REVIEW OF ATOMIC WALLET SWAP AND ITS TECHNOLOGICAL INNOVATIONS.

ritabella (-1)(1)in #blockchain • 6 years ago (edited)

The emergence of bitcoin through blockchain brought about a huge paradigm for the financial resources management as such that it empower the masses on how to regain the power to
manage their assets by themselves, to monitor how the resources are which are being distributed, and to rescue the economy from the control of the few.

In recent times, there comes a wide acceptance of the digital assets by the general public making bitcoin and blockchain
technology, with its user base of crypto currency
surge at a faster pace. But despite these huge adoption and acceptance, Bitcoin seem to still suffer from this fast growing adoption of which the most glaring issues lie in the fact that blockchain transactions suffer from, insufficient transaction capacity,Possible falsification and distortion of market data,Regulation, slow confirmation and high transaction fees. Due to the inflexible highly distributed nature of Bitcoin network, it’s impossible to fix some critical flaws in the crypto space. Rather than fix the original Bitcoin project, most people attempt to invent new projects that address different perceived shortcomings of Bitcoin. Cryptocurrency market draws attention of customers, media, business, hedge funds and even filmmakers.Unfortunately,regulators do not stay aside and give a lot of their attention to the
blockchain market as well. Almost all of them attempt to fix the problems of
Bitcoin while adding some new features of their own. However, they are unable to rescue or augment the original Bitcoin network, and are neither able to
interoperate with each other.Fortunately, a game changer Atomic Wallet believers/team began working towards addressing cryptocurrencies's shortcomings, and they have proposed several excellent solutions. Atomic project was created, paving way for a convenient and versatile decentralized solution for the custody-free cryptocurrency trading.

ASSETS OVERVIEW OF THE ATOMIC WALLET

To further this content, my key focus shall be on the Atomic Wallet Swap. This is yet another pivotal to the Atomic platform to watch out for.

WHAT IS ATOMIC WALLET?

Atomic Wallet is an innovation which radically solve problems described above by introducing a fundamentally new platform for custody-free, transparent, immutable cryptocurrency trading making it the simplest way of connecting buyers and sellers within a decentralized framework. Atomic Wallet is a new type of
decentralized cross-blockchain exchang.

THE PREREVIEW OF ATOMIC WALLET'S USER INTERFACE (UI)

THE REAL DEAL: ATOMIC WALLET SWAP.

Usually, for the Atomic swap to take place in the Atomic system, data is
generated, collated and collected with the help of blockchain oracles from the networks where Atomic Swaps are processed.

ATOMIC SWAPS

In the process of Atomic swaps, something we call "A CROSS-CHAIN" takes place. A cross-chain is an exchange of cryptocurrencies between users. Ideally, 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. Hence, an atomic cross-chain swap, on the other hand,comes in to solve this problem without the need for a third party. This Atomic swaps require each party to arrange a transaction contract where the contracts contain an output
spendable by the the opposite party, but the rules required to collect is are different for each party
involved.

TECHNOLOGICAL INNOVATIONS BEHIND THE ATOMIC SWAP

In the Atomic ecosystem, usually there is who we call the initiator who being the fore party wishes to carry out trade coin B for Coin A with the participant. Here, the initiator is deemeit it fit to allocate the intended amount of Coin B to a contract and generates a
“secret”. This secret will then later allow the participant to collect the contract output. Except he/she learns the secret, the participant will be unable to spend from the initiator's Coin B contract. After learning the secrets, the participant then creates a contract on the Coin A blockchain in a similar with the initiator.

In other to create the create, the contract, the participant needs a cryptographic hash of the initiator’s secret. The initiator would not access this contract without revealing the secret to the participant. The initiator redeems the participant’s contract, by revealing the secret to the
participant. The latter redeems the former’s contract using the secret extracted from him/her.
However, after a due time and the participant did not redeem the
contract output, it is then 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 this is usually between the hours of 1 and 2.
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 as it gives each party at least 24 hours to
redeem the coins from the opposite blockchain before a refund can be performed.

The game changer is here, ATOMIC. The team behind this project is amazing indeed filled with blockchain expertise to leverage the project. This is therefore not a joke not child's play. I advise you take the project into serious consideration.

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