BITCOIN ATOM, The New Segwit in Blockchain with Lightning Networks

nuralfiani (25)in #cryptocurrency • 6 years ago

Bitcoin Atom (BCA) is a SegWit enabled Bitcoin fork with on-chain atomic swaps on board and hybrid consensus. Bitcoin Atom enables truly decentralized digital asset exchange by utilizing hash time-locked contracts (HTLCs) and its own HTLC API, giving independence from intermediaries and any centralized entities.

Bitcoin Atom’s development team is working on a special embedded toolkit for both on-chain and off-chain atomic swaps, allowing for exchanging any cryptocurrencies in a hassle-free way across different blockchains. Lightning Network off-chain swaps scheduled to be launched in 2018.

The Bitcoin Atom (BCA) fork is taking place at block #505888 on January 24, 2018.

Bitcoin Atom (BCA) Aims to Restore Nakamoto’s Original Vision, Away from Miner Control

This is a sponsored press release and does not constitute the publication’s endorsement or support of the material, views and opinions shared in it.

Leonardo da Vinci once famously quipped, “Nothing strengthens authority so much as silence.” His point was that, when a community is silent under the pressure of unfair or biased authority, silence only allows that authority to consolidate more.

This has never been more true than these days in the Bitcoin community.

Bitcoin, originally conceived as a peer-to-peer (P2P) digital payment system for the masses, has now become an oligarchy of unfair and confusing authority between miners and core developers.

Bitcoin miners have created a relatively centralized system where power over the whole chain is concentrated with a few entities with the majority of hash power, and Bitcoin Core has created a system where small block sizes and slow transaction times have been effectively institutionalized.

Here Comes Lightning

This oligarchical structure has led to a need to create a system where the original vision of Satoshi Nakamoto, the creator of Bitcoin, can be restored. Because of the large scale of transactional volume, a new platform must be created with the same level of security but faster and cheaper processing.

Nakamoto’s original vision was for a platform for transactions that would be P2P and would provide a simple and decentralized way to process rapid transactions. Freeing the Bitcoin network from centralization would align with his original vision. According to the original whitepaper, Nakamoto said:

“A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.”

The answer has come from a new altcoin called Bitcoin Atom (BCA).

Bitcoin Atom is a P2P payment platform that is reestablishing the original purpose vision for Bitcoin. BCA is designed with hybrid consensus, lightning network implementation, and hash-time locked contracts.

Hybrid consensus is a term that simply means that validation on the blockchain requires a hybrid of different validation principles for stability. Rather than simply using the Proof-of-Work (PoW) validation protocol, BCA uses both PoW and Proof-of-Stake (PoS). This hybrid model produces stability and further decentralizes authority over the chain, hindering the centralizing tendency of miners to take greater and greater levels of authority.

Second, BCA will utilize the Lightning Network (LN) protocol which allows for instant off-chain atomic swaps. LN transactions are particularly helpful, since they are much cheaper and therefore more useful for small transactions. Additionally, because LN transactions are off-chain, they are much more private than traditional on-chain transactions where a record of the transaction has been immortalized. The combination of security, speed, and fiscal benefit makes the LN atomic swap useful for payment methodologies.

Third, BCA will use hashed timelock contracts (HTLCs) in order to free the blockchain from external authorities and intermediaries. The feature requires cryptographic proof of receipt before the transaction is confirmed, and because BCA utilizes its own HTLC API, it frees users from being forced to use the centralized protocol of BTC for atomic swaps.

With these three features in place, BCA is creating a platform that will allow users to take advantage of all the best features of Bitcoin, while at the same time removing the risks and centralization associated with the original chain.

Bitcoin Atom Fork

The BCA fork is scheduled for mid to late January. The fork will create a one-to-one copy of each Bitcoin as a BCA. This replication of all existing Bitcoin will mean that BCA coins will be available to everyone who is holding BTC.

Several exchanges have already agreed to verify the BCA fork and allow users to trade their newly minted coins. OKEx, Coinomi and YoBit have all agreed to make BCA tradable when the fork occurs sometime in January.

Users must have access to their private keys, unless their exchange will provide support for the newly minted coins. Users can also access BCA coins directly by creating accounts on one of the exchanges above, and trading other tokens for BCA.

Ultimately, the Bitcoin network contains weaknesses that have been revealed as the network has matured. BCA will create a methodology that will help to correct those weaknesses while at the same time keeping the best features of Bitcoin, restoring the original vision of Nakamoto, and moving cryptocurrencies into the future.

Why Are Atomic Swaps Better Than Trading On Exchanges ?

rading on centralized exchanges is a popular topic among cryptocurrency community members, especially with growing trading volumes and prices of cryptocurrencies, led by Bitcoin.

However, the discussions can often revolve around the issues that exchange users face, due to the number and complexity of the steps involved, and the various issues that can arise.

The typical process of trading on third party exchanges includes the following steps :

registration
verification
verification processing
depositing your exchange account
placing an order
making withdrawal
withdrawal processing
receiving coins

All these steps can take a substantial amount of time, typically from 3 to 5 business days, depending on the exchange provider.

Now let’s take a closer look what is the process of exchanging cryptocurrencies via Atomic Swaps :

placing your order inside your node
receiving your exchanged cryptocurrency

You’re able to conveniently open your BITCOIN ATOM node and directly place a sell/buy order without any hassles or middlemen.

It’s that easy and fast to use Atomic Swaps, because you’re able to skip almost all the steps required by third party exchange providers.

And Atomic Swaps not only make trading and exchanging faster, they also offer other advantages over centralized exchanges.

Key Advantages of Atomic Swaps Over Centralized Exchanges

• FASTER Trades

• ELIMINATE delays (caused by missing deposits/withdrawals, server downtime, etc.)

• RETENTION of your private keys, preventing the chance of losing your coins (i.e. Mt. Gox).

• MINIMIZE potential security breaches.

• KEEP your identity private (no verification process).

• DECENTRALIZE the whole trading process making it truly peer-to-peer.

• REDUCE trading fees to minimum.

Stay tuned for the release of Bitcoin Atom, which fulfills the true spirit of decentralized Bitcoin, while immediately increasing speed, convenience and security for you.

How To Claim or Otherwise Obtain Bitcoin Atom (BCA)

Bitcoin Block #505888 is Coming Up Fast — Here’s What You Need To Do

Bitcoin Atom (BCA) is one of the most exciting forks of Bitcoin, and the fork is coming up quickly, at Bitcoin block #505888, estimated to occur on January 25–26, 2018.

If You Hold Bitcoin (BTC), You Are Eligible For 1:1 Equivalent Bitcoin Atom (BCA)
If you hold BTC (Bitcoin), you inherently qualify for a 1:1 matching amount of Bitcoin Atom (BCA). How can you claim your Bitcoin Atom?

On Exchanges
You simply need to move your BTC to a Bitcoin Atom partner exchange prior to the fork date (Jan 25–26), block number 505888, in order to claim your BCA.

From Wallets
You just export your current private key and import it into Bitcoin Atom compatible wallet in order to claim your BCA.
Current Bitcoin Atom Exchange and Wallet Partners

Exchanges
OKEx
YoBit
Exrates

Wallets

Coinomi
ESR Wallet
ATOM Wallet (available soon)

For the most current list of Bitcoin Atom exchange and wallet partners, please visit the Bitcoin Atom website at https://bitcoinatom.io/

What If You Don’t Have Any Bitcoin (BTC) ?

You have several other options available, to obtain Bitcoin Atom (BCA).

You Can Earn Bitcoin Atom Through Our Bounty Program

Get all the details on the Bitcoin Atom bounty program on Bitcointalk, here.

You Can Buy Bitcoin Atom (BCA) Futures
Bitcoin Atom exchange partner YoBit is offering Bitcoin Atom futures. To see pricing and charts, please see the Bitcoin Atom markets page on CoinMarketCap.

You Can Mine Bitcoin Atom (BCA)
Bitcoin Atom uses the same hashing algorithm as Bitcoin (BTC), and so, any mining operation that is set up to mine BTC is set up to mine Bitcoin Atom (BCA). And if your favorite cloud mining service isn’t set up for BCA yet, please feel free to encourage them to do so. Just tell them to email [email protected] for all necessary details.

You Can Buy Bitcoin Atom on Exchanges, as of the Fork (Bitcoin block #505888)
Bitcoin Atom exchange partners will offer Bitcoin Atom for purchase as of the time of the fork. And if your favorite cryptocurrency exchange isn’t set up for BCA yet, please feel free to encourage them to do so. Just tell them to email [email protected] for all necessary details. The current list of Bitcoin Atom exchange partners is listed and linked above, and you can always check https://bitcoinatom.io/ to see when more have been added.