News

Anonymous Bitcoin Atom (BCA) team hard-fork Bitcoin

1 Comment

bitcoin fork - bitcoin atom

An anonymous team has forked the Bitcoin blockchain again, creating an alternative Bitcoin cryptocurrency. The hard-fork, Bitcoin Atom (BCA), claims to be addressing the problems of increasingly expensive trading fees, transaction delays, and exchange hacks that are present in Bitcoin, Bitcoin Cash, and Bitcoin Gold in various ways by allowing users to exchange cryptocurrencies using atomic swaps.

“Bitcoin Atom is going to allow everyone to easily exchange cryptocurrencies without any trading fees and no exchange hacks, making Bitcoin truly decentralized again,” says Rodney Goedhart of Comelite IT Solutions.

The technology is based on atomic swaps, a tool that allows for the direct exchanging of multiple cryptocurrencies without the need for an external centralized exchange platform. Currently, atomic swaps require highly technical skills, preventing its widespread adoption, but Bitcoin Atom intends to solve this. The Lightning Network already utilises this technology, but the BCA blockchain will be the first Bitcoin blockchain to embed the technology within the original code.

Atomic swaps currently work by using a hash time-locked contract, which leverages the potential of multisignature addresses and time-locks. They allow for two parties to exchange different cryptocurrencies even when they don’t trust each other so don’t want to be the first one to send their coins. For example, to exchange 1 BTC for 1 LTC, both parties would submit transactions to both the Bitcoin and Litecoin blockchains, sending their coin to the other party. However, each party can only claim their coin if they reveal a secret number only they know to the other party. With this secret number, the other party can claim their coin.

Taking after Bitcoin’s original pseudonymous creator, Satoshi Nakamoto, the anonymous team will begin the mining process, before open sourcing their code while continuing to support the fork privately by building a block explorer, wallets, and Lightning Network implementation. They claim that the fork’s use of atomic swaps will return Bitcoin to its decentralized roots, as outlined in the original 2008 whitepaper, that defined the cryptocurrency as a “peer-to-peer electronic cash system”. BCA will also be Segwit-enabled and utilise hybrid consensus and the Lightning Network.

The fork took place at block number 505888 on January 24th, implemented by a self-described “experienced development team… which has been together for half a decade, and has produced many projects in the blockchain space, including centralized exchanges, blockchain explorers, smart contracts”. The team has no investors, so all development will be self-funded.

“If you hold Bitcoin (BTC), you can get an equivalent amount of Bitcoin Atom (BCA) from one of our exchange or wallet partners. And whether or not you hold Bitcoin (BTC), you can purchase Bitcoin Atom (BCA) from any of our exchange partners. Please see the full list of current Bitcoin Atom exchange and wallet partners at https://bitcoinatom.io/ says their Medium blog post.

1
Leave a Reply

avatar
1 Comment threads
0 Thread replies
0 Followers
 
Most reacted comment
Hottest comment thread
1 Comment authors
Henry Recent comment authors
  Subscribe  
newest oldest most voted
Notify of
Henry
Guest
Henry

Nice blog post. I have read your blog and totally gone through it, actually i am looking for the blog post about Bitcoin Cash can you please guide me to there?

close-link

Risk Warning: Investing in digital currencies, stocks, shares and other securities, commodities, currencies and other derivative investment products (e.g. contracts for difference (“CFDs”) is speculative and carries a high level of risk. Each investment is unique and involves unique risks.

CFDs and other derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how an investment works and whether you can afford to take the high risk of losing your money.

Cryptocurrencies can fluctuate widely in prices and are, therefore, not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Past performance does not guarantee future results. Any trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Your capital is at risk.

When trading in stocks your capital is at risk.

Past performance is not an indication of future results. Trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Prices may go down as well as up, prices can fluctuate widely, you may be exposed to currency exchange rate fluctuations and you may lose all of or more than the amount you invest. Investing is not suitable for everyone; ensure that you have fully understood the risks and legalities involved. If you are unsure, seek independent financial, legal, tax and/or accounting advice. This website does not provide investment, financial, legal, tax or accounting advice. Some links are affiliate links. For more information please read our full risk warning and disclaimer.