, in-demand service that allows users to reduce effort spent on managing crypto assets and makes it transparent and reliable. Atomic wallet platform is not just a wallet but also has a cross-chain Atomic swap exchange and a decentralized order book.
FEATURES OF ATOMIC WALLET
ASSET MANAGEMENT: Atomic Wallet provides a powerful, in-demand service that allows users to reduce effort spent on managing crypto assets and makes it transparent and reliable. The asset management wallet functionality is built on the Simplified Payment Verification technology (SPV), which makes it possible for users to perform tasks such as;
Receive crypto assets to the generated wallet.
Import assets to the wallet using private keys of various formats.
Store private keys in a securely encrypted environment.
Send assets to other addresses.
Select cryptocurrency node to use.
Select blockchain explorer to use.
Atomic SDK will support following functions:
Create order and deploy it to the DOB.
Confirm order execution.
Receive order execution status.
Get list of available orders from the orderbook.
Atomic Swap technology
The first party (called the initiator) wishes to trade Coin B for Coin A with the other party (called the participant). The initiator allocates the intended amount of Coin B to a contract and generates a “secret”. The secret will later allow the participant to collect the contract output. Until he/she learns the secret, the participant is unable to spend from the initiator's Coin B contract.
The participant creates a contract on the Coin A blockchain in a similar to the initiator fashion. To create the contract, the participant requires a cryptographic hash of the initiator’s secret. The initiator could not access this contract without revealing the secret to the participant.
After both parties created their contract, neither of them can collect their coins back until the alloted time expires. The initiator redeems the participant’s contract, thereby revealing the secret to the participant. The latter redeems the former’s contract using the secret extracted from him/her.
When a certain period of time (typically 1 hour) expires and the participant did not redeem the contract output, it is refunded back to the initiator's wallet. The participant's contract can also be refunded back to the participant, but only after half the period of time that the initiator is required to wait before their contract can be refunded (typically 2 hours).
The initiator can also trade Coin A for Coin B and the procedure will be the same, but with each step performed in the opposite direction on another blockchain. This procedure is considered atomic (i.e. with a timeout) since it gives each party at least 24 hours to redeem the coins from the opposite blockchain before a refund can be performed.
ATOMIC WALLET ECOSYSTEM
The success of the Atomic Wallet is contingent on the participation of a variety of different users. We will briefly give an overview of the key roles that participants can play in the Atomic ecosystem.
Traders. End-users that hold, convert and transfer blockchain assets.
Blockchain Assets Issuers. People, companies, communities, organizations or foundations that issue new Smart Tokens, configuring the initial supply, price, CW, and managing the initial issuance of tokens. This also includes creators of Relay Tokens, which can connect any existing ERC20 tokens to the network.
Cryptowhales. Traders with the amounts of assets too big to be normally adopted by openmarkets and willing to perform personalized or non-personalized risk-free OTC deals.
Arbitrageurs. Traders that monitor the Decentralized Orderbook for prices that are inconsistent with an external exchange, and then restore price consistency through arbitrage. Arbitrageurs are organically incentivized to keep prices consistent and hence are important participants in the Atomic ecosystem.
3rd party developers. Companies or individuals creating services utilizing Atomic Wallet DOB and Atomic Swap code. Developers can build specialized Atomic Wallets, exchange Relays, Decentralized OTC platforms or implement part of the Atomic functionality in their existing services.
A cross-chain is an exchange of cryptocurrencies between users. Basically, party A sends Coin A to party B’s Coin B address via blockchain, while party B does the same with Coin B. These actions happen independently on parallel blockchains, in a one-way fashion. Such setup raises the possibility of either of the parties never honoring his/her end of an agreement. One of the ways to solve this issue is involvement of a trusted third party. An atomic cross-chain swap, on the other hand, solves this problem without the need for a third party.
Atomic swaps require each party to arrange a transaction contract. The contracts contain an output spendable by the the opposite party, but the rules required to collect is are different for each party involved.
How Does Atomic Swap Work?
We can see that the Atomic-Swap is developed to manage transactions among 2 different virtual currencies. Atomic Swap is a technique that can exchange digital money in "cross chain," straightly, without going from side to side any 3rd party services.
How does it works, can be completed in 2 ways:
Among the 2 ways above, Atomic Swap works by applying Hashed Time lock agreements (HTLCs). The applying of this HTLC is derived from the idea of BTC community that applies Lightning Network.
BENEFITS OF THE PLATFORM
No longer run registration makes spending additional time;
No limits on the exchange: the Atomic-Wallet is regularly evolving, consumers are capable of exchanging every available digital money. Here you can forever find a collaborator for similar beneficial cooperation;
No scam with exchange rates: entire data are fixed, intellectual agreements don't allow deceiving clients;
It's guaranteed by the crypto exchange of chains or the term of return. There're clear laws that have to be followed to create the deal occur;
Straight exchange of one to one more with no 3rd party pairs. The lack of 3rd parties has a plus impact on such firm. There's no need to pay any commission;
Consumers can exchange at any moment: just a few moments is sufficient for this.
The process is safe and quick;
Centralized platforms are obligated to warrantee anonymity: consumer info is reliably secured from cyber attacks and hacking by scammers;
The interface of Atomic-wallet is distinguished by its exceptional style and simplicity. No further skill you don't need - the processes are performed easily and rapidly;
No decentralized solutions: the absence of one server positively effects the featuring of the Atomic-wallet platform.
AWC will run natively on the Ethereum blockchain with ERC20.
Type: ERC20 Token
Full name: Atomic Wallet Coin
Total supply: 100,000,000 AWC
Open Contract Source Code
A smart contract based on the Ethereum network is written for the effective implementation of the Atomic ICO project. On the day of the ICO launch, the Atomic team will publish the smart contract, which will initialize the issuing of AWC-tokens based on ethereum in accordance with the ERC20 standard.
● Initial liquidity for market making: 40%
● Software development: 30%
● Legal and operational: 20%
● Marketing: 5%
● Unexpected costs: 5%
● Private presale: 50%
● Founders: 30%
● Public sale: 15%
● Bounty/Airdrops: 5%
Atomic Wallet can be downloaded and install from these trending Operating Systems for the now. However, more operating systems will be available in the near future. Be the first to know about Atomic wallet updates on the upcoming platform users like Chrome, Android and iOS here.
ROADMAP AND DEVELOPMENT PERSPECTIVE
Above you can see the roadmap — how the team sees their nearest and long-term future.
TEAM MEMBERS AND ADVISORY MEMBERS TO THE PROJECT
Team seems to be the strongest part of this project. It consists of innovative and talented people. Of course I cannot complain if we talk about their professional level, guys indeed are experts on their field.
Atomic Wallet provides a powerful, in-demand service that allows users to reduce effort spent on managing crypto assets and makes it transparent and reliable. Be a part of this tremendous project and follow these links for more information;