Bitcoin Atom Making Crypto Currency Transactions Safer
The loss of millions of dollars due to hacks has created the need for a safer crypto trade
The fourth quarter of 2017 running the crypto-kardiak has issued crypto-bear with full force. The launch of Bitcoin futures by leading exchanges such as CBOE and CME only provides more opportunities to express their dislike for the upcoming asset classes.
One criticism heard from Bitcoin and crypto currencies in general is their tendency to be hacked. The list of greatest cryptococcal hacks shows more than $ 600 million has been stolen from eleven hacks alone. However, most of the money stolen in this case is caused by crypto currency eyes with problems with the blockchains itself.
Examples include the famous MountainGox hack and the Bitfinex August 2016 hack, which resulted in losses of nearly $ 550 million. In a more recent example, the South Korea-based company, Yapian, filed for bankruptcy after its Youbit hacked crypto (again).
Security breach
The irony of these hacks is that emergency crypts, such as decentralized and unsafe money, should be safer than their coworkers. History has proven otherwise. This is because crypto traded through the exchange has no decentralization or no trust protocol. Instead, investors rely solely on centralized authority to secure their investments.
Sensing the need for greater security, Bitcoin Atom (BCA), a SegWit-based Axco, creates a network that eliminates the need for centralized parties while exchanging crypto information.
They plan to do this through atomic currents, allowing individuals to exchange coins digitally directly between various obstacles. This model will not only bring transparency to the trading of crypto currencies, but also the network of centralized parties.
Biggest Threat In Crypto Community
The crypto exchange of currencies is very good, and no doubt no one feels hacked. Unfortunately, good intentions have no hacks as described above. The fundamental problem with crypto currency is their centralization. There is one operating entity, network, and fund flow manager.
In addition, this needs to be understated as banks and credit card companies because users must provide financial information when. This means it's time for crypto currency to be hacked, crypto assets and.
The end result is all the users who transact depends on them, ie trust in them. This is a centralized eye that stores financial information for the crypto market. When investors use the exchange, they are full of confidence in the stock. The crypto exchange of currencies is no different than the bank that the consumer trusts for deleted transactions, safeguard deposits, and the payment process.
The Biggest Threat Outside the Crypto Community
Cryptographic exchange also paves the way for other centralized authorities to get involved. Many exchanges require users to register a bank account with their newly created account. By linking bank accounts with the exchange, users now have to trust two centralized parties. In some cases, banks delay or even block transfer to the exchange, resulting in a sad experience for investors.
In other cases, federal authorities and regulators such as the IRS order exchanges to submit user transaction records. While the exchange may be against government outreach, it is often futile, because government agencies have more power. By connecting the crypto world with the fiat world, exchange is often more dangerous than good.
How Atomic Bitcoins Solve These Problems
By eliminating the need for centralized exchange by using atom swaps, Bitcoin Atom will make cryptococcal transactions safer. Moreover, when transacting directly on the network, users only need to sign a transaction with their private key, which is never revealed. So, in contrast to the traditional crypto-crypto exchange, Bitcoin Atom network users do not have to release their personal information.
While traditional exchange requests require and secure various personal data as part of their verification process, no verification process is required on Bitcoin Atom blockchain. The whole process of trade is decentralized from start to finish. Even if the block is compromised, which is almost impossible because the network is running on the Proof of Work / Proof of Stake hybrid protocol, no personal information is at risk.
The Atomic Bitcoin Network is rumored to be around early 2018, and has the support of Coinomi. A safe and completely decentralized trade promise should excite all fans of cryptococcus.
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