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Advanced Token Project - Atomic Swaps Wallet with Decentralized Exchange

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Blockchain-powered technology is intent on leading the future of financial markets. One of the greatest market challenges is the remaining necessity of trust towards centralized financial services in an otherwise decentralized environment. Third party custody risks affect ecosystem sustainability, bringing vulnerability to manipulative and regulative actions.
Atomic Wallet radically solves problems described above by introducing a fundamentally new platform for custody-free, transparent, immutable cryptocurrency trading.

Atomic Swap main features are:

● Blockchain-based and peer-to-peer order execution
● Rapid and secure data transfer with Atomic Distributed Order Book
● Distributed Order Book anti spam and fraud protection
● Lowest transaction fees: for instance, each party pays 0.0002 BTC and 0.0001 LTC for BTC-LTC swap for any amount of coins
● An order is an offer, not a commitment
● Order placement doesn’t block customers’ funds
● An order can be executed with multiple trades
● Offline traders cannot trade
● Execution is a manual operation
● Maker is free to reject execution

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

Crowdsale public sales will begin on September 1, 2018.

The maximum number of tokens issued is 100,000,000. This amount of emission is only possible on condition that all investments are collected up to the maximum allowable amount of 1,000,000, and a hard cap is achieved. The minimum number of tokens to be published is set to 25,000,000. This amount of emissions is only possible on condition that all investments are collected with a minimum amount of 100,000 allowed, and the minimum amount required for project development is achieved.

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.