Atomic Wallet - A new type of decentralized cross-block exchange - COINSAURUS CRYPTO

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Wednesday, August 15, 2018

Atomic Wallet - A new type of decentralized cross-block exchange


Blockchain technology has provided real benefits in life. Many companies or businesses use blockchain in their routines. Included in the ICO project called Atomic Wallet. Maybe you are asking, what is Atomic Wallet and what is the function? okay, I will explain it here.

Atomic Wallet

The atomic wallet is a new type of decentralized cross-blockchain exchange. The Atomic Wallet platform is based on a unique exclusive engine, specifically designed to complete specific tasks. Atomic Wallet provides powerful in-demand services that allow users to reduce the effort spent managing crypto assets and making them transparent and untrustworthy. The Atomic Wallet team uses the best UI and security practices so as to facilitate the use of platform functionality for full reach. The important operations that you want to do with cryptocurrency are:
  • Receive crypto assets into the resulting wallet
  • Import assets to the wallet using private keys of various formats
  • Save private keys in a secure encrypted environment
  • Send assets to another address
  • Select cryptocurrency nodes to use
  • Select blockchain explorer to use
 

The wallet function will be built on SPV technology (Simple Payment Verification) so that it allows customers to avoid prolonged blockchain synchronization while maintaining the security of what is called a 'full wallet node'.

Distributed Orderbook (DOB)


Distributed Orderbook (DOB) is a way to represent market offerings in a decentralized manner, in accordance with the spirit of the blockchain industry. DOB Atomic is based on the BitTorrent protocol. To anticipate a better understanding of how Atomic Swap will work in an Atomic Wallet we must reveal the main principles of Distributed Orderbook and order matching. In the case of an Orderbook Atomic Wallet an order has the following characteristics:
  1. Orders are bids, not commitments. By making an order, customers post advertisements for trading in the future. When the trading time comes, the customer can avoid processing transactions if he wants to. The maker faces a moderate decline from its current rating if it refuses to trade on its own orders.
  2. Order placement does not block customer funds. Unless the order has been matched between two traders, the funds are not transferred. Only after two traders confirmed the trade, the funds actually moved from their wallets.
  3. Orders can be executed with multiple trades. An order can be filled with several trades with various unlimited traders (takers). Until the order is canceled, it remains active in the order and is available for trading.
  4. Offline traders cannot trade. Atom Swap requires customers and wallets to be online for processing. If the customer exits the Internet or closes the wallet application, the order becomes invisible to other traders. After the connection has been made again, the order automatically returns to the demonstration in the order book. In the future the protocol will allow offline trading but this function is beyond the scope for current documents.
  5. Execution is manual operation. Atomic Swap Technology is known as the best among others because even in exchange customers keep in control of the private key. In the future the protocol will allow offline trading but this function is beyond the scope for current documents.
  6. Maker is free to reject execution. Before starting a swap, the maker can change his mind for various reasons, such as the number of trades that are less / more than desired or the rank of the counterparty is below the manufacturer's expectations. The only drawback faced by makers is the moderate decline of its current rating. 

Atomic Wallet will use a custom-made Byzantine consensus algorithm that keeps historical data on DOB safe without the need for blocks. This feature also makes it almost impossible for bad actors to add incorrect data or change history in the Atomic Wallet Blockchain. In the case of many compromised nodes, the Atomic Blockchain still maintains its fundamental security properties, protecting data. The Atomic Wallet Blockchain will be updated immediately with the addition of each new block. Atomic Wallets will collect successful and failed trades into blocks, all blocks are approved atomically. Each trade is run separately from the Atomic Wallet Chain. Atomic Blockchain Wallets will only be used to store historical data. Because each block includes a hash from the previous block, it is not possible to change one block without changes that are appropriate for each of the following blocks. This ensures the conservation of the trade log, once a trade is carried out, it cannot be retroactively modified or removed from the log. Similarly, it is impossible to enter trades in the middle of the log.

Atomic Wallets use custom consensus modification tolerant of Byzantine errors to guarantee that at any time there is one agreed version of the blockchain. It is assumed that the environment is decentralized, ie every node is left to fail or be compromised. The consensus was confirmed, consensus validators were identified with the help of public key cryptography. To generate a new block and select it, a 3-phase approach is used, namely:
  • The consensus algorithm is divided into rounds, the beginning is determined by each validator based on the local clock. For each round, there is a predefined leader validator, which is determined based on the number of rounds, blockchain height and other information from the blockchain status. The leader creates a block proposal and sends it to another validator
  • Other validators check the proposal, and if true, choose it by broadcasting the message confirmed to the validator
  • If the validator collects the message that applies to the same proposal from the super mayor validator, it will execute the transaction in the proposal, create a pre-commit message with the data storage status generated and broadcast it to the validator
  • Finally, if the validator accepts the initiative from the super majority validator for the same proposal, the proposal becomes a new block and is committed to local storage of the validator
The success of the Atom Wallet depends on the participation of various different users. There are several key roles of participants in the Atom ecosystem, namely:
  1. Trader
    End users who hold, change and transfer blockchain assets
  2. Issuer Blockchain Issuer.
    A person, company, community, organization, or foundation that issues a new Smart Token, configures the initial inventory, price, CW, and manages the initial issuance of tokens. This also includes the makers of Token Relay, which can connect existing ERC20 tokens to the network.
  3. Cryptowhales.
    Traders whose assets are too large to be adopted by open markets and are willing to conduct risk-free or non-personal OTC transactions. 
  4. Arbitrageurs.
    Traders who monitor Decentralized Orderbook for prices that are inconsistent with external exchanges, and then return price consistency through arbitration. Arbitration is organically given incentives to keep prices consistent and therefore an important participant in the Atomic ecosystem. 
  5. Third-party developers
    Companies or individuals who make services that use Atomic and Atomic Atomic Atomic DOB Codes. Developers can build special Atom Wallets, exchange Relays, Decentralized OTC platforms or implement parts of the Atom function in their existing services.
There are several platforms supported by atomic wallets, namely:

Atomic Token & ICO

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.

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 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.

The source code of the smart contract for the release of AWC tokens can be found here: https://github.com/Atomicwallet.

Team

  • Konstantin Gladych 
  • Charlie Shrem 
  • Simon Dixon 
  • Paul Sokolov

For More Complete Information, Please Visit Quik Links Below

WEBSITE | ANN | WHITE PAPER | TOKEN | TWITTER| TELEGRAM | REDDIT | GITHUB | MEDIUM

 

writen by : Ludmilla
bitcointalk profile : https://bitcointalk.org/index.php?action=profile;u=1064448;sa=summary
ethereum adress : 0x29ac4A201C36b7922430F0A37976C1bA1c617339

  

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