Bitcoin Atom - Develop bitcoin by swapping atoms and lightning networks
Today I am going to make a paper about Bitcoin Atom, what is Bitcoin Atom?
Bitcoin Atom (BCA) presents a completely decentralized way to exchange digital assets - with the exchange of chain atoms on board. By using its built-in hash time-locked contract (HTLCs) and its own HTLC API, Bitcoin Atom tries to interfere with the way we exchange current cryptocurrencies, providing freedom from intermediaries and centralized entities.
They believe that most of the cryptocurrency trade should be done on-chain in a decentralized way, in accordance with the original Bitcoin approach to transact in a totally unbelievable environment.
Perhaps Atomic Swaps (AS), which is currently implemented through an on-chain HTLC network and potentially via an off-chain Lightning (LN) network, brings the ability to exchange assets directly between blockchains without the intermediaries involved. This capability is called the cross-linking of atoms, and we propose Bitcoin Atom support for it at its core, by bringing the US API and a set of cross-trade utilities to the original Bitcoin core software and shipping it to BCA.
Of course this makes the US Model Bitcoin Atom expected to bring transparency to the trading of digital assets, because efforts to increase volume through the exchange of chain atoms will be detected by passive observers. This means that users can not appear with a small number of coins and then make a ton of false volumes in disguise.
The BCA network is also secured by utilizing a hybrid consensus called: both PoW and PoS models are installed, increasing network stability and reducing the miner's power, thus lowering the probability of 51% attacks. Despite having a Proof of Stake other than Proof of Work, Bitcoin Atom is not inflation in terms of emissions because PoS serves only the purpose of decentralizing network strength. Max BCA supply remains the same as the original Bitcoin 21 million.
What about the implementation of the Atom bitcoin launch itself?
Bitcoin Atom is a fork of Bitcoin blockchain with major protocol upgrades that will occur in mid-December (Block number 505888). On a predetermined block number, the original BTC block will be attached to the BCA, and any transactions made since then will be completely separate on the Bitcoin and Bitcoin Atom networks. At that time, Bitcoin Atom will live on the mainnet and become a fully functional crypto.
The lucky thing is that all Bitcoin holders who have their private key at the time of fork (Block number 505888) will receive Bitcoin Atom for 1 BTC = 1 BCA. You need to control your Bitcoin private key to claim and transact Bitcoin Atom.
Furthermore, the BCA team will focus on developing the cross-atom trade chain toolkit, as well as integrating the LN model with off-chain exchanges to Bitcoin Atom. A roadmap that includes this milestone will be published separately.
On October 31, 2008, Satoshi Nakamoto published the original Bitcoin white paper , stating partly:
"What is needed is an electronic payment system based on cryptographic evidence and not trust, enabling two interconnected parties to transact directly with each other without the need for a trusted third party."
In January 2018, what do we usually find? We do not. Most Bitcoin transactions take place through centralized or centralized centralization or "trusted third-party" types.
In the opinion of the Bitcoin Atom team, this directly negates not only Satoshi Nakamoto's original vision, but more importantly, it directly reduces the power and potential of Bitcoin to be a revolutionary change that really positively impacts, literally, billions of people, from time to time
Bitcoin Atom (BCA) Specification
Specifications
Symbol Ticker: BCA
Max Supply: 21 Million
Distribution: Mining, Minting, Claiming
Algorithm PoW: SHA256
Block Interval PoW: 10 Minutes
PoS Block Interval: 10 Minutes
Block Size (actual): 1M (2-4M)
Adjustment difficulty: 2 weeks
Average confirmation time: 5 Minutes
Swap atom: yes
Segwit: Yes
Protective: Yes
Unique address format: Yes
I think it is also advantageous for bitcoin holders, but if you are a beginner it is better to save it and not to make a mistake on import or claim your private key in a wallet that is completely untrusted, preferably store on a trading site that may also support Bitcoin Atom
Bitcoin Atom Smoke (BCA) takes place on block # 505888 on January 24, 2018.
For additional information, please visit the Bitcoin Atom website:
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