Centralized exchanges might soon be a thing of the past if decentralized exchange technologies like Atomic Swaps are anything to go by. Atomic swaps technology aims to allow users to make peer-to-peer transactions without the need of centralized exchanges.The need to eliminate centralized exchanges is important because of their vulnerability to seizures, hacks and unexpected shutdowns. Not forgetting the cost of services rendered by centralized exchanges.
What Is Atomic Swap
Simply put, Atomic Swaps, which is also known as the Atomic cross-chain trading, is the direct trade of one cryptocurrency for another cryptocurrency without the need of a third party.
How do Atomic Swap Work ??
Atomic Swaps utilize Hash Time-locked Contracts (HTLCs) to facilitate trade. Hashed Time-lock Contract is a smart contract that acts like a puzzle. It has a secret key that has to be provided, by a solver, before a certain time has elapsed. If the key is not provided then the reward goes back to the initiator of the contract. Therefore HTLCs require the recipient of a payment to generate a cryptographic proof of payment as a way of acknowledging receiving the payment before a set deadline. Therefore, if the recipient fails to acknowledge in time, the funds go back to the sender. The whole process is done automatically.
Why use Atomic Swaps Technology?
1. Secure
Atomic Swaps eliminate the reliance of third-party exchanges, which are vulnerable to failures and are costly too. Such failures include hacking, for example, the EtherDelta hack which was a costly loss. There is also the sudden disappearance of exchanges with people’s funds, which might be due to hacking or technical issues or just deliberate. Either way, as long as users have no control over their funds, then it becomes a risky and costly venture. And Atomic Swaps aim to give total control of user funds back to the users.
2. Cost-effective
And because Atomic Swaps eliminate third-party exchange reliance when it comes to transactions, the cost is reduced. Without third-party exchanges reliance, there are no fees to be accrued for services rendered. And users are able to save on cash that would have been spent on paying for centralized exchanges services.
3. Require no Regulations
Also, Atomic Swaps decentralized nature eliminates the need for regulations that always accompany centralized exchanges. Because no one person or authority is in control of the transactions, there are no regulations. That is the essence of cryptocurrency, decentralization, which leads to immutability, therefore no government interference through regulations.
4. Fast
And finally, Atomic swaps introduce an efficient and fast way of trading through wallet-to-wallet. Users get to transact directly with each other without relying on third parties. Therefore a buyer is able to send tokens directly to a seller and get the exchanged tokens in time.
Atomic-Wallet the main features
1. Exchange
Applying the suburbanised Atomic-Swap exchange to show to cross
chain swaps, avoiding the threats of third person. No opportunities to
become part of a fake arrange. each uses gets confidence within the
trade being performed. fast limitless exchange service was given by
CHANGELLY! fastened rate exchange, given by the form shift. fast
numberless exchange services, supporting over ninety ALTCOINS.
2. Security:
Thanks to trendy encoding, the whole users of the Atomic-Wallet are capable of securing their assets from the encroachments of cyber attacks. Atomic-Wallet provides a guarantee to their customers of top of the range security. They ne'er move keys from the tool. Your assets area unit managed simply by you. simply the approach permits to create certain the soap quality and safety of entire deals performed.
3. Multi-currency
Atomic-Wallet presently supports over three hundred
Tokens and coins, this can be the foremost reliable methodology to
manage entire your virtual assets. The chart is often updated, and
Atomic-Wallet continues to figure on developing the platform good and
additional accessible.
4. Multi Platform
Atomic Wallet supports the following platforms at the moment:
- Microsoft Windows - MacOS - Ubuntu - Debian - Fedora
to be able to learn more about the main features of Atomic Wallet, please visit the following
Atomic Token
Atomic Wallet will issue own token, called the AWC (Atomic Wallet Coin). A strict limit of 100M AWC will be created, never to be increased. AWC will run natively on the Ethereum blockchain with ERC20. Type: ERC20 Token Ticker: AWC Full name: Atomic Wallet Coin Decimals: 8 Total supply: 100,000,000 AWC Open Contract Source Code
AWT ICO ( Initial Coin Offering )
A smart contract based on the Ethereum network is written for the effective implementation of the Atomic ICO project. On the day of the ICO launch, the Atomic team will publish the smart contract, which will initialize the issuing of AWC-tokens based on ethereum in accordance with the ERC20 standard. The contract will support following functionality: 1. Crowdsale management 2. AWC tokens issuance (standart ERC20) 3. AWC tokens transmittance
The main function of the crowdsale part of the contract is to regulate the price of the token. Additionally, this smart contract will keep records of the AWC-tokens provision to investors’ community and to founders.
for more detailed information about awt and ICO tokens please visit : Websiteor whitepaper
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
Check this before using Atomic Wallet, Changelly, ChangeNOW or Guarda INVESTIGATION: https://steemit.com/bitcoin/@somenotesand/russia-s-changelly-atomic-wallet-changenow-guarda-ink-one-evercode-lab https://bitcointalk.org/index.php?topic=5034589.0
Check this before using Atomic Wallet, Changelly, ChangeNOW or Guarda
BalasHapusINVESTIGATION: https://steemit.com/bitcoin/@somenotesand/russia-s-changelly-atomic-wallet-changenow-guarda-ink-one-evercode-lab
https://bitcointalk.org/index.php?topic=5034589.0