Secured, Decentralised and Anonymous this tree words are something that you want to look for if you need multi-asset wallet….
and if that wallet can also trade different currencies directly without transferring your funds here and there and in the same time paying all kinds of ridiculous fee for withdrawal even better.
Good news is that you are in luck because as it seems I have just found one that can do all that and even more, so don’t waste any time and let’s go and find out what is all fuss about.
Atomic Wallet desktop application can be found at official website from the link https://atomicwallet.io/
When you scroll down trough the page you will find option to download wallets for Windows, MacOS or 3 different Linux distributions; Ubuntu, Debian and Fedora.
I will be downloading Windows wallet for demonstration purposes.
After you download the file for your operating system and you install application into default folder chosen by the installer, you will be presented with starting screen that looks like this:
You still don’t have operating wallet so you must choose options “NEW WALLET”
After that you must define your password in the top field and then retype it once more in the second filed for your own control so you don’t mismatch some character.
When you are done press on option “SET PASSWORD”
Next screen is the most important one, it will reveal your 12 secret words so called seed phrase (I have placed white bar across mine , no peeking 🙂 ) you need to write them down, preferably on two different pieces of paper and store it somewhere safe.
With these seed phrase you can restore your funds in case you need to reinstall your wallet or your computer. >> Lost seeds are lost funds so take that seriously.
After you are done with that part just press on option “START USING ATOMIC” and you will be presented with your wallet that looks like this:
Upper top left window – Showing you portfolio total worth in USD.
Wallet – It shows all supported assets that ATOMIC wallet currently supports. If you want to make that part on the right side a little cleaner you can chose to show only currencies that you like or currencies that have some balances.
- Exchange – Allows to trade different currencies in three methods (Atomic Swap, Instant Exchange, Fixed rate)
- History – Shows your previous transactions, with freshly started application and zero trades or no funds transferred this part will be empty.
- Import – This part allow importing different wallets with private keys you have on different wallets and platforms for example Electrum wallet.
- Settings – Allows you to export your private keys after you enter your password that you created by yourself in the first step when you created new wallet.
- Airdrop – This part of the wallet is only temporary till promotion period last so if you want to find more info about that click on that option and earn some tokens.
This was brief run trough the menus and now let’s go back to exchange part of the wallet.
Most interesting exchange method for us is an Atomic swap, or as you could say name of the game in our case. If you want to read in detail about implementation you can check for official whitepaper from Atomic wallet website.
So what is atomic swap and how it works in the first place?
Is it really so much better than using 3rd party exchanges that we are using regularly?
First of all you must understand that when you transfer your funds to third party exchange you don’t have any power of your funds anymore.
Address that your coins are sitting doesn’t belong to you; you are just a user without keys and the exact moment someone from that exchange decides to deprive you of your funds you cannot do anything to stop that except to take a lawyer.
In Atomic Wallet you are in control of your funds because you are in control of your keys all the time, even when you are transferring funds through atomic swaps.
Atomic swap is a process when you have two people from different blockchains that want to exchange their assets without third party involved, so completely P2P process.
At first this kind of swaps was dealt with smart contracts from both sides and when all sides revised contracts swap could take place.
Under the hood that looked like something like this:
now on Atomic Wallet you don’t have to use any other services to actually find interested parties because you have order book already implemented inside the Atomic Wallet exchange window.
Is that really so perfect, no it has some flaws, TX confirmations cost are relatively high and slow, also you will witness lack of volume so to actually find exacting matching pair of BID and ASK side is pretty rare but that will improve as more and more people start using the platform.
If you want to find some more information about current state of project you can find them on social media: