Atomic wallet – universal cryptocurrency wallet

We built multi-cryptocurrency wallet with the possibility of cross-blockchain swaps. The wallet is completely anonymous and stores key on the user device only.

Time

Alpha-release 4 months Beta-release 6 months

Technologies

Desktop Electron.js, Vue.js, Node.js, Express.js, Websockets, Web-RTC

About project

Atomic Wallet is a unique multi-cryptocurrency wallet. Guarantees maximum security and anonymity for users.

Task

The purpose of the project was to create a unique lightweight cryptocurrency wallet, with the possibility of anonymous usage, data encryption and the most convenient currency exchange. Safety and convenience were our essential tasks.

Solution

First of all, we and the client's team thought about the functionality of the platform, efficiency and ease of use. By efficiency, we understood the speed of operations with the crypt and the quality of their execution, taking into account the maximum security and anonymity.

Security

We wanted to make a reliable authorization system without losing usability. Our solution was to generate a mnemonic phrase (12 randomly generated words). Mnemonic is stored only by the user and nowhere else, also acts as a login when restoring the wallet on another device and a password recovery code.

The wallet is located directly on the user's device, which could give an advantage: the keys to the crypt are located locally. The application was available for download on a desktop (Windows 7 and above, Linux and MacOS) and , if necessary, on third-party media (hard drive, flash drive, etc.) without the need for installation.

We were able to transfer the procedure of signing the transaction to the user on the device, which allows you not to transfer unique keys to the network. In our case, it was excluded the possibility of theft of the key in the network, as they do not get there.

Actions with crypto

To make a transaction, it is enough to specify the recipient's address and the number of coins. In the case of sending coins working on their blockchain (BTC, E, XP, etc.), the balance should remain sufficient funds to pay the Commission for the transfer. If we are talking about sending ERC 20 tokens, there should be enough ether on the account for this purpose. To receive the crypt, simply go to the "wallet” section and copy your wallet address or QR code.

The user was available inside the exchange of his purse through the system of ShapeShift and Changelly. The wallet can independently determine the best exchange rate. Exchange of several currencies in one and the opposite direction is available. For ease of use was the built-in search for wallet currencies and transactions. The purses had been given all the Fiat currency for easy conversion.

Additional features:

  • replenishment of the Atomic wallet using the balance of another wallet (transfer of the entire crypt from the account of another wallet is available);
  • the user has access to a detailed transaction history of his wallet, with the ability to add addresses to favorites for repeated transactions;
  • at the completion of the purse, tokens are to specify the address of the contract, Ticker and accuracy. This allowed you to see your tokens in the wallet, even those that were created by yourself.

Atomic Swaps

For our multi-currency wallet we used the method of atomic swaps for instant exchange of one cryptocurrency to another without the involvement of third parties - the operation was carried out exclusively by P2P scheme:

  • The order book for applications
  • Application for commodity swap
  • The execution of the application

The uniqueness of this solution is to provide the user with the opportunity to avoid interaction with a third side, making transactions directly with another user. If during a typical exchange all the crypt with data comes to a third side, where all the data can be lost or stolen, then in the Atomic Swap system this is impossible. This system allows you to speed up the process of exchanging crypts between users. The speed depends on the currency itself, for example, the speed of bitcoin exchange using swaps can be 30 minutes.

This system has reduced the Commission for the transaction. This was due to the exclusion from the chain of exchanges that took a commission for the transaction through them. The transaction fee is equal only to the network commission.

The swap method was available for the following currencies in the wallet:

  • Bitcoin
  • Litecoin
  • Qtum

Evercode Lab

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