Blockchain-powered technology is intent on leading the future of financial markets.
Today, however, we still observe extensive obstacles for the development of blockchain-based markets.
One of the greatest market challenges is the remaining necessity of trust towards centralized financial services in an otherwise decentralized environment.
Third party custody risks affect ecosystem sustainability, bringing vulnerability to manipulative and regulative actions.
Atomic Wallet radically solves problems described above by introducing a fundamentally new platform for custody-free, transparent, immutable cryptocurrency trading.
platform is the simplest way to connect buyers and sellers within a decentralized framework.
Atomic Wallet is a new type of decentralized cross-blockchain exchange.
Custody risk
Satoshi Nakamoto, the creator of the Bitcoin, has presented the world with a revolutionary technology thereby offering significant advantages to any projects which would incorporate it. These advantages, namely, transparency, openness, and independence from trust-based mechanisms, have been explored and utilized over the years by those involved in the field.
Since the early days of Bitcoin, cryptocurrency market has evolved into a sophisticated multi-blockchain phenomenon. According tocoinmarketcap.comstatistics, cryptocurrency market contains over 1,5K different currencies with exchange turnover of over 14 bln in dollar equivalent daily. In addition to coinmarketcap statistics, we should consider the volumes of intransparent and unregulated peer to peer exchange market (a.k.a. Over The Counter) as well.
However, present-day exchange providers managing huge exchange volumes inherit custody risks, which counterposes the ideas of transparency, openness, and independence from trust-based mechanisms.
More than once have major exchanges experienced security breaches. One of the most disruptive failures was the Mt. Gox exchange collapse. It took the market up to a year to recover after the disaster. The list of the publicly known biggest failures for custodian-based centralized crypto exchanges would impress an unprepared spectator:
Date Amount lost Exchange
February, 2014 650,000 BTC ($368M) Mt.Gox
March, 2014 150 BTC ($101k) bitCoin
March, 2014 896 BTC ($572k) Flexcoin
July, 2014 3,700 BTC ($2M) Mintpal
July, 2014 5000 BTC ($1.8M) Bitpay
January, 2015 7,170 BTC ($1.82M) BTer.com
January, 2015 3,000 BTC ($777k) Kipcoin
January, 2015 18,866 BTC ($4.3M) Bitstamp
March, 2015 150 BTC ($3.2k) Coinapult
May, 2015 1,500 BTC ($350k) Bitfinex
January, 2016 13,000 BTC, 3,000,000 Litecoin ($5.8M) Cryptsy
March, 2016 469 BTC, 5,800 ETH 1,900 Litecoins ($230k) ShapeShift
250 BTC, 185,000 ETH, 1,900 Litecoin
May, 2016 ($2.14M) Gatecoin
August, 2016 119,756 BTC ($65M) Bitfinex
October, 2016 2,300 BTC ($2.6M) Bitcurex
July, 2017 37,000 ETH ($7M) COINDASH
July, 2017 5,300 ETH ($1M) Bithumb
August, 2017 1,500 BTC ($500k) Enigma
On a good note, along the process of evolution, each new failure leads to new knowledge, a portion of which crypto professionals comprehend and evangelise in public nowadays in the following way:if one doesn’t have the keys to his/her crypto assets, they can be gone at any moment and this will be irreversible.
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