Cosmos is the most powerful,scalable, customizable, interoperable ecosystem of connected blockchains.
Our CEO Konstantin Gladych and PR Manager Christina Khachatryan were present in the discussion with the COTI community.
Here are the essential points of the AMA session:
Please welcome Konstantin (K), Christina (C), and the questions from the Cosmos telegram chat members (Q).
Q: Why Atomic wallet? One of the questions that users have is what are Atomic’s benefits compared to other software wallets?
K: When I did research 2 years ago. There were almost few multi assets wallets on the market. I’m not mentioning exchanges. It was definitely a lack of great products.
Q: I thought Atomic Wallet is only a desktop GUI wallet that supports ATOM.
C: Oh no, it’s a multicurrency decentralized wallet that supports over 300 tokens along with ATOM surely. It’s available for desktop and mobile main OS.
Q: Do you have any insights on some data related to ATOM users? How much ATOM holders hold and stake in Atomic, how many ATOM wallets you have?
K: In total over $40M staked via Atomic in different assets. I think ATOM is around $10M. We provide a wide range of validators and users still control their funds with private keys and support network decentralization. This is the nature of DPoS blockchains.
Q: Staking is such a hot topic now. How do you view the outlook for staking to be in the future? Will it be as popular as now?
K: I think DPoS is a great compromise between network security and blockchain scalability. Also users like to stake their assets and earn some passive income. This is investment in network security as well. So I like how Cosmos is fast and cheap and easy to run your own chain based on SDK. Staking popularity will grow.
Q: Cosmos community plays an important role in the development of the network. How do you view Atomic’s participation in this growth?
K: Great question! First of all, as I said, users got an easy tool to discover new blockchains and participate in network security with their stakes. However we don’t yet provide extra options like governance and voting. Maybe we will add later, if we see users demand.
Q: In terms of security, how does Atomic wallet manage to regulate and handle every individual user’s information and keep it safe from hacks and malicious softwares?
K: One of my favorite questions! Basically Atomic wallet is a non-custodial app. Your private keys are encrypted and never leave your local device. We store nothing on our servers, except anonymous error logs. And know nothing about your funds. All is saved on the blockchain. However if you buy crypto with a bank card, our partner may ask you for verification to process the payment.
Q: Does Atomic have any coin burn/buyback system or any token burn plan to increase the value of token & attract Investors to stake to invest?
K: Currently, there are no plans for token burn and recently we announced staking with up to 23% yearly rewards. As for others, it’s out of our control.
Q: You mentioned card payment earlier, how safe are credit card details when users purchase crypto on Atomic wallet?
K: Crypto purchases are provided by a 3rd party service. It’s regulated. Personal data is protected by the law. We never touch it in Atomic.
Q: Does the Atomic Wallet project have any future plan to merge or implement trading via multiple DEX Platforms. Similar to what “Blocknet” is trying to accomplish to provide large market liquidity?
K: Currently, no plans for any DEXs. We’re still in the early technology stage. However we will see!
Q: Talking about future plans, what additional features are in the pipeline for the Atomic mobile wallet? Will there be an advantage to using the Atomic mobile wallet compared to a hardware wallet (Ledger) and the observe function?
K: Hardware wallets are usually more secure by design. But it’s more complicated and less of an option. You should order them at least. My suggestion for long term holding is to use hardware. For daily usage, Atomic is much easier. It’s rather secure, as it’s built on top of common open source libraries and you still should care about your 12 words backup, whatever wallet you use! stay safe!
Q: .How do you ensure the long-term sustainability of Atomic wallet as it is a decentralized portfolio without custody?
K: Atomic is a decentralized bank in your pocket. This is a new paradigm of the financial system. So it’s a long term service.
Q: There are many new users coming day by day, can you tell me the three reasons to use Atomic wallet?
K: Simplicity, security, and all options in one interface. Even your grandma can use Atomic wallet.
Q: What price feeds/Oracles does Atomic wallet use?
K: Currently, we use centralized data sources for pricing. But recently we supported BAND protocol and hope to work with them on Oracles.
Q: What’s the main use of AWC tokens?
K: AWC is used for affiliate rewards, airdrops, cashback and staking for holders.
Q: Do you plan to add more security features and options such as email verification and other forms of verification before payments are sent from the wallet?
K: No plans to add any verification. In Atomic only you fully control your crypto with private keys.
Q: Does Atomic wallet have any plans to Implement Hardware wallets like Trezor/ledger, etc to support the Desktop client of Atomic wallet?
C: Yes, we do. Stay tuned with our updates.
Q: What is AWC’s role in integrating people into the blockchain? Have you developed a Chrome plugin for the wallet?
K: We’re a software wallet. No plugins. With various use-cases for AWC, we incentivize users to start their crypto journey and we can see the outcome here.
We were glad to be hosted by Cosmos in their telegram group. Thanks to the team and all the members of the session!