New open source wallet

New open source wallet from Altcoin.io will help developers

By opening the original Atomic Swap Wallet, the company seeks to help developers learn about the blockchain and rely on technology.

The decentralized exchange of cryptocurrencies Altcoin.io recently attracted more than $ 1 million. Now the platform has opened its Atomic Swap Wallet, which helps developers to master and use blockchain technology. This feature can also help users find another reason for moving from centralized exchanges.

Why do centralized exchanges create problems?

Centralized cryptocurrency exchanges can be weak links in cryptocurrency transactions. Only in 2018, hacks appeared in several cryptographic groups. These exchanges store user funds in centralized vaults that have been hacked by hackers and millions of dollars coins have been stolen. By September 2018, hackers stole digital coins worth more than 927 million dollars from centralized exchanges, which is 250 percent more than in 2017

Using atomic swaps can help solve these problems because they eliminate middlemen and offer a more private, secure, and cheap way to transfer digital assets. The general director of the company spoke:

“As developers of decentralized exchange, it was really important for us to ensure that users always control their tokens. Atomic swaps allowed to bargain with a peer-to-peer network, while keeping each transaction with a certainty of the block, so we, naturally, were very worried before starting developing our own wallet with atomic swaps.

Atomic swaps use a hashed time-locked contract (HTLC), a special type of smart contract that makes fraud extremely difficult. Neither side can claim possession of declared tokens when they agree to bargain. Funds are blocked at HTLC until both parties confirm tokens using a cryptographic code.

Why did the company open the source wallet?

The team began work on the success of the atomic swap. He completed the first Ethereum chain for Bitcoin atomic exchange, and then created the first atomic swap wallet. The wallet was supposed to be the basis of decentralized exchange, but the slow time of transactions was a problem.

First proposed by Ethereum co-founder Vitalik Buterin and Joseph Poon, the design helps create secure as well as scalable transactions without slowing down the speed. Was noted:

“[We] are very happy to share a working wallet with the developer community to find out what can be done with it. We barely scratched the surface, and I see a lot of potential in atomic swaps for such things as big over-the-counter deals, where speed is not necessarily a priority. ”

Many hope that other developers will also be able to work with an open source wallet and may move on to launching the network.

Site source: https://blokt.com

Article translated and published: Leonid Shchekutev, analyst at Freedman Club Crypto News