Bitcoin Atom is an upcoming bitcoin fork. Bitcoin forks are when the previous protocol changes and supporting users move ahead under a different protocol. Bitcoin Atom will be a hard fork meaning that it is a permanent split form the original blockchain with no backward compatibility.
While not the first fork for Bitcoin, this hard fork will move Bitcoin Atom forwards with added features including atomic swaps allowing users to trade without third parties, hybrid consensus helping maintain truth along the blockchain, and Lightning Network Support. Interested cryptocurrency users can find the Bitcoin Atom hard fork listed under the symbol BCA.
The exchange between Bitcoin Atom and bitcoin will be exchanged at a one to one ratio. The original start date was back in December of 2017 but the rollout has been delayed with no specific rollout date available.
The primary goal of this hard fork is to bring true decentralization to the world of Bitcoin. In order to truly achieve this decentralization goal the developers of Bitcoin Atom have added two main features helping eliminate the need for involvement by third party entities, intermediaries, and exchanges.
Features like HTCLs or time locked contracts, which ensure receipts from transactions and a specialized time lock system called API, which is available exclusively through Bitcoin Atom, make this fork worth pursuing for serious cryptocurrency users looking for new features and more decentralization.
By offering atomic swaps, Bitcoin Atom offers a way for users to trade assets directly between blockchains without an intermediary. This will eliminate the need for exchanges and allow users to remain in control during swaps. The Bitcoin Atom fork aims to create more transparency and reduce the amount of fake coin volume commonly created on other cryptocurrency platforms.
How Does This New Fork, Bitcoin Atom BCA, Work?
Atom is protected by two different models including proof of work commonly recognized as PoW and proof of stake known as PoS. These two components work to better stabilize the network and reduce the miners power lowering attack probability and improving safety of exchanges.
Bitcoin is deflationary meaning there is a limited supply of BCA and more cannot be created through Bitcoin trades and transfers. There are 21 million shares of Bitcoin Atom available each offering miners access to an option with greater decentralization within the cryptocurrency platform.
The hard fork was supposed to happen back in December but it still has not manifested. It appears that the Twitter account regarding Bitcoin Atom may have actually been deactivated making it seem quite suspicious.
Bitcoin owners should have been able to claim their Bitcoin Atom shares by now with exchanges anticipated to start back in December. However, it appears that Bitcoin Atom’s fork has yet to happen even though it was anticipated for early to late December, 2017. Once the fork happens, bitcoin holders should be able to receive both Bitcoin and Bitcoin Atom shares at a 1:1 rate through mining, claiming, and minting.
Coinomi is a coin wallet that supports Bitcoin Atom and bitcoin holders can claim their Bitcoin Atom shares through the Bitcoin Atom wallet. Coinomi also supported previous hard forks.
Bitcoin Atom Specifications
Bitcoin users and potential users will appreciate some of the feature available through this new hard fork. Because Bitcoin Atom cannot increase in numbers with trades, there are only 21 million shares available.
Proof of work and proof of stake times are relatively fast at ten minutes each with an average transaction confirmation happening within five minutes. Bitcoin Atom offers Atomic Swaps enabling direct trades without third parties, Segregated Witness allowing for larger block size limits without signature data, Replay protection helping protect users from sending coins along the wrong fork, and Unique Address Format helping users maintain privacy.
Bitcoin Atom BCA Status
The last available information regarding the progress of the Bitcoin Atom hard fork happened in late December. The twitter account regarding the fork has been suspended making it difficult for interested cryptocurrency users to get reliable, up to date information.
The best way to stay on top of developments involving Bitcoin Atom is through the website www.bitcoinatom.io. Presently the website indicates that the developers of Bitcoin Atom are working on implementing the Lightning Network.