Key Security Features and Benefits of Atomic Wallet

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It's no secret that the blockchain technology is far from being perfect, although its system features are considered more secure than the traditional financial systems. As with any other new inventions or innovations, there is always a room for improvement. In the case of crypto currency exchange platforms, an area of improvement comes in the form of Atomic Swapping and Distributed Orderbook (DOB). Proudly, the Atomic Wallet, an emerging custody-free exchange platform, is set to reshape the landscape of crypto currency transfers and exchanges.

There are a lot of varieties of cryptocurrencies and tokens today. The main question that the crypto-investor asks himself is where to store all the assets? Of course, it is better to diversify and store on different wallets. Therefore, we have proposed a new innovative multi-currency wallet Atomic Wallet. This is the first wallet that supports the function of atomic swaps, that is, you can exchange one cryptocurrency for any other without recourse to third parties. There is a so-called exchange of block chains and thus we completely avoid risks.

The main advantages of Atomic Wallet

This wallet has a very convenient interface that will allow all users to easily and quickly get used to the wallet, easily manage digital assets, send or receive many coins. The wallet already has built-in tabs history, exchange, atomic swaps and it is possible to view the total balance.
Atomic swaps. This is the unique ability to exchange tokens from different networks without the participation of a third party and without pay large commissions.
Security - The wallet provides customers with a secure level of encryption. All private keys are stored encrypted on the device and never leave it. Therefore, no one will be able to access your funds.
Multi currency is one of the main advantages of Atomic Wallet. Now you can store more than 300 coins, and then the number will constantly increase.
Excellent technical support from the project developers. They are constantly posting new videos on how to use the wallet on the YouTube channel.

Implementation of Atomic Swap

Atomic swaps are one of the key features of the wallet that the community needs. Any two users will be able to directly exchange digital assets on different blockchains without the participation of a third party. In other words, atomic swaps are inter-network coin exchanges.

Let's take a closer look at what is the advantage of this method. For example, you have an XLM token, and you want to get LTC. To make a deal, you need to find an exchange website or a person who does not give any guarantees, and the money can be stolen. Everything works on trust and history of previous transactions. One more option is to transfer money to the exchange to sell one asset for ETH/BTC/USD, and then buy for new coins desired LTC. But in this case, you lose part of the funds on commissions for trading, as well as pay fees for the withdrawal of assets.
In the case of atomic swaps, only two parties are involved in the transaction, and the transaction is conducted using a smart contract and a escrow account, which guarantees the integrity and transparency of the transaction. One party deposits funds to a special account, the second does the same. The first participant receives coins, and then the rest of the funds are transferred and the transaction is completed. The process is organized in such a way that in case of problems (transfer time has expired, network problems, failure of one of the participants) the funds are returned to the addresses of the original owners.

Atomic Wallet’s Distributed Orderbook (DOB)

Crypto currency exchange is still exposed to custody risk, since token holders generally entrust the handling of their assets to a single entity which is an exchange platform. Although the platform itself is blockchain-based, still the hackers are able to circumvent the system by manipulating the wallet addresses for instance or by disguising as token holders to enter into the exchange platform. The aforementioned historical cases of hacking are proof enough that the blockchain exchange platforms are not entirely free from fraudulent activities.

Given this shortcoming, Atomic Wallet introduces the distributed orderbook (DOB), which is essentially a distributed list of buy-and-sell orders involving various financial instruments. The interface is organized in such a way that registered users will be able to conveniently browse through the online listing. In the future, developers are foreseeing the availability of the orderbook with updated information offline.

Atomic Wallet’s orderbook is distributed across different nodes, which allows multiple verification methods and eliminates the custody-risk present in other exchange platforms. The goal of blockchain technology, after all, is complete decentralization. In other words, no single entity, blockchain-based or otherwise, should monopolize the database in order to avoid abuse or misuse of information. A centralized system is also at a higher risk for fraudulent attacks. With Atomic Wallet’s DOB, apart from distribution of orders, transparency is being practiced as well. No obligation is created when a maker places an order until there is a confirmation. Pending the confirmation, the system allows a transparent display of the order information to other interested traders, thus practicing indiscriminate trading.

Conclusion

The project may become a new solution for storing digital assets. Many ordinary users and novice investors face problems with the management of purchased assets. On the one hand, you can store everything on the exchange's accounts and on the other hand, no one guarantees the safety of funds. Therefore, Atomic Wallet can really capture a significant market share and become a secure solution for cryptoassets.

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