Atomic Wallet - The best solution for your crypto assets

Hello, friends!

Atomic Wallet is a multi-asset management and storage tool for cryptocurrency enthusiast. It is a distributed platform with amazing features that are appealing to its diverse users. These features include a built-in Atomic swap, integrated exchanges like Shapeshift and Changelly for swift transactions. The Atomic wallet team seeks to address the security issues (hacks, theft etc.) regarding cryptocurrency wallets and to help users effectively and efficiently manage their digital assets.
In this report, we are going to look at certain things that are peculiar to the Atomic Wallet project.

Atomic Swaps

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.

Atomic Wallet Product (MVP)

MVP stands for minimum variable product. It could be referred to as a product with enough features to satisfy the initial customers and provide feedback for future development (Beneyto, 2018). The team behind the project has deployed a working product which is being utilized by users across the globe. The platform is currently available as a desktop application for Windows OS, MacOs and other Linux distributions. They also have plans to release the mobile version in autumn. The wallet comes with many exciting features to help users have a better experience. It enables users to manage and store varieties of digital assets like Bitcoin, Etherium, Litecoin, ERC20 tokens and several others that are being added as the product evolves.

Atomic Wallet: a light wallet solution

The Atomic swap is an extra functionality of the Atomic wallet to help users of the product to seamlessly exchange their crypto assets. We all know the hustle we go through when it comes to using centralized exchanges. We sometimes face the issues of our funds being prone to attacks, delayed withdrawal process due to identity verification, high fees for transactions etc. The atomic swap process was intended to address this issues.
With atomic swap, users get to enjoy benefits including identity verification not being mandatory, fixed exchange rates, unlimited transactions, direct exchanges of one coin for another without intermediary pairs and several others. Unfortunately, this functionality doesn’t support all coins and Atomic wallet has made provisions for that by introducing ShapeShift (instant exchange and fixed rate) as an optional exchange.

You can watch how Konstantin Gladych presents Atomic Swaps technology at the EDCON in Toronto!

Conclusion

Every atomic swap uses a hashed time-locked contract, which is a part of the scripting language used for most major cryptocurrencies in existence right now. Both parties submit their individual transaction to the appropriate blockchain. User A sends bitcoin on the Bitcoin blockchain, and user B sends ETC on the Ethereum Classic chain. The recipient can only claim this transaction by revealing a secret number.

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