Bitcoin Atom — We are Creating a Truly Decentralized Bitcoin



About Bitcoin Atom

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).

A Hybrid Consensus Model:

While many cryptocurrencies choose between a PoW (Proof of Work) and a PoS (Proof of Stake), Bitcoin Atom uses a hybrid mix of both with the aim of increasing network stability and decreasing the influence of miners.
Referred to as a 51% attack, this hypothetical attack is when a single group of miners controls more than 50% of the network’s mining hashrate. These miners would be able to prevent new transactions from gaining confirmations, essentially immobilizing the network. Additionally, they would be able to reverse completed transactions or double-spend coins. As you can imagine, this would suck for all parties involved (except the saboteurs).

Lightning Network Swaps

A focal point of the Bitcoin Atom project, and where it likely gets its name, is its LN implementation that will allow for instant off-chain atomic swaps, also referred to as “cross-chain atomic swaps”.
If you’re not familiar with what an “off-chain atomic swap” is, you’re not alone. An atomic swap is simply a cryptographically powered smart contract that focuses on creating a trustless and direct exchange.
An atomic swap makes it possible for two parties to exchange different tokens without the need for a third-party intermediary such as an exchange while also eliminating the risk of default.
“Atomic” gets its name from computer programming as a reference to something that is indivisible, like atoms. In this case, it’s the trades that are indivisible. Instead of a centralized exchange or escrow managing the transaction, an atomic swap is a simple, direct transaction.
For example, if Mike and Ike want to trade via atomic swap, either the trade will happen and both Mike and Ike will get their respective tokens, or the trade will not go through. There is no possible situation where one party can bail on the transaction and leave the funds in escrow purgatory.
Cross-chain atomic swaps, as you may have reasoned, are swaps between two different cryptocurrencies running on different chains that use the same hash algorithm. These swaps can be done without a third party intermediary or any exchange and transaction fees.
In a cryptocurrency world where exchange fees hover around 0.1% and 0.25% and transaction fees hovering around $30 USD for Bitcoin, atomic swaps are a big deal.
If popularized, Bitcoin Atom could potentially solve many of the issues preventing many cryptocurrencies from being used for daily transactions.
Atomic swaps, however, are not all sunshine and rainbows. They aren’t the most user-friendly of things. The lack of a third party intermediary comes at a cost. In order to perform one, you’ll need to do it via command line and this requires some programming knowledge.
As you can imagine, this is a huge barrier to adoption for the vast majority of people. Atomic swaps are still a very new technology that is being refined and tested at both a fundamental level, and for mainstream adoption.

5 Reasons Why You Should Claim Your Bitcoin Atom

Don’t Miss Out on the Benefits of this Powerful New Fork of Bitcoin
1. It’s completely for FREE. All you need to do is to either have access to your Bitcoin address private keys, or to hold your Bitcoin on one of the Bitcoin Atom partnering exchanges or wallets, and you will receive BCA at the rate of 1 BTC = 1 BCA.
2. Bitcoin Atom has great potential to gain substantial value. Just looking at the current market caps of other forks like Bitcoin Cash, Bitcoin Gold or Super Bitcoin, it’s obvious that Bitcoin forks have become very popular investment choices among Bitcoin users and investors. And Bitcoin Atom has capabilities that none of those other forks do; namely, Atomic Swaps.
3. Bitcoin Atom brings Atomic Swaps to the Bitcoin blockchain. Atomic Swaps (AS), are currently implemented via Hashed Timelock Contracts (HTLC) on-chain, and potentially via Lightning Network (LN) off-chain, which bring an ability to swap assets directly between blockchains without any intermediaries involved. This innovative technology makes trading much easier, and helps to fulfill the original vision of Bitcoin as a decentralized peer-to-peer technology, and therefore attracts a lot of positive attention towards Bitcoin Atom itself.
4. Bitcoin Atom has a bounty campaign, and you can earn BCA. No bitcoin? No problem! The Bitcoin Atom bounty campaign lets community members earn BCA for promoting it via social media channels, even if they don’t hold any BTC at the time of fork. You can join Bitcoin Atom bounty campaign via the following link: https://bitcointalk.org/index.php?topic=2567797
5. Bitcoin Atom’s atomic swap capability 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.

Enter Bitcoin Atom

Bitcoin Atom has been able to attract relatively positive attention as one of the fairly legitimate potential Bitcoin forks with a novel and practical purpose. Looking at the slew of recent and upcoming Bitcoin forks, this is a breath of fresh air.
The reason many looks at Bitcoin Atom with optimism is because of its potential to solve a huge problem in the cryptocurrency world. The implementation of Lightning Network Swaps would essentially eliminate the need for centralized exchanges, the risk of exchange hacks, as well as allow users to truly utilize a free peer-to-peer digital currency.
Bitcoin Atom isn’t the only project working on utilizing some form of atomic swaps. Komodo, for example, performs atomic swaps instead of proxy tokens within its ecosystem.
Bitcoin Atom plans to utilize Atomic Swaps via Hashed Timelock Contracts (HTLC) on-chain and it plans to potentially use Lightning Network (LN) off-chain once it is further developed.
The processes of exchanging cryptocurrencies through Atomic Swaps is pretty straightforward and quick compared to centralized exchanges:
    1. Place your order inside your node.
    2. Receive your exchange cryptocurrency.
That’s it. The process also performs faster trades, eliminates delays, retains your private keys, keeps your identity private, and reduces trading fees to a minimum.

Specification

Ticker Symbol: BCA
Max Supply: 21 Million
Distribution: Mining, Minting, Claiming
PoW algorithm: SHA256
PoW Block Interval: 10 Minutes
PoS Block Interval: 10 Minutes
Block size (actual): 1M (2–4M)
Difficulty adjustment: 2 Weeks
Avg tx confirmation time: 5 Minutes
Atomic swaps: Yes
Segwit: Yes
Replay protection: Yes
Unique address format: Yes

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