Atom Swap crypto currency exchange between users

in #crypto • 6 years ago

Good evening dear readers and crypto friends, back again with Stevano, on this occasion I will discuss the Atom project

Atom Swap 

Cross-chain is a cryptocurrency exchange between users. Basically, A sends Coin A to the B Coin B party address through the blockchain, while B does the same thing with Coin B. This action occurs independently on the parallel blockchain, in a one-way way. Such arrangements increase the possibility that one party will never respect the end of the agreement. One way to overcome this problem is the involvement of trusted third parties. On the other hand, atomic cross-chain exchanges solve this problem without the need for third parties.

Atomic swap requires each party to make a transaction contract. The contract contains output that can be spent by the opponent, but the rules needed to collect are different for each party involved.

 Teknologi Atom Swap

The first party (called the initiator) wants to trade Coin B for Coin A with another party (called the participant). The initiator allocates the number of Coins B intended for contracts and produces "secrets". The secret later will allow participants to collect contract results. Until he knows the secret, the participants cannot spend money from the Coin B initiator contract.

Participants contract in the Coin A blockchain in a manner similar to the initiator mode. To make a contract, participants need a confidential cryptographic hash from the initiator. The initiator cannot access this contract without disclosing the secret to the participants.

After both parties make their contract, none of them can reassemble their coins until the specified time ends. The initiator redeemed the participant's contract, thus revealing the secret to the participants. The latter redeemed the contract maker using secrets taken from him.

When a certain period of time (usually 1 hour) ends and the participant does not redeem the results of the contract, it is returned to the initiator's wallet. Participant contracts can also be returned back to participants, but only after half the time period required by the initiator to wait before their contract can be returned (usually 2 hours).

The initiator can also trade A Coins for Coin B and the procedure will be the same, but with each step taken in the opposite direction with another blockchain. This procedure is considered atomic (ie with a time limit) because it gives each party at least 24 hours to exchange coins from the opposite blockchain before a refund can be made.

The image below provides a visual display of the steps each party has taken and data transfers between each party:

 Prinsip pertukaran

  • You make an Atom exchange in an Atom wallet
  • Choose an order from the order book
  • Enter the number of DLLs to receive or LTC to send
  • You confirm the swap
  • The second side is notified
  • The second side confirms the swap
  • Your atomic wallet and second hand verify the contract
  • You both get your coins.

 Token Atom 

Atom Wallet will issue its own token, called AWC (Atomic Wallet Coin). A tight limit of 100M AWC will be made, never increased.

  • AWC will run natively on the Ethereum blockchain with ERC20.
  • Type: ERC20 Token
  • Ticker: AWC
  • Full name: Atom Coin Purse
  • Decimal: 8
  • Total supply: 100,000,000 AWC
  • Open Source Source Code
  • Economic tokens and places to offset price growth are explained in special charter.

Issuance of Tokens

Initial Coins Offer (ICO) Smart contracts based on the Ethereum network written for effective Atomic ICO project implementation. On the day of the launch of the ICO, the Atom team will issue a smart contract, which will initialize the issuance of ethereum AWC-tokens in accordance with the ERC20 standard. 

Kontrak will support the following functions:

- Crowdsale Management

- AWC token problem (ERC20 standard)

- Transfer of AWC tokens

The main function of the crowdsale part of the contract is to set the price of the token.

In addition, this smart contract will keep records of giving AWC-tokens to the community of investors and founders.

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

Budget allocation

Each swap atom uses a locked time-key contract, which is part of the scripting language used for most of the main cryptocurrency at present. Both parties send their respective transactions to the appropriate blockchain. User A sends a bitcoin to the Bitcoin blockchain, and user B sends an ETC to the Ethereum Classic chain. Recipients can only claim this transaction by revealing a secret number.

Just enough discussion of the Atom project from me can hopefully be useful and help you.

For more detailed information, you can visit the official link below:

 WEBSITE: https://atomicwallet.io/
ANN THREAD: https://bitcointalk.org/index.php?topic=4437510.0
WHITE PAPER: https://download.atomicwallet.io/atomicwallet-whitepaper.pdf
TOKEN: https://atomicwallet.io/token.html
TWITTER: https://twitter.com/atomicwallet
TELEGRAM: https://t.me/atomicwalletchat
REDDIT: https://www.reddit.com/r/atomicwallet/
GITHUB: https://github.com/Atomicwallet
MEDIUM: https://medium.com/atomic-wallet 

Authour: Syevano

Profil bitcointalk: https://bitcointalk.org/index.php?action=profile;u=939773 

ETH Address: 0x600551EA1C7fE83F9f63254B3b054DcAe9cC2251 

#blockonomics #ico #atomicwallet
6 years ago in #crypto by
$0.00
    2 votes
    Reply 0