BITCOIN ATOM
INTRODUCE THE BITCOIN ATOM
bitcoin Atom is a cryptocurrency created as a fork of bitcoin. Bitcoin Atom extends the basic bitcoin protocol to allow for atomic swaps with future extensions intended to support lightning networks. The coin was first announced on 4 December 2017.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). Project's core values: Independence, Decentralization and Transparency. |
How Do Atomic Swaps and HTLCs Work?
Atomic swaps permit two users operating on different blockchains to directly exchange cryptocurrencies through a completely trustless process. Both parties agree to the terms before the transactions–for example, fifty Litecoins for one Bitcoin–and use their private keys to sign a copy of the transaction. Once the signatures are in place, the exchange happens immediately.
Atomic swaps use hash time-locked contracts (HTLCs) that require the two entities to fulfill the trade’s requirements. HTLCs mandate that the parties independently generate cryptographic proofs of payment to confirm reception of the exchanged funds in a given amount of time. If either party can’t confirm the transaction in the stated time frame, the coins are returned to the original sender. Thus, atomic swaps and HTLCs allow users to transact directly without the need of any middlemen.
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.
How do I get Bitcoin Atom if I don’t have Bitcoin?
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With respect to the fork. The best way to own Bitcoin Atom is by moving your bitcoin in one of BCA supported exchanges or wallets before the date of the fork. Some of these exchanges and wallets are in partnership with BCA; they are Okex, Yobit.net,Exrates, Coinomi, Atom wallet and ESR wallets.
If you don’t have Bitcoin, you can simply purchase Bitcoin Atom Futures. Yobit is currently offering. To visualize pricing and charts please visit Bitcoin Atom page of coin market cap (https://coinmarketcap.com/currencies/bitcoin-atom/#markets).
Mining Bitcoin AtomAny mining operation used to mine BTC can also be used to mine Bitcoin Atom. BTC and BCA use the same hashing algorithm.
The Bitcoin Atom Team
There are few channels aiding the Bitcoin Atom Community, hence they are called the BCA team. Some of which are:
There are few channels aiding the Bitcoin Atom Community, hence they are called the BCA team. Some of which are:
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