Today, more cyrptocurrencies come up
with the better features offered to user as either trader, investor or
exchanger. However some of those cryptocurrencies are a fork of bitcoin blockchain,
created to facilitate user for transaction.
However
there are some difficulties faced by cryptocurrency user either as trader or as
exchanger in recent situation of cryptocurrency activities. Some of
difficulties are :
1.
To exchange cryptocurrency have been suspended trading.
2.
The process of using cryptocurrency such as exchange,
trading or even withdrawal could have been proceed extremely slow. This slow
process can generate potency to cost the user into not small amount of their
fund. Moreover if the user are trying to buy or sell at a certain time, this
matter could being that user to be frustration.
It
can sometimes happen to trade a cryptocurrency should take more than 3 (three)
days even reach 7 (seven) days, if the user want to take a profit by trading
and withdrawal immediately then in fact the user can lose money because when withdrawal
process the prices decreased considerably.
Not
only that, the slow of process time will happen in the beginning. Let’s see the
process to use the current cryptocurrency that will take a lot of time, usual
process of trading that use third party exchange will cover below steps :
1.
registration
2.
verification
3.
verification processing
4.
depositing user exchange account
5.
placing an order
6.
creating withdrawal
7.
withdrawal processing
8.
receiving coins
Above
steps can be estimated to be taken in significant amount of time, as said above
sometimes can take from 3 to 7 business days, depending on the exchange
provider and perhaps the familiarity of the user himself to exchange system
used by provider.
Those aforesaid
matters arisen as impact of three factors :
1. Dependency
2. Centralization
3. Lack
of Transparency
1.
Dependency
Dependency
in transaction can reduce profit for a trader and capital for an exchanger or
investor. Transaction with a lot of parties involved acts as intermediaries
will caused process much slower and prices obtained significantly be higher.
Surely these two cases of low speed and capital erosion in reality is unwanted
by all of businessman in this case trader, investor and exchanger.
2. Centralization
It
can be observed as quoted from https://medium.com/@bitcoinatom/intro-a5cf029c7a9a 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.” In centralized way, users do not know who involved, how
much is the fee to be applied, and how strong is the influence of such parties
even as intermediaries or an by who is the entities. Those factors can result
to transacting in a trustless environment that high possibly is unwanted by
cryptocurrency users. Current existing cryptocurrency doesn’t have strong Proof of Work (PoW) approach, this will
lead to increasing centralized way and dependency.
3. Lack of Transparency
If
a cryptocurrency user want to create a transaction, transparency of the process
can increase the trust to be repeated for further transaction. Lack of
transparency will give the user to see a black box which is able to unknown of the
internal process and also unable to estimate how much is the output of such
process.
Bitcoin Atom (BCA) come to serve solutions
Bitcoin
Atom (BCA) as quoted from https://medium.com/@bitcoinatom/intro-a5cf029c7a9a,
“is a fork of the Bitcoin blockchain with major protocol upgrades that should
be occurred in December 2017. However at
the moment, author is not checking the status of protocol upgrades. This
BCA also is a SegWit enabled Bitcoin fork with on-chain atomic swaps on board
and hybrid consensus. Bitcoin Atom brings a truly decentralized way of digital
asset exchange by utilizing hash time-locked contracts (HTLCs) and its own HTLC
API, giving independence from intermediaries and any centralized entities.
As
said from that article that BCA at the predetermined block number the original
BTC blockchain will be forked into BCA, and any transactions made since then
will be completely separate on Bitcoin and BCA networks. Immediately, BCA will
be in live on mainnet and be a fully functional cryptocurrency. Mentioned also
that rate of BTC will be quite high with value is similar with BTC, 1 BCA = 1
BTC. At the present, most of cryptocurrency even all of them as known by author
has value smaller than BTC in meaning that 1 BTC to be similar with numbers of
such cryptocurrency let say 1 BTC = 100 a cryptocurrency or 1 Cryptocurrency =
0.01 BTC.
Author
will present what and how the solutions served by BCA to solve above problems
presented earlier. BCA provide features as below that can be found at this link
https://bitcoinatom.io/ :
1.
Hybrid
Consensus
BCA
network is additionally secured by utilizing the so-called hybrid consensus:
both Proof-of-Work (PoW) and Proof-of-Stake (PoS) models are put in place,
increasing network stability and reducing the power of miners, hence lowering
the 51% attack probability. Despite having PoS in addition to PoW, Bitcoin Atom
is not inflationary in terms of emission as PoS only serves the goal of
decentralizing network power.
2.
Lightning
Network Swap
BCA
development team is working on the Lighting Network (LN) implementation,
allowing for instant off-chain atomic swaps. LN transactions are cheaper, more
useful for smaller transactions and have better privacy properties. BCA will be
among the first cryptocurrencies to adapt the Lightning Network with its
payment channels, delivering instant off-chain atomic swaps with a set of AS
APIs and swap toolkits.
3.
Atomic
Swap Powered
BCA has the ability called atomic cross-chain
trading by bringing Atomic Swaps (AS) API and a set of cross-chain trading
utilities into the original Bitcoin core software and forking it into BCA. This
ability comes as BCA is using built-in hash time-locked contracts (HTLCs) and
its own HTLC API, and potentially by Lightning Network (LN) off-chain implementing
AS hence result to provide ability to swap assets directly between blockchains.
It
can be seen the process change by using Atomic Swaps in the process of
exchanging cryptocurrencies:
1.
placing order inside user node
2.
receiving user exchanged cryptocurrency
User
is able to conveniently open his/her BITCOIN
ATOM node and directly place a sell/buy order without any hassles or middlemen.
Then user can see how easy and fast to use Atomic Swaps as almost all steps
required by other party acted as exchange providers can be skipped.
This
Atomic Swaps also can offer other advantages through decentralized exchanges.
Below the key advantages through decentralized exchanges to be presented :
a. Faster
Trades
b. Eliminate
delays (caused by missing deposits/withdrawals, server downtime, etc.)
c. Retention
of user private keys, preventing the chance of losing your coins
d. Minimize
potential security breaches.
e. Maintain user
identity still in private (verification process is not required).
f. Decentralize
the whole trading process to make the transaction will be really peer-to-peer.
g. Reduce
trading fees as minimum as possible
By
Above 3 (three) features, BCA will become a Bitcoin fork which can provide user
for Independency, Centralized way and
Transparency. Process will be much faster and transaction cost shall be
decreased a lot.
Those
features owned by BCA exist as by using :
1.
The power of atomic swap 
2. Advanced interblockchain mechanics 
3. Years of blockchain research
To
know more about BCA, it presented the specification as below :
a.
Ticker
Symbol: BCA
b.
Max
Supply: 21 Million
c.
Distribution:
Mining, Minting, Claiming
d.
PoW
algorithm: SHA256
e.
PoW
Block Interval: 10 Minutes
f.
PoS
Block Interval: 10 Minutes
g.
Block
size (actual): 1M (2–4M)
h.
Difficulty
adjustment: 2 Weeks
i.
Avg
tx confirmation time: 5 Minutes
j.
Atomic
swaps: Yes
k.
Segwit:
Yes
l.
Replay
protection: Yes
m.
Unique
address format: Yes
Other supporting factors for this BCA as outlined below
:
a.
Partnership with several popular market such as : Yobit,
Exrates, Bilbotel Mining Pool, OKEx. Now BCA also listed on coinmarketcap, soon
to be followed by other exchanges as stated in https://medium.com/@bitcoinatom/bitcoin-atom-bca-futures-now-listed-on-coinmarketcap-a92593a327f3
b.
Will be available for ESR Wallet and Coinomi Wallet.
Other important thing to be known that BCA has a program
called Bitcoin Atom bounty campaign which provide community members earn BCA
for promoting this coin through several method such as social media channels, content
creation, etc. There can be joined dan participated into Bitcoin Atom bounty
campaign via the following link: https://bitcointalk.org/index.php?topic=2567797
Further
information can be obtained at below :
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