Atomic Wallet is a relatively new standalone wallet platform which also integrates a number of other features. The Atomic Wallet platform was launched in early 2018 by Konstantin Gladych, former CEO of Changelly. Currently the company also advertises the involvement of two advisors. The Strategic Advisor and Visionary for the company is Charlie Shrem, formally of the defunct BitInstant, and a founding member of the non-profit Bitcoin Foundation. The other named advisor is BnkToTheFuture's CEO Simon Dixon. Atomic Wallet is already known for pioneering the implementation of atomic swaps. This article will overview the user experience that Atomic Wallet offers and examine how their platform will likely revolutionize the future of DeFi and cryptocurrency. Due to it's unique approach, Atomic Wallet will help layperson investors be able to generate passive streams of income. Find out more below!
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What does Atomic Wallet offer that might change the future of DeFi?
Atomic Wallet promotes itself on three key features - anonymity (no KYC or validation), security (only the user has access to wallet keys and passwords), and decentralization (limiting access of the funds to the user).
How Atomic Wallet furthers these goals is what makes it truly revolutionary. Atomic Wallet combines and simplifies the whole cryptocurrency investment experience, from purchasing crypto with credit cards to exchanging cryptocurrencies via atomic swaps, to staking, and exposure to airdrops. All of these features occur within the wallet app. This reduces the risk of mid-transaction mishaps, and overall provides a level of security and anonymity higher than what we have come to accept as "industry standard". This is a fantastic privacy advancement, particularly in the area of purchasing crypto. Yet another feature in which it is breaking new ground is in the area of cryptocurrency staking.
What are traditional defi/crytpocurrency models of staking?
Staking is a form of passive income production in which cryptocurrency assets are held or frozen to provide liquidity to a lender or facilitate an on-chain process. As a result, you are granted (either immediately or by a set schedule) fixed or variable interest on the amount you stake. This interest is often, but not always, compounded at a set interval. Sometimes the interest compounds automatically, sometimes you have to manually stake your interest as a separate transaction. Some third party services, typically those who operate exchanges (e.g. Binance, Coinbase) have a simplified "delegate" staking system, whereby you allow them to stake your funds for you. In some cases, this may mean that any votes associated with your holdings are then transferred to your delegate.
There are currently about half a dozen wallets which integrate with third party websites and DApps to stake or "mint" cryptocurriences and tokens (e.g. mintr.synthetix, Compound, AAVE, Maker Oasis) , and in some cases to exchange them (Uniswap v. 1 and 2, Mercatox, AirSwap, dYdX).
How does the Atomic Wallet model differ?
Atomic Wallet is pioneering a method of in-app third party staking which in the future could establish it as a "one stop shop" for staking cryptocurrencies. In this way, it offers the consumer the ease associated with centralized finance, but through a decentralized model. They achieve this through the pursuit of partnerships with third parties. They also offer staking-related airdrops directly in-app.
Overall the UI of the wallet, in particular the staking portion, seems focused on providing transparency and promoting informed decision-making. When you stake your assets, you have a choice of which partner you wish to stake them through, which is presented on a dropdown list, which also provides you with current interest rates. The list is sorted first by rate (highest first) and secondly alphabetically. You set this choice at the onset of the staking process. If you want to change who you are staking with, it seems you must manually unstake first and then re-stake the funds with your new provider. The range of currencies supported for staking include a few popular coins (ATOM and TRX) as well as a good number of relatively unknown coins. It is easy to see at first glance what the highest interest rate you can expect will be for any given currency.
This staking interface, if further refined and expanded, presents a new, more convenient, and more decentralized method for staking. Instead of investors using multiple services for different tokens and currencies, this platform might one day feature enough variety as to render any other form of staking effectively obsolete. By actively seeking and establishing staking partnerships on behalf of its users, Atomic Wallet democratizes passive income earning by cutting out the middle man and doing all the footwork for the user. As Atomic Wallet expands to become the dominant staking platform, users won't have to research or interact with multiple DApps, go through the hassle of connecting their third party wallets, and potentially lose funds due to technical mishaps or human error. These issues will become less frequent, and users like you and I will be able to spend less time managing our passive income. In a volatile, bearish market, the kind of security and financial diversity that Atomic Wallet staking can offer users is essential.
Like many users, I have suffered through coinbase wallet's performance unreliability and unresponsive tech support, as well as metamask's rude and unprofessional customer service, and inconsistent, generally unhelpful experiences across various DApps. I have personally lost access to funds because of UI or platform conflicts between wallets and the DApps they connect with. I am beyond ready for a platform that offers quick, seamless staking transactions.
If Atomic Wallet is the future of staking, then the future can't get here fast enough!
Other peripheral benefits
Other than staking and the core benefits of the Atomic Wallet platform, there are some peripheral benefits that help elevate the user experience:
- The private keys for your Atomic Wallet, method of changing password, and the public and private keys for all the integrated wallets within your wallet are readily and easily accessible via the app.
- The app is available for free across a wide range of platforms including desktop versions for Windows, MacOS, Debian, Ubuntu and Fedora, as well as mobile apps through the Android app store, Google Play store, and Apple store.
- Updates seem to occur often and are well documented on the Atomic Wallet website
- You can generate/regenerate your wallet through any of the apps by inputting private keys. I only use it on one device and do not yet have the experience of trying to run it (and sync it) between two different devices - if you have, please comment on your experiences below! However, it is comforting to know that if I lose access to one type of device, that I can still access my wallet from many others.
- The UI is very easy to use, intuitive, fast, and easy on the eyes. It provides a consistently positive user experience throughout.
- Atomic Wallet offers a "membership program" which provides "cash back" on exchange/swap fees for those who hold certain amounts of AWC.
- Support is readily available through a direct integration onboard the app, that will automatically generate a draft email to email@example.com with your anonymous wallet ID and version. Email support is also offered via the website, initiated through a contact form. It appears they might offer live chat help through the website support interface in the future but that is not currently available.
- They also have an extensive knowledge base, academy, and blog that can provide you with the tools to answer your questions independently.
- Atomic Wallet offers an ongoing referral program airdop of its Atomic Wallet Token (ATC). Unlike other referral programs the "sign-up" for the airdrop is handled differently than the actual installing of the wallet. ATC is currently managed on two different blockchains (Binance Mainnet/DEX as well as Etherium/ERC-20) and seems well managed. Even if you already have Atomic Wallet, you can still enter this airdrop. If you have found this article helpful so far, please consider using my referral link/code - we each will get 5 AWC! My referral link is https://atomicwallet.io/join?kid=18HY7B and my referral code is: 18HY7B
- The past growh and financial potential of the company seem limitless. Atomic Wallet boasts over 150,000 users, according to the website, and broke a profit within six months of launch, despite the ongoing bear market.
- The company is active on facebook, twitter, and telegram, where it provides information on new features, airdrops, and opportunities. It also allows users to sign up for email updates.
- The wallet fluidly updates the market value of your overall assets up to the second. For viewing purposes, you are able to easily switch between roughly three dozen fiat currencies as well as BTC. Bonus: it doesn't lag like Coinbase Wallet does.
Areas for improvement
As with everything, there are some issues that, if addressed, could really improve the experience:
- The transaction fees for purchasing crypto are too high (5% with a $10 minimum) for the average user when compared to services like Coinbase, which allows you to purchase crypto using a credit card with a flat $.99 minimum fee for transactions under $10, with some regional variation. If you are looking to minimize exposure, vastly diversify, or don't have a lot of money to invest, Atomic Wallet is not a great option for buying crypto with a credit card. If, however, you are looking to make very big purchases and have issues with KYC, it might be an ideal platform.
- There is a lack of transparency, in app, regarding the transaction fees for exchanges/swaps, if any, up and until you are ready to begin the transaction. Any potential fees, or lack there of, really need to be stated upfront and forthrightly. This, combined with the somewhat high minimums, contrast poorly against Uniswap. I still have not elected to try out this feature, as there are minimums I don't yet meet to initiate the transaction. If you have, please tell us more about your experience in the comments.
- Unlike platforms like AAVE, you often have to manually claim rewards.
- Sometimes your staking transactions will have gas/transaction fees for each time you claim a reward.
- Because they stake through third party partners, the transaction/gas fee for staking and claiming rewards will sometimes be in a "surprise" third currency. It would be nice if they would offer support for paying these in the staked currency or AWC, which they seem to do for some currencies but not for others.
- Sometimes the staked currencies don't show up in the main wallet interface/staking interface overview. This seems to be currency specific and is a bit irritating, particularly as they do not explain why this is the case.
- Overall in the staking area there needs to be more information provided. It is pretty bare-bones compared to the rest of the interface and can get confusing, especially due to some differences and lack of consistency across assets.
- They need to expand the range of currencies they support, both as a wallet, and as a staking platform. Apparently throughout the course of 2020 they plan to introduce 5-10 more staking currencies and wallet integration for 10-20 more assets, along with other cool features. I really hope that with each year this number increases exponentially.
Please note: Nothing in this article constitutes investment or trading advice and should not be construed as such. Always trade and invest at your own risk. Please also note that I am not a part of the Atomic Wallet Ambassador Program.