Atomic wallet is coming up with a new approach to cryptocurrency exchange which will totally deal with risks faced previously. Putting the power back into the hands of users, with atomic wallet, users can be assured that their funds are in their control at all times.
Crypto Exchanges
The blockchain technology with its advantages and daily increasing application deserves an entry for participants which is seamless and secure. This entry is made accessible by crypto exchanges, it is through the exchanges we have that makes it possible for new participants to gain entry into the blockchain ecosystem. Exchanges also make it possible a cryptocurrency holder to be able to change his token or coin for another.
But crypto exchanges have a peculiar disadvantage, loophole, and risk that need to be looked into.
Security
Over the past few years, there has been news of hacking on the blockchain which seems so out-of-place since the blockchain was specially designed to be hack-proof. The greatest events of hacking over the years were recorded with cryptocurrency exchanges.
How?
Cryptocurrency exchanges operate central cryptocurrency wallets where all token deposited are stored. All exchanges, buying or selling happens through this wallet (which may be two, three, etc. in some cases). Anyone who will use these exchanges has to transfer tokens to these wallet(s).
Take a look at the one of the central wallet of a cryptocurrency exchange below:
(image from etherscan.io)
If in any case these wallets are breached, millions of dollars’ worth of tokens can be lost in an instant. These kinds of losses have happened over the years which informed a new feature for exchanges over the years as an improvement to mitigate or work against the losses experienced previously.
This year?
Over the past few months, there have been several records of hacking that puts exchange participants in fears of losing funds while using cryptocurrency exchanges. Check out how North Korean Hackers stole $571million in cryptocurrency from an exchange. The cryptocurrency ecosystem needs a new technology to deal with the risks associated with cryptocurrency exchanges.
Atomic Wallet – The key
Atomic wallet is coming up with a new approach to cryptocurrency exchange which will totally deal with risks faced previously. Putting the power back into the hands of users, with atomic wallet, users can be assured that their funds are in their control at all times.
Why Atomic Swap is Different
On atomic swap, there are some principles which are in place:
- A sell order is an advertisement, not a commitment: On other platforms, trade initiators are obligated to pay for an order that they put there when a participant clicks the order. This means that after a participant clicks a preexisting order on the order book, the trade is automatically processed and cannot be cancelled. But on the atomic wallet, each order is seen as an advertisement which can be accepted or rejected by the initiator even at the time of trade (when the order is accepted by the participants). This is done to cut losses on the side of the initiator when price changes.
- Funds are in control of all platform users at all times: Other crypto exchanges cannot process trades from the wallets of the users, which is why they operate a central account where all funds go at the time of exchange. But on Atomic Wallet, funds stay in the wallet of the users and in control of the users at all times. At the time of trades users via smart contracts exchanges tokens directly to the wallets of other users, they are trading with. Since funds are in control of all users there is no way this kind of exchanges or swap can be hacked to amass such huge amount of money else if the users are careless with their private keys.
- There are no Offline trades: Each users’ advertisements are only clickable or valid when they are online since their attention are needed at the point of trade.
Atomic Wallet Desktop App
The Atomic wallet has an easy to use interphase which everyone can understand. It does not need any technical experience to operate as the operations are simple enough to use. Just as stated above the user have total control over what happens to their assets in their wallets as they have their private keys available to them.
There is the atomic swap section of the wallet where advertisements to swap cryptocurrencies can be seen.
(screenshots from atomic wallet desktop app)
Aside from this, there is another section where one can perform an instant exchange. The instant exchange is powered by shapeshift and Changelly. Trades can be done from the wallet through Shapeshift or Changelly, just as though it were to be their websites. Each user can choose to use the Atomic Swap exchange for their trades or other included exchanges and for tokens which are not yet included on Atomic Wallet.
Some other features
Users can also buy cryptocurrencies with fiat via their bank card easily.
Personal Opinion
(changelly.com)
I have been a user of Changelly for close to a year now and their services have been great, as I use the service from time to time to exchange ETH to BTC and other cryptocurrencies, no other exchange has made it simpler for cross-chain exchange (it takes close to 10 to 15minutes to complete a trade). When I saw atomic wallet I was wowed at the services they provide, much simpler than what I have been experiencing with Changelly, now I can do cross-chain swaps from ETH to BTC without hassle.
The idea of having all crypto assets in one wallet is another thing that excites me about the atomic wallet. I have tokens in multiple blockchains and seriously the more wallets one have the easier it becomes to lose the private keys. But with Atomic wallet, all private keys and tokens are secured in a wallet with the password and mnemonic passphrase.
Get to know more about Atomic Swap Via
WEBSITE | WHITEPAPER | TOKEN | TWITTER| TELEGRAM | REDDIT | GITHUB | MEDIUM | YOUTUBE
(image by me)
Thanks for reading. I am @ayobami99. You can also reach me on bitcointalk and blog for more exciting contents on the blockchain technology.
