Hello everyone, If you are interested in joining an Atomic project, it is a good idea to read reviews that can help you get information that might help you in viewing their mission vision:
Atomic Swaps
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 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.
- Type: ERC20 Token
- Ticker: AWC
- Full name: Atomic Wallet Coin
- Decimals: 8
- Total supply: 100,000,000 AWC
- Open Contract Source Code
Token economy and premises to following price growth is described in a special charter.
Initial Coin Offering (ICO)
Token issuing
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 contract will support following functionality:
- Crowdsale management
- AWC tokens issuance (standart 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. The source code of the smart contract for the release of AWC-tokens can be found here: https://github.com/Atomicwallet.
Budget allocation
Conclusion
Every atomic swap uses a hashed time-locked contract, which is a part of the scripting language used for most major cryptocurrencies in existence right now. Both parties submit their individual transaction to the appropriate blockchain. User A sends bitcoin on the Bitcoin blockchain, and user B sends ETC on the Ethereum Classic chain. The recipient can only claim this transaction by revealing a secret number.
You can find out more about the platform or participate in their sales crowd through the following links:
Website: https://atomicwallet.io/
Github: https://github.com/Atomicwallet
Facebook: https://www.facebook.com/atomicwallet
Twitter: https://twitter.com/atomicwallet
Telegram: https://t.me/atomicwalletchat
Bitcointalk username: samuraijin
Atomic Wallet Address: 0x3f9bb3679f1B71F22d823992078244C87EF4D455
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