ATOMIC WALLET – The First Wallet with Atomic Swaps

STARTER INFORMATION

Well, Blockchain-powered technology is intent on leading the future of financial markets. Today, however, we still observe extensive obstacles for the development of blockchain-based markets. One of the greatest market challenges is the remaining necessity of trust towards centralized financial services in an otherwise decentralized environment. Third party custody risks affect ecosystem sustainability, bringing vulnerability to manipulative and regulative actions.

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.

One of the main challenges really that has been slowing down digital currency exchanges between one digital asset to another was because the digital assets are powered by different blockchains which makes them incompatible with each other for a seamless exchange.

And then “The Emergence of Atomic wallet”:

Atomic wallet is a decentralized multi-currency platform that provides a powerful, in-demand service that allows users to reduce effort spent on managing crypto assets and makes it transparent and reliable. Atomic wallet platform is not just a wallet but also has a cross-chain Atomic swap exchange and a decentralized order book.

Atomic Wallet provides a powerful “on-demand” service that enables users to reduce the effort spent on managing cryptocurrency assets and makes it transparent and reliable. To make the platform even more convenient and useful for users, the Atomic Wallet team uses the best user interfaces and security techniques, which makes it easier to use the functionality of the Atomic Wallet platform in full.

VIDEO PRESENTATION

The Impending Challenges

Personal documents

One of the problems associated with a centralized exchange is that they often request for a personal roof of identity during depositing or withdrawal, this information are usually stored on the computer which in the case of system hacking or misguidance can lead to loss of information, fraud or theft. some people even sell customers personal information for their own personal gains.

Security

In centralized exchanges, you don’t have control over your assets, the team does the control. Also, they store all users’ details with just a single entry which is susceptible to hacking which could lead to loss of funds.

High trading fee

While the trading fee on centralized exchanges ranges from 3–10%, decentralized exchanges have a very low trading/transaction fee and it ranges from 0.1–1%.

Trust

This challenge is one of the greatest challenges facing exchanges as a whole. We have heard of several cases of cryptocurrency exchanges shutting down unjustly and went with peoples hard earned assets. For instance, octaex and Bipaction recently shut down their exchange without prior notifications and went with people’s assets.

The Solution

All the aforementioned problems will be solved by the Atomic project with a classically new approach based on the power of decentralization of digital assets exchange. The atomic project will create a versatile and convenient decentralized avenue for the middle-man’s free cryptocurrency trading. Atomic wallet adopts various means of exchange. Also, the atomic wallet will provide a decentralized and immutable environment for its users, thus making their wallet to be serverless, and provide the immutable properties in all aspects.

The Features

Asset Management

Atomic Wallet provides a powerful, in-demand service that allows users to reduce effort spent on managing crypto assets and makes it transparent and reliable. The asset management wallet functionality is built on the Simplified Payment Verification technology (SPV), which makes it possible for users to perform tasks such as;

Receive crypto assets to the generated wallet.

Import assets to the wallet using private keys of various formats.

Store private keys in a securely encrypted environment.

Send assets to other addresses.

Select cryptocurrency node to use.

Select blockchain explorer to use.

Atomic SDK

Atomic SDK will support the following functions:

Create order and deploy it to the DOB.

Confirm order execution.

Receive order execution status.

Get list of available orders from the orderbook.

Secure

Clients are guaranteed the highest level of security because we will employ a strong encryption and custody free-solution. Only you have the control over your funds without the interference of the third party. Your private keys are encrypted and it will always be on your device. Your security is highly guaranteed because all the data entered when transacting with the blockchain will be fully encrypted, local data is secured with AES and the data obtained while interacting with the blockchain is secured with TLS asymmetric encryption.

Multi-currency

A palatable wallet that can handle numerous cryptocurrencies and tokens to you. With the list updated daily, at the moment, atomic wallets support over 300 tokens and coins and many more coins will be accepted. The atomic wallet is currently available on Google play store and Apple app store.

ABOUT ATOMIC SWAP

Atomic Swaps is a new technology that makes it possible to exchange cryptocurrencies directly and without third parties. Uses decentralized Atomic Swap to proceed with cross-chain exchange avoiding third party risks. For coins not yet supported by Atomic Swap, we have built-in ShapeShift and Changelly exchanges.

A cross-chain is an exchange of cryptocurrencies between users. Basically, 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. An atomic cross-chain swap, on the other hand, solves this problem without the need for a third party.

Atomic swaps require each party to arrange a transaction contract. The contracts contain an output spendable by the the opposite party, but the rules required to collect is are different for each party involved.

Atomic Swap Technology

The first party (called the initiator) wishes to trade Coin B for Coin A with the other party (called the participant). The initiator allocates the intended amount of Coin B to a contract and generates a “secret”. The secret will later allow the participant to collect the contract output. Until he/she learns the secret, the participant is unable to spend from the initiator’s Coin B contract.

The participant creates a contract on the Coin A blockchain in a similar to the initiator fashion. To create the contract, the participant requires a cryptographic hash of the initiator’s secret. The initiator could not access this contract without revealing the secret to the participant.

After both parties created their contract, neither of them can collect their coins back until the alloted time expires. The initiator redeems the participant’s contract, thereby revealing the secret to the participant. The latter redeems the former’s contract using the secret extracted from him/her.

When a certain period of time (typically 1 hour) expires and the participant did not redeem the contract output, it is 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 (typically 2 hours).

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 (i.e. with a timeout) since it gives each party at least 24 hours to redeem the coins from the opposite blockchain before a refund can be performed.

The image below provides a visual of the steps each party performs and the transfer of data between each party:

ATOMIC WALLET ECOSYSTEM

The success of the Atomic Wallet is contingent on the participation of a variety of different users. We will briefly give an overview of the key roles that participants can play in the Atomic ecosystem.

Traders

End-users that hold, convert and transfer blockchain assets.

Blockchain Assets Issuers

People, companies, communities, organizations or foundations that issue new Smart Tokens, configuring the initial supply, price, CW, and managing the initial issuance of tokens. This also includes creators of Relay Tokens, which can connect any existing ERC20 tokens to the network.

Cryptowhales

Traders with the amounts of assets too big to be normally adopted by openmarkets and willing to perform personalized or non-personalized risk-free OTC deals.

Arbitrageurs

Traders that monitor the Decentralized Orderbook for prices that are inconsistent with an external exchange, and then restore price consistency through arbitrage. Arbitrageurs are organically incentivized to keep prices consistent and hence are important participants in the Atomic ecosystem.

3rd party developers

Companies or individuals creating services utilizing Atomic Wallet DOB and Atomic Swap code. Developers can build specialized Atomic Wallets, exchange Relays, Decentralized OTC platforms or implement part of the Atomic functionality in their existing services.

How Atomic Swap Works?

We can see that the Atomic-Swap is developed to manage transactions among 2 different virtual currencies. Atomic Swap is a technique that can exchange digital money in “cross chain,” straightly, without going from side to side any 3rd party services.

How it works, can be completed in 2 ways:

On-chain

Off-chain

Among the 2 ways above, Atomic Swap works by applying Hashed Time lock agreements (HTLCs). The applying of this HTLC is derived from the idea of BTC community that applies Lightning Network.

The Benefits

No longer run registration makes spending additional time;

No limits on the exchange: the Atomic-Wallet is regularly evolving, consumers are capable of exchanging every available digital money. Here you can forever find a collaborator for similar beneficial cooperation;

No scam with exchange rates: entire data are fixed, intellectual agreements don’t allow deceiving clients;

It’s guaranteed by the crypto exchange of chains or the term of return. There’re clear laws that have to be followed to create the deal occur;

Straight exchange of one to one more with no 3rd party pairs. The lack of 3rd parties has a plus impact on such firm. – – – There’s no need to pay any commission;

Consumers can exchange at any moment: just a few moments is sufficient for this.

The process is safe and quick;

Centralized platforms are obligated to warrantee anonymity: consumer info is reliably secured from cyber attacks and hacking by scammers;

The interface of Atomic-wallet is distinguished by its exceptional style and simplicity. No further skill you don’t need – the processes are performed easily and rapidly;

No decentralized solutions: the absence of one server positively effects the featuring of the Atomic-wallet platform.

About The 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.

Token Details

Type: ERC20 Token

Ticker: AWC

Full name: Atomic Wallet Coin

Decimals: 8

Total supply: 100,000,000 AWC

The contract will support following functionality:

Crowdsale management

AWC tokens issuance (standard ERC20)

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.

Atomic Wallet can be downloaded and install from these trending Operating Systems for the now. However, more operating systems will be available in the near future. Be the first to know about Atomic wallet updates on the upcoming platform users like Chrome, Android and iOS here.