Just like many Bitcoin Forks have occurred in the past, this year we are expecting a fork from Bitcoin. This Fork will bring about Bitcoin Atom (BCA).
What is Bitcoin Atom
This is a SegWit enabled Bitcoin fork that brings a truly decentralized way of digital asset exchange. One interesting thing about it is that it creates a decentralized digital asset exchange through the use of hash time-locked contracts (HTLCs). Bitcoin atom works based on on-chain atomic swaps has a hybrid consensus model.
Things you should know about Bitcoin Atom
- Expected time of Occurrence: 25th – 26th January 2018 (GMT) between 19:00 – 21:00
- Fork Height: block
- It has a hybrid consensus model
- It uses Lightning Network Swap
- It uses built-in hash time-locked contracts (HTLCs) and its own HTLC API.
Bitcoin Atom as a Hybrid Consensus Model
There are numerous types of cryptocurrencies working based on the Proof of work (POW) or proof of stake(POS) model. BCA works as a hybrid, it uses a bit of POW and a bit of POS. This will enhance network stability and reduce the influence of miners.
Lightning Network Swap
The Bitcoin Atom Project got its name from the lightning network implementation. The lightning network allows instant off-chain atomic swaps which is also known as “cross-chain atomic swaps”.
You might not understand what I mean by off-chain atomic swaps. This is simply a cryptographically powered smart contract that focuses on creating a direct exchange. Am trying to say that an atomic swap creates a possibility of two parties exchanging tokens without the use of a third party(exchange platform or company) while also eliminating the risk of default.
The name atomic swap is simply telling us that its trades are indivisible. For instance, if Patrick and Felix are to trade via atomic swap, its either the trade happens and Felix and Patrick get their respective tokens or the trade will not go through. There is no possibility of one party absconding and leaving the funds in escrow purgatory.
We also have the cross-chain atomic swaps. This swap occurs between two different cryptocurrencies running on different chains that use the same hash algorithm. In cross-chain, swaps are done without a third party intermediary or any exchange and transaction fees. Recently the hike in transaction fees and exchange fees are becoming higher, this makes atomic swap an outstanding development.
How do I get Bitcoin Atom
With respect to the fork. The best way to own Bitcoin Atom is by moving your bitcoin in one of BCA supported exchanges or wallets before the date of the fork. Some of these exchanges and wallets are in partnership with BCA; they are Okex, Yobit.net,Exrates, Coinomi, Atom wallet and ESR wallets. If you don’t have bitcoin you can purchase some from Remitano, Luno, Ngexchanger, Nairex, or Paxful
How do I get Bitcoin Atom if I don’t have Bitcoin?
If you don’t have Bitcoin, you can simply purchase Bitcoin Atom Futures. Yobit is currently offering. To visualize pricing and charts please visit Bitcoin Atom page of coin market cap (https://coinmarketcap.com/currencies/bitcoin-atom/#markets).
You can also earn Bitcoin Atom through the bounty program. Visit bitcoin bounty program for more details (https://bitcointalk.org/index.php?topic=2567797.0).
Mining Bitcoin Atom
Any mining operation used to mine BTC can also be used to mine Bitcoin Atom. BTC and BCA use the same hashing algorithm.
The Bitcoin Atom Team
There are few channels aiding the Bitcoin Atom Community, hence they are called the BCA team. Some of which are:
Work Plan for Bitcoin Atom
- September 2017 – Atomic swap Research
- November 2017- ON-CHAIN as TESTNET
- October 2017 – Concept Design
- December 2017 – Replay Protection
- January 2018 – Hybrid Consensus
- January 2018 – Mainnet Launch
- February 2018 – HTLC API Implementation
- March 2018 – AS Toolkit Release
- Late 2018 – As Lightning Network