Hello guest, it nice to know that you still follow the series of ICOs articles I have been publishing based on my research. Today I am bring to your notice fresh from ICOs mine, LightBitAtom. It is a decentralized peer to peer crypto currency exchanges that is set to allow exchange of many crypto currencies on one platform using blockchain technology. The essence of this ICOs project is to encourage multi exchange platform as more crypto currencies flood the crypto market. At the long run it will emerge the top decentralized peer to peer exchange platform allowing for smooth flow of every cryptocurrency among users.
Overview
Since the rise in value of bitcoin in 2009, there have been proliferation of other cryptocurrencies. This led to creation of many crypto blockchains. These individual blockchain only allows exchange of their cryptocurrency. In a bid to have a cross platform for all cryptocurrencies many exchange sites came into cryptomarket offering secured wallets and exchange network for cryptocurrency user to trade their coins for other coins or fiat currency. Digital exchanges like Coinbase, Binance, Luno, Bittrex, etc. provided such platform service for buying, selling and exchange of cryptocurrency. They allow purchase using fiat currency to acquire any cryptocurrency supported and listed on their exchange platform. The charge transaction fees and the payment process is centralized. This is against the ideology of blockchain cryptocurrency, so more exchanges came up to correct this anomaly by developing decentralized exchange sites. This is where LightBitAtom fall into but it different from the rest in the sense that it supports multiple exchanges from one cryptocurrency to another. I will buttress more on centralized and decentralized exchanges and the innovation in LightBitAtom.
The Decentralized Peer to Peer Exchange by LightBitAtom
It is good to understand a centralized blockchain system before diving into decentralized exchange. A centralized exchange is a platform acting as trusted third party or middleman that matches crypto users or institutions to exchange with each other. On the otherhand Decentralized echange run a distributed ledger just exactly like how the cryptocurrency blockchain technology works. It keeps no record or users’ data or provides market liquidity unlike the centralized exchange.
LightBitAtom is offering the first decentralized cryptocurrency exchange which readily offers exchange of one currency to another currency using a cross-chain atomic swaps and lightening network eliminating the need for a trusted third party.
The LightBitAtom Engine
The LightBitAtom Engine allow traders to store funds in a cold wallet until another user is willing to exchange crypto asset with them. If there is an intent to exchange asset a smart contract is initiated on the blockchain side of the sender. Sending transaction status to the blockchain provides crypto asset withdrawal via the smart contract. When exchange status is completed, conversion takes place at both wallets. This creates an atomic swap of smart contract at the time of withdrawal.
The engine works on two tools called Atomic Swap and Lightening Network
Atomic Swap
Atomic swaps, or atomic cross-chain trading, is the exchange of one cryptocurrency to another cryptocurrency, without the need to trust a third-party. Atomic swap is a cryptographically powered smart contract technology that enables two parties to exchange different cryptocurrencies/tokens without the risk of one party defaulting on the trade. Exchange/trade between involved parties can happen in a trustless manner without depending on a third party or an escrow manager plus there is no default risk oneither side. In this type of exchange, no party can run off with the other party's money before the trade is complete and this is ensured by the cryptographically powered smart contracts of atomic swaps.
Lightning Network
The idea behind LN is that not all transactions are required to be recorded on the Blockchain. Imagine Alice and Bob transact quite a few times among themselves. In such a case, they can bypass recording the transactions on the Blockchain and carry them off the chain. In the simplest terms, how it'll work is -- they'll open something called a payment channel between them and record its opening on the Blockchain. Now, Alice and Bob can transact any number of times through this payment channel and it can stay open for any number of hours, days, weeks or decades. The only time they would touch the Blockchain ever again will be when they would want to close the channel. Then, they'll write the final status of the transactions that occurred through the channel on the Blockchain.
About Token Sale
A total of 1 205 000 000 LBA tokens has been generated to fund the ICO project and 100LBA costs $1. The LightBitAtom token can be purchased using Ethereum. The ICO public sale will end by 15th July 2018.
To learn more in greater detail about LightBitAtom decentralized exchange and their token sales please visit the links below.
Website: https://lightbitatom.com/
Whitepaper: https://lightbitatom.com/whitepaper
Content Author Details
Bitcointalk Username: Finixfly
Bitcointalk Profile Url: https://bitcointalk.org/index.php?action=profile;u=2141081