BITCOIN ATOM (BCA) Atomic Swap powered. (Fork)

joesdt (41)in #cryptocurrency • 7 years ago (edited)

BITCOIN ATOM

Introduction

Bitcoin Atom (BCA) brings a truly decentralized way of digital asset exchange – with on-chain atomic swaps on board. By using built-in hash time-locked contracts (HTLCs) and its own HTLC API, Bitcoin Atom attempts to disrupt the way we exchange cryptocurrencies today, giving independence from intermediaries and any centralized entities.

We believe that most cryptocurrency trades should be conducted on-chain in a decentralized way, as per the original Bitcoin’s approach to transacting in a completely trustless environment.

Atomic Swaps (AS), currently implemented via HTLCs on-chain and potentially via Lightning Network (LN) off-chain, bring an ability to swap assets directly between blockchains without any intermediaries involved. This ability is called atomic cross-chain trading, and we propose the Bitcoin Atom’s support for it at its core, by bringing AS API and a set of cross-chain trading utilities into the original Bitcoin core software and forking it into BCA.

Bitcoin Atom’s AS model is expected to bring transparency to digital asset trading, as attempts to churn volume via on-chain atomic swaps will be detectable by passive observers. This means that users cannot show up with a small amount of coins and then create a ton of fake volume covertly.

BCA network is additionally secured by utilizing the so-called hybrid consensus: both PoW and PoS models are put in place, increasing network stability and reducing the power of miners, hence lowering the 51% attack probability. Despite having Proof-of-Stake in addition to Proof-of-Work, Bitcoin Atom is not inflationary in terms of emission as PoS only serves the goal of decentralizing network power. Max supply of BCA remains the same as of the original Bitcoin (21M).

Project's core values: Independence, Decentralization and Transparency.

Implementation

Bitcoin Atom is a fork of the Bitcoin blockchain with major protocol upgrades that will occur in January (block number TBA). At the predetermined block number the original BTC blockchain will be forked into BCA, and any transactions made since then will be completely separate on Bitcoin and Bitcoin Atom networks. At that moment, Bitcoin Atom will go live on mainnet and become a fully functional cryptocurrency.

All Bitcoin holders who possess their private keys at the moment of the fork (block number TBA) will receive Bitcoin Atom at the rate of 1 BTC = 1 BCA. You need to control your Bitcoin private keys in order to claim and transact Bitcoin Atom.

Subsequently, the BCA team will focus on atomic cross-chain trading toolkit development, as well as integrating the LN model with off-chain swaps into Bitcoin Atom. The roadmap covering these milestones will be published separately.

Specification

Ticker Symbol: BCA
Max Supply: 21 Million
Distribution: Mining, Minting, Claiming
PoW algorithm: SHA256
PoW Block Interval: 10 Minutes
PoS Block Interval: 10 Minutes
Block size (actual): 1M (2-4M)
Difficulty adjustment: 2 Weeks
Avg tx confirmation time: 5 Minutes
Atomic swaps: Yes
Segwit: Yes
Replay protection: Yes
Unique address format: Yes

We believe that most cryptocurrency trades should be conducted on-chain in a decentralized way, as per the original Bitcoin’s approach to transacting in a completely trustless environment.

⚡️Bitcoin Atom (BCA) futures started trading today, January 12, 2018, on Yobit at https://yobit.net/en/trade/BCA/BTC, to be followed soon by Exrates and other exchange partners.

BCA futures are currently trading at approximately 0.1 BTC per 1 BCA, or roughly $1350 at current BTC price.

All BTC holders who possess private keys or store BTC with one of our partners will receive 1:1 Bitcoin Atom (BCA) at the time of the fork (expected at block 505 888).

Bitcoin Atom (BCA) is a SegWit enabled Bitcoin fork with atomic swaps, hybrid consensus and lightning network.