Atomic Wallet: Immutable. Trustless. Distributed
One might be wondering why Atomic wallet? We all know that there is a broad spectrum of cryptocurrency wallets and exchanges out there and amazingly, new wallets are entering into the market day in and day out. It would be trivial for Atomic wallet to develop a product that isn’t either original or a product that wouldn’t be improving what already exists. The issues of third-party custody risks relating to the development of blockchain-based markets have led to the emergence of this promising project by the Atomic wallet team. The consequences of this problem negatively affect ecosystem sustainability, bringing vulnerability to manipulative and regulative actions. In this presentation, we are going to look at the atomic wallet product in general and deduct some of the benefits associated with its utility.
The Atomic wallet product is a reliable and a decentralized solution for the custody-free cryptocurrency trading. Due to it being problem-solving oriented, it comes with great features and components to help rectify the aforementioned problems.
Atomic wallet provides a comprehensive and intuitive asset management tool to assist users in managing their crypto assets effortlessly. The platform inculcates the best user interface and security practices to meet the usability and user experience goals. Users of the product with regards to managing assets would be able to perform operations such as receiving cryptocurrencies to a generated wallet, there is also the ability to import assets to the wallet using private keys of various formats, securely store their private keys, send crypto assets to other addresses, specify the cryptocurrency node and blockchain explorer use etc. All these great features will be built on SPV (Simplified Payment Verification) technology.
The Atomic distributed orderbook (DOB) utilizes the BitTorrent protocol to represent market offers in a decentralized manner. The order book shows a list of assets and its associated prices that traders would want to buy/sell. With Atomic wallet’s DOB, customer’s funds don’t get restricted when they place offers in the market. The only instance that funds get transferred from one part to the other is when the orders of two traders are matched. The platform requires both parties to be connected to the system before a trade is executed. When a customer logs off the system his/her offers are made invisible until he/she is back. Atomic promises to include offline trading in the future. There is also the capability to cancel an order prior to execution. This makes the platform much flexible for its users. The use of sophisticated technologies and strategies would protect the DOB from tampering and fraud. Executed trade history on the platform will be stored using the blockchain technology for maximum security and transparency.
The most interesting feature of the entire system is the Atomic swap. This function facilitates the exchange of assets between two individuals. In most cases, transactions like this require the presence of a trusted third party. But the atomic cross-chain swap eliminates this process chain. Both individuals who wish to swap their coins need to create a contract. Assuming Ben (initiator) wants to swap his coin A for James’s (participant) coin B. Ben has to allocate a specified amount of his coin (i.e. coin A) to a contract and generates a secret. The secret works more like a key that will allow James to collect the output of the contract. The participant will also have to go through the same process to generate his contract and secret.
How To Create Atomic Swap Order In Atomic Wallet
After both parties creating their contracts, they won’t be able to collect back their coins until one party fails to redeem the contract output in a given time frame (probably an hour). For instance, after both Ben and James complete creating their offers via contract, if James fails to redeem the output of Ben’s contact after some time, Ben would get a refund of his coins and James could equally get a refund after about two hours(ie. double of Ben’s refund time frame).
In conclusion, the Atomic Wallet is simply a great tool for traders, investors, developers etc. It has amazing features to meet the average user needs. Its benefits are enjoyed by varieties of stakeholders.
The Atomic SDK will make life much easier for developers. They would be able to create sophisticated distributed blockchain apps. Atomic Wallet will make it protocol readily available for integration. Atomic SDK will support the creation and deployment of order to the DOB, address execution confirmations, receive the status of executed orders and retrieve a list of orders from the orderbook. Third-party exchanges like shapeshift and Changelly have been integrated into the platform for users to enjoy a variety of service.
Atomic Wallet has a desktop version of its application and it is available on Windows, MacOS, and Linux. Users can make good use of the application until the mobile version is out.
Featured Coins
Team Members
Partners
RoadMap
April 2018 - Alpha release
● Ethereum and Bitcoin asset management
● 200+ token assets support
● Integrated instant exchange service
May 2018 - Beta Version release
● Litecoin asset management
● First pair for Atomic swaps
● Distributed Orderbook over torrent protocol v. 1.0
June 2018
● ERC20 token swaps
● Lightning network implementation
● Multi-language UI
● 26 new assets in the wallet
● 4 new assets in the atomic exchange
July 2018
● Crypto against fiat conversion options integration
● 8 new assets in the wallet
● 4 new assets in the atomic exchange
● Atomic exchange users ratings
● Finish of the token sale
● Custom nodes and block explorers usage
August 2018
● Web wallet
● Mobile wallet for Android
● Mobile wallet for iOS
● 8 new assets in the wallet
● 4 new assets in the atomic exchange
September 2018
● User chat in the wallet (trollbox)
● Hardware wallet integration (Trezor, Ledger)
● 8 new assets in the wallet
● 4 new assets in the atomic exchange
October 2018
● dApps browser
● 8 new assets in the wallet
● 4 new assets in the atomic exchange
Token Details
Token Sale
Private Pre-Sale
● Minimum contribution: $100,000
● Maximum contribution: $1 million
● KYC: Required for all investors
Public Sale
● Start Date: September 1, 2018
● Maximum number of issued tokens: 100,000,000. This amount of emission is possible only on condition that all investments are collected to the maximum allowable amounts of 1,000,000, and a hard cap is reached.
● Minimum number of issued tokens: 25,000,000. This amount of emission is possible only on condition that all investments are collected with minimum allowable amounts of 100,000, and the minimum amount necessary for the development of the project is achieved.
Token Parameters
Ticker: AWC
Full name: Atomic Wallet Coin
Decimals: 8
Total supply: 100,000,000 AWC
Team vesting plan: 25% per year
Budget Allocation
● Initial liquidity for market making: 40%
● Software development: 30%
● Legal and operational: 20%
● Marketing: 5%
● Unexpected costs: 5%
Token Distribution
● Private presale: 50%
● Founders: 30%
● Public sale: 15%
●Bounty/Airdrops: 5%
Useful Resources
Website--- https://atomicwallet.io/
Whitepaper--- https://download.atomicwallet.io/atomicwallet-whitepaper.pdf
Medium--- https://medium.com/@atomicwallet
Telegram--- https://t.me/atomicwalletchat
Content credit:
Bitcointalk Username: quesi_job
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2103403