What is Atomic Coin (ATOM) Crypto Beginner’s Guide
The popularity of cryptocurrencies has resulted in an onslaught of customized coins as developers struggle to find sustainable alternatives to Bitcoin and create their own blockchain-based platforms. It is only expected, however, that a certain percentage of these coins introduced into circulation would not be done in good faith, as investors are often eager to jump on new coins to add the potential value to their assets. The Atomic Coin is one of the currencies that has fallen victim to fraudulence.
Atomic Coin (ATOM) History
The genesis of Atomic Coin was not all that different to other altcoins; it was created to bring a decentralized currency to the global economy in a peer-to-peer, stable network. It was never Atomic Coin’s intention to become the next Bitcoin. The developers instead intended to create a strong alternative coin that would be alluring to an active community.
ATOM was not premined and fair distribution was important to the developers. Intended to be available on all exchanges, the developers were optimistic about the future of the coin and the community that could be built around it.
The Atomic Coin currency, ATOM, was a Proof-of-Work/Proof-of-Stake hybrid coin. Block times were 60 seconds and resulted in a 600ATOM block reward. PoW would end after the production 6,600,000 coins. Proof-of-Stake would function according to Coin Age, which would require a minimum holding of eight hours and no maximum. Staked coins would earn a 100% annual interest.
Atomic Coin’s roadmap had high hopes with potential futures in exchanges, research and educational funding, and betting sites.
Atomic Coin (ATOM) Controversy
Unfortunately for Atom Coin, the original developers abandoned the project. Not without its supporters, the coin was then adopted by a developer with the username AtomProject who wanted to reinvigorate the currency. In December of 2017, AtomProject posted to the Bitcoin Forum announcing that the coin would be forked. A coin swap was initiated. Coin holders would be required to move their assets from local wallets into web wallets until the new year, where users could then transfer their coins back to their local wallets.
Once coins were transferred, users quickly found that the ability to remove ATOM from the web wallet had been disabled. People were cut off from the assets, and, allegedly, critical comments about the situation on the forum were deleted by AtomProject. AtomProject continually pushed back the release of the coins for two months before abandoning the thread entirely. Users were unable to access their wallets, and with no more updates, have had to accept the loss of their assets.
Much of what has happened it left to speculation, as the AtomProject website has been disabled and there has been no update or follow up regarding the locked wallets. Unfortunately, a coin that began with such high hopes seems to have been sabotaged by a scammer developer. It is an unfortunate situation for coin holders, and it also means that Atomic Coin is unlikely to be able to salvage its reputation in the future.