Bitcoin Atom Wants to Make Cryptocurrency Transfers Truly Peer-to-Peer
The Bitcoin Atom Network and the Benefit of Direct Peer-to-Peer Transactions
At its core, Bitcoin Atom is a SegWit enabled Bitcoin fork. Their goal is to use HTLCs to enable users to exchange cryptocurrencies via on-chain atomic swaps. The team plans to integrate cross-chain trading utilities and an atomic swap API into Bitcoin’s core software and fork it into the BCA blockchain.
The result is that BCA blockchain users can transact directly with one another without the need for a standard cryptocurrency exchange. All users have to do to initiate a transaction is open their Bitcoin Atom node and place a buy or sell order. Once an agreement with another party is made, the HTLCs will ensure that the transaction goes through quickly and securely.
By eliminating the need for third-party cryptocurrency exchanges, Bitcoin Atom will greatly lower transaction costs for both parties. Many cryptocurrency exchanges charge fees for every transaction, in addition to fees for bank deposits and withdrawals. This means more money is the pockets of exchanges and less money for individuals. The widespread use of cryptocurrency exchanges has replaced one centralized authority–banks–with another centralized authority–cryptocurrency exchanges. The end result is exactly the same.
Additionally, users don’t have to be dependent on the operational status of cryptocurrency exchanges to make exchanges. It is not uncommon for third party exchanges to have problems, especially during times of high volumes. The result is that users end up trusting these centralized parties with their money, only to have them fail in their time of need. This is the exact problem cryptocurrencies are supposed to solve.
Bitcoin Atom
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)
Implementation
Bitcoin Atom is a fork of the Bitcoin blockchain with major protocol upgrades that will occur in mid-December (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.
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:
1. registration
2. verification
3. verification processing
4. depositing your exchange account
5. placing an order
6. making withdrawal
7. withdrawal processing
8. 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:
1. placing your order inside your node
2. 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.
Advantages
1. You can get bitcoin atom honestly free. To do this, you need to both have access to personal keys in bitcoin and keep bitcoin on one of the alternate factors or purses. Issuance of bitcoin atom will take vicinity at the price of 1 btc = 1 bca.
2. Bitcoin forks are currently very popular among bitcoin customers and buyers. Bitcoin atom has an excellent capacity for acquiring considerable fee as compared to other bitcoin forks (bitcoin coins, bitcoin gold, amazing bitcoin) thanks to such a choice as “atomic swaps”, which other forks do no longer have.
3. Bitcoin atom creates atomic swaps to a block bitlock chain. This progressive era simplifies exchange and enables to fulfill bitcoin preliminary vision as a decentralized peer-to-peer generation and consequently draws lots of high-quality attention to the ICA.
4. If btc is not to be had, bitcoin atom can be earned. You can be a part of the bitcoin atom bonus campaign (https://bitcointalk.org/index.php?topic=2567797.0) and promote the mission through social networking channels, receiving a reward inside the form of an ica for this.
5. The possibility of atomic change bitcoin atom have to provide transparency for buying and selling in virtual property, as attempts to drain volume through atomic swaps at the chain might be detected via passive observers. As a result, users will not be capable of show a small wide variety of tokens, and then conceal a big mass of faux ones.
In an effort to study extra approximately the ica, and also about whilst the fork will take place, watch out for the update and get more info on social media channel!
Features Bitcoin Atom
1. A Hybrid Consensus Model:
While many cryptocurrencies choose between a PoW (Proof of Work) and a PoS (Proof of Stake), Bitcoin Atom uses a hybrid mix of both with the aim of increasing network stability and decreasing the influence of miners.
Referred to as a 51% attack, this hypothetical attack is when a single group of miners controls more than 50% of the network’s mining hashrate. These miners would be able to prevent new transactions from gaining confirmations, essentially immobilizing the network. Additionally, they would be able to reverse completed transactions or double-spend coins. As you can imagine, this would suck for all parties involved (except the saboteurs).
2. Lightning Network Swaps
A focal point of the Bitcoin Atom project, and where it likely gets its name, is its LN implementation that will allow for instant off-chain atomic swaps, also referred to as “cross-chain atomic swaps”.
If you’re not familiar with what an “off-chain atomic swap” is, you’re not alone. An atomic swap is simply a cryptographically powered smart contract that focuses on creating a trustless and direct exchange.
An atomic swap makes it possible for two parties to exchange different tokens without the need for a third-party intermediary such as an exchange while also eliminating the risk of default.
“Atomic” gets its name from computer programming as a reference to something that is indivisible, like atoms. In this case, it’s the trades that are indivisible. Instead of a centralized exchange or escrow managing the transaction, an atomic swap is a simple, direct transaction.
For example, if Mike and Ike want to trade via atomic swap, either the trade will happen and both Mike and Ike will get their respective tokens, or the trade will not go through. There is no possible situation where one party can bail on the transaction and leave the funds in escrow purgatory.
Cross-chain atomic swaps, as you may have reasoned, are swaps between two different cryptocurrencies running on different chains that use the same hash algorithm. These swaps can be done without a third party intermediary or any exchange and transaction fees.
In a cryptocurrency world where exchange fees hover around 0.1% and 0.25% and transaction fees hovering around $30 USD for Bitcoin, atomic swaps are a big deal.
If popularized, Bitcoin Atom could potentially solve many of the issues preventing many cryptocurrencies from being used for daily transactions.
Atomic swaps, however, are not all sunshine and rainbows. They aren’t the most user-friendly of things. The lack of a third party intermediary comes at a cost. In order to perform one, you’ll need to do it via command line and this requires some programming knowledge.
As you can imagine, this is a huge barrier to adoption for the vast majority of people. Atomic swaps are still a very new technology that is being refined and tested at both a fundamental level, and for mainstream adoption.
Bitcoin Atom Futures Trading Now
Bitcoin Atom Futures trading details are now available on CoinMarketCap, at https://coinmarketcap.com/currencies/bitcoin-atom/
Current prices indicate a strong futures market for Bitcoin Atom, along with the the potential for strong market reception at the time of the fork, which will take place before the end of January (exact block and date TBA).
To trade Bitcoin Atom Futures now, you can easily set up an account on YoBit at https://yobit.net/en
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
ROADMAP
Details Information :
My Bitcointalk Profile : https://bitcointalk.org/index.php?action=profile;u=1305006
Komentar
Posting Komentar