Atomic Wallet is a decentralized exchange that uses liquidity pools (LPs) to make markets instead of a typical order book. These pools are defined by smart
Atomic Wallet Features
Atomic Wallet has incorporated almost all of the recent innovations in the blockchain. It is packed with user-friendly features making it easy to manage and store cryptocurrency. Some of the features added into Atomic Wallet are –
- User interface – Atomic Wallet has a sleek and user-friendly interface enabling users to move between numerous functions with ease. There are also a host of customization options that are available for users. The airdrop feature allows users to participate in any airdrops or bounties related to any particular token that they have added.
- Inbuilt exchange – Atomic Wallet has an inbuilt exchange, facilitating peer to peer crypto exchanges and in-app crypto swaps. Atomic Wallet has partnered with leading decentralized exchanges like Changelly, Shapeshift, and Binance to facilitate their inbuilt wallet.
- Multi-platform – Atomic wallet is available as both a desktop app and a mobile app. The desktop version supports operating systems like Windows, Linux, macOS, Ubuntu and more. The mobile app is available on Android and iOS.
- Supports card purchase – Users can buy cryptocurrencies using their credit and debit cards thanks to its collaboration with Simplex.
- Portfolio management – Atomic Wallet comes with price tracking and portfolio management tools allowing users to monitor the value of their investments in real-time.
- Resources – Atomic wallet has entered into partnerships with data providers like CoinMarketCap, allowing users to monitor coin prices real-time. The wallet also has an education and news section that users can use to keep themselves updated with the crypto space’s latest developments.
- Membership – All customers holding AWC-BEP2 receive cash back rewards for using a built-in exchange service. The amount of cash back received is dependent on your membership status. You can become a member by holding at least 100 AWC. Find out more about the different membership levels here.
Security features of Atomic Wallet:
Atomic Wallet comes with a host of security features to ensure the complete safety of the users. The first feature being the user-generated password, which is required to access the wallet. This password is also used in the confirmation of transactions and while viewing private keys. The user-generated password is backed up by a randomly generated 12-word backup phrase that can be used to recover access to the wallet if the user’s device is misplaced or stolen. Atomic Wallet uses TLS and AES encryption to ensure secure transactions. None of the data is stored on servers, and Atomic Wallet has zero access to the users’ private keys.
Let’s take a slightly more detailed look at the security features of Atomic Wallet:
- Password – The user will be required to create a strong multi-character password while creating an account either on the mobile app or the desktop app.
- Recovery backup – A randomly generated 12-word backup phrase will back up the user-generated password. This is automatically generated once the user has registered an account with Atomic Wallet. The user can use this to recover the wallet and private keys in the event of loss or theft of the phone or computer or forgetting the password.
- Anonymous trading – Atomic Wallet has been specifically designed to support anonymous Crypto trading. The wallet will not ask for details such as name and e-mail address. Users will also not be subject to KYC and AML verification tests.
- Non-Custodial – Atomic Wallets are non-custodial wallets. This means that the company servers will not store private keys on the user’s behalf. The user will maintain full control of the private keys.
- Encryption – Atomic Wallets use AES Symmetric encryption technology to prevent any unauthorized access to the user’s assets. All the data and private keys are stored in the user’s wallet.
What are the currencies currently supported by Atomic Wallet?
Atomic Wallet does not have any membership restrictions or limitations. Even countries that have a strict crypto policy can access Atomic Wallet through VPN. The wallet app is available to virtually all cryptocurrency enthusiasts. The wallet currently supports more than 300 different cryptocurrencies and tokens as well as all ERC 20 tokens. Users can store and manage BTC, ETH, LTC, XRP, BNB, TRX, BCH, XMR, DASH, ZEC, XLM, DOGE, and many others.
The user will not be charged for downloading and using the integrated features of the wallet. Only crypto transactions have minimal charges. These charges are towards the miners and network validators. Cryptocurrency exchanges charge a highly variable transaction fee, depending on the transaction volume and the blockchain network used. Purchases done through the Simplex platform carry a fixed charge of 2% of the transaction amount.
Atomic Wallet Token – Atomic Wallet Token (AWC) is the first token issued by the decentralized cryptocurrency wallet. The tokens will serve as the internal currency for the users of Atomic Wallet. Atomic Wallet Tokens will give users of Atomic Wallet benefits such as discounts on exchange services, staking, affiliate and bounty rewards, extra features for their trading desk, dedicated support, along with a host of features that will soon be launched. The Atomic Wallet Token is available on the Binance DEX and IDEX exchanges. Users can participate in Airdrop, affiliate programs, and bounty campaigns to receive AWC tokens.
Staking options in Atomic wallet:
Atomic wallet has many staking options that help users earn a passive income. But before getting into that, here is a brief description of what staking is –
Staking involves holding funds in a wallet. These funds help to support the operations of a blockchain network. Users can stake coins directly from their wallet, exchanges also offer staking services to their users. Staking was originally conceived as an alternative to the PoW (Proof of Work) model. Proof of Stake (PoS) is an alternative and efficient way of reaching a distributed consensus that would allow for greater network scaling.
What is Proof of Stake (PoS)?
Users that are familiar with Bitcoin will also be familiar with Proof of Work (PoW). Proof of Work is the mechanism that allows transactions to be gathered into blocks, which are then linked together to create the blockchain. Proof of Work is a very robust mechanism that facilitates consensus in a decentralized manner. However, unlike Proof of Work blockchains that solely rely on mining to verify and validate new blocks, Proof of Stake (PoS) chains validate new blocks through staking, allowing the blocks to be produced without being reliant on mining hardware.
Instead of competing for the next block as they would have done in a Proof of Work system, Proof of Stake validators are selected based on the number of coins they are staking. The validator can then stake the coins present in their wallet to create the new block relative to the amount of coins staked. Many exchanges like Kraken, Binance, CEX, and Coinbase have already started offering staking.