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An Overview of Our First 5 listed Coins

The first five coins we chose to list were chosen so intentionally since they are five reputable and trusted coins, each with their own unique aspects. Whether you're a newbie to the crypto trading game or a seasoned vet, we hope this quick overview of our first five listed coins will help you learn how you can use them on our platform!

Ethereum

Ethereum is the second largest cryptocurrency by market capitalization. Unlike Bitcoin, which is primarily a peer-to-peer digital currency, Ethereum is both a cryptocurrency and a blockchain platform for developers. The platform allows developers to build and deploy decentralized applications on top of the Ethereum blockchain. It’s native digital currency is Ether (ETH). It was launched in 2015 by Vitalik Buterin.

The Ethereum platform provides developers with the code and technical tools needed to build decentralized applications. On the platform, Smart Contracts are used to build and run Decentralized Applications (DApps).

One of the salient features of Ethereum is the Ethereum Virtual Machine, a Turing complete software that runs smart contracts. The EVM allows developers to easily and efficiently build DApps without having to create a new code from scratch. Using the ERC20 and the eRC721 standard, developers can also launch their own cryptocoins on the Ethereum blockchain. Since its launch, the platform has hosted hundreds of ICO projects. Some ERC20 standard projects have gone ahead to become high value tokens with practical use cases, like EOS.

Consensus mechanism

Like Bitcoin, Ethereum uses the puzzle-solving Proof of Work algorithm. Known as Ethash, this algorithm safeguards the network from centralized mining, essentially locking out expensive, specialized mining rigs from the mining process. Miners compete with each other to confirm and verify transactions. They are rewarded with 5 Ether every time they generate a block. Mining is important as it fights fraud in the Ethereum blockchain.  Although the Proof of Work consensus seems to work for Ethereum, it has its own flaws, including excessive use of electricity. Ethereum developers are keen on adopting other consensus mechanisms like Proof of Stake, to overcome the challenges of the current consensus mechanism.

How the wallet works

If you’ve mined some Ether, you’ll need a secure place to store them and that’s where a wallet comes in. Ether can be stored in a number of wallets, although the most popular one is MyEtherWallet. The wallet doesn’t store data or private keys on its servers but on your computer. It’s popular because of its enhanced security features and ease of use. Other wallet options for Ether include hardware wallets like Trezor and Ledger Nano S. One thing that is of great appeal about Ethereum wallets is that you can store as much ERC20 coins as you wish as these wallets support those. Whichever wallet you chose to store Ether, you’ll quickly notice that they work in a similar way. Despite their different features, their main mission is to secure your coins.

Deposit/withdraw process

When you login to the ATAIX website, head over to your wallets. Click on “Deposit” on the top-right corner of the screen. In the “Choose Currency” dropdown, select Ethereum. If you’re sending Ether from a wallet, open the wallet and paste the address as the destination address. Alternatively, you can scan the QR code on the screen from your wallet. In case your Ether is locked up in an exchange, log in into the exchange, and paste the address as the withdrawal address. The transaction shouldn’t take long before it’s completed. The withdrawal process is similar, only that you’ll need to input your destination wallet address. Once you’ve withdrawn ether from ATAIX, you will be sent a confirmation email with a link on the email address that you used to register on the website. You will need to open this email and click on the link to confirm that the withdrawal process was indeed initiated by yourself. Once this is done, the ether will be sent to your destination wallet.

Bitcoin

As the oldest and first cryptocurrency to emerge, Bitcoin is the most popular blockchain project. It was introduced as an alternative to fiat currencies by an anonymous inventor, Satoshi Nakamoto.

Since its launch in 2009, it has evolved to become the financial behemoth that it is today. At its peak in December 2017, a unit of Bitcoin (BTC) was trading at a historic price of $20,000. Because of its high value, Bitcoin is known more as a store of value than as a means of payment.

Bitcoin’s main goal was to decentralize the global financial sector. The underlying technology is the blockchain. Blockchain keeps a digital ledger of all transactions and is distributed to many computers, meaning that it cannot be altered by anyone and is not controlled by any central authority, like a central bank. Bitcoin’s white paper promises to deliver fast, low-cost, global payments that are safe and secure.

Consensus mechanism

Bitcoin uses a consensus mechanism known as Proof of Work algorithm. In its basic form, this mechanism enables users to verify and confirm all transactions on the blockchain to prevent double spending of coins.

The process of verifying and confirming transactions is commonly known as mining. Basically, miners solve hard mathematical puzzles to create blocks of transactions which they attach to the blockchain. They get rewarded with Bitcoins every time they generate a block. Usually, the reward is given to the miner who runs the longest chain in the blockchain.

How the wallet works

Cryptocurrencies like Bitcoin are digital assets and are stored in digital wallets. To store Bitcoin, you’ll need to install a digital wallet that’s compatible with BTC. The default wallet for BTC is Bitcoin Core. Digital wallets come in different kinds but serve the same purpose. Some are physical devices, while others are paper, software, mobile or online wallets. The wallets keep your private key that enables you to use the BTC address of your coins in the Bitcoin blockchain. The private key essentially allows you to sign off your transactions, or, to spend your coins.

Deposit/Withdrawal Process

When you login to the ATAIX website, head over to your wallets. Click on “Deposit” on the top-right corner of the screen. In the “Choose Currency” dropdown, select Bitcoin. If you’re sending BTC from a wallet, open the wallet and paste the address as the destination address. Alternatively, you can scan the QR code on the screen from your wallet. In case your BTC is locked up in an exchange, login in to the exchange, and paste the address as the withdrawal address. The transaction should take about an hour to confirm on the blockchain. Once it is confirm, the funds will appear on your ATAIX wallet. The withdrawal process is similar, only that you’ll need to input your destination wallet address. Once you’ve withdrawn BTC from ATAIX, you will be sent a confirmation email with a link on the email address that you used to register on the website. You will need to open this email and click on the link to confirm that the withdrawal process was indeed initiated by yourself. Once this is done, the BTC will be sent to your destination wallet.

Stellar

Stellar is a cryptocurrency that allows anyone to make cross-border payments using any pair of currencies.  The platform forked from Ripple and kick started its blockchain journey with a $3 million loan from Stripe. Stellar’s native cryptocurrency token is Stellar Lumens (XLM). The cryptocurrency is known for fast transaction speeds of between two to five seconds. It uses distributed ledgers to connect banks, people, and payment systems. Launched in 2014 by Jed McCaleb and Joyce Kim, the project is backed by Stellar.org, a nonprofit.

The Stellar cryptocurrency is based on an open source, distributed ledger system that’s maintained by the Stellar Consensus Protocol (SCP). The consensus mechanism allows for flexible trust, decentralized control and enhanced security. The SCP is built around a unique Federated Byzantine Agreement model that allows it to support over a billion accounts and 1000 transactions per second. Stellar’s consensus model differs from other Byzantine models because it allows for open network participation to drive the growth of the network. One thing about Stellar Lumens is that they are not mined like Bitcoins. Instead, all Lumens were pre-mined in a genesis block, and a total of 100 billion XLM exist.

How the wallet works

Stellar Lumens are stored in digital wallets that are compatible with the Stellar blockchain. A wide range of wallets, including desktop, mobile, hardware and web-based wallets support Stellar Lumens. Unlike most other wallets that are free to use, Stellar wallets need every user to have at least 20 Lumens before they can be allowed to create a wallet. They say this safeguards the platform from spammers. You cannot use fiat currencies to buy Stellar Lumens so you’ll need to first buy BTC or ETH and exchange it later with XLM at an exchange. There are many services that allow you to directly buy BTC or ETH using Fiat currencies, Coinbase is a prime example of those.

Deposit/Withdrawal Process

When you login to the ATAIX website, head over to your wallets. Click on “Deposit” on the top-right corner of the screen. In the “Choose Currency” dropdown, select XLM (Stellar). If you’re sending XLM from a wallet, open the wallet and paste the address as the destination address. Alternatively, you can scan the QR code on the screen from your wallet. In case your XLM is locked up in an exchange, login in to the exchange, and paste the address as the withdrawal address. The next step is inputting the destination tag. XLM has a little nuance in that for this cryptocurrency, rather than having a wallet for each user registered on ATAIX, we have one wallet for our entire user-base. The destination tag serves to differentiate transactions done by each user and that the XLM held in the shared wallet is properly assigned to its rightful owners. Hence, the next step in the deposit process is to copy the destination tag from ATAIX and paste it in your wallet, in the Destination Tag section. Once this is done, you can hit send from your wallet and the XLM should appear in your ATAIX account in absolutely no time.

Withdrawing XLM to your own XLM wallet from ATAIX is very similar, except you don’t have to worry about Destination Tags. You can leave that field empty, or put any random number. You’ll get your XLM anyways, as long as the withdrawal address is entered correctly.

Cardano

Like Ethereum, Cardano is a smart contract-based blockchain platform. Based on peer-reviewed research and scientific philosophy, the platform allows developers to build secure decentralized applications. Looking at the enhanced security and privacy features that Cardano brings to the table, it’s easy to see that the platform was built with the end-user in mind.  The Cardano blockchain runs the ADA cryptocurrency. Cardano’s vision is to take banking systems to the developing world, where majority of people lack a basic bank account. This explains why its developers are keen on building a project that adheres to global financial regulations as they seek to reach the unbanked in all corners of the world. The Cardano project was created by Charles Hoskinson and Jeremy Wood in 2015.

The Cardano team minted 45 Billion ADA when the project kicked off. Unlike Bitcoin or Ethreum which use the Proof of Work protocol to add new coins into the ecosystem, Cardano uses a unique consensus algorithm known as Ouroboros, a Proof-of-Stake mechanism. Their consensus model revolves around nodes which have to confirm transactions to generate new blocks. In a proof of stake protocol, coin holders set aside coins which they “stake” to be allowed to confirm transactions. Cardano miners earn ADA for their work in the blockchain.

How the wallet works

Daedalus is the official and the only wallet for ADA coins. It’s an open source multi-currency digital wallet that was created by the Cardano team. Available for both MacOs and Windows operating systems, this wallet allows users to freely exchange between different currencies that the wallet supports. With the Daedulus wallet, you won’t need to worry about the security of your ADA coins. The Cardano team is also expanding the wallet to support Bitcoin and Ethereum Classic.

Storing your coins in this wallet is easy and straightforward. You only need to download and install it in your PC. Mobile users will have to wait longer as there’s currently no mobile wallet for ADA. One of the key benefits of the Daedulus wallet is that you get access to tons of applications that have been built by the Daedulus community. Like with most altcoins, there’s no way to directly buy ADA using fiat currencies. You’ll need to first buy BTC or ETH and exchange them for ADA.

Deposit/Withdrawal Process

When you login to the ATAIX website, head over to your wallets. Click on “Deposit” on the top-right corner of the screen. In the “Choose Currency” dropdown, select ADA (Cardano). If you’re sending ADA from a wallet, open the wallet and paste the address as the destination address. Alternatively, you can scan the QR code on the screen from your wallet. In case your ADA is locked up in an exchange, login in to the exchange, and paste the address as the withdrawal address. The transaction shouldn’t take long before it’s completed. The withdrawal process is similar, only that you’ll need to input your destination wallet address. Once you’ve withdrawn ADA from ATAIX, you will be sent a confirmation email with a link on the email address that you used to register on the website. You will need to open this email and click on the link to confirm that the withdrawal process was indeed initiated by yourself. Once this is done, the ether will be sent to your destination wallet.

Ripple

Ripple presents itself as both a cryptocurrency and a platform. The Ripple platform is an open source software that allows for fast and low cost transactions. Ripple runs a network of financial institutions like banks and payment service providers that use the Ripple network to offer frictionless payment solutions. XRP is Ripple’s native cryptocurrency. Ripple was first released in 2012 by Jed McCaleb.

Most cryptocurrencies tend to use the two most popular consensus algorithms; Proof of Work or Proof of Stake. But ripple uses none of these. Instead, it uses its own unique algorithm known as Ripple Protocol Consensus Algorithm. It’s a technically different protocol compared to that of Bitcoin or Ethereum. Essentially, there’s no mining involved as all the 100 billion XRP coins were mined at the launch of the project.  Ripple validates transactions and recommends to its users a list of trusted nodes that can validate their transactions.

How the wallet works

From software, hardware to paper, mobile and web-based wallets; you’ll be spoilt for choice when it comes to storing your XRP coins. There are many wallets out there that support XRP. Unlike Bitcoin wallets which are free to use, XRP wallets aren’t. Ripple requires all users to have a minimum of 20XRP to book their wallet. It’s a security feature that they say prevents spam. The XRP wallet functions about the same way as any other cryptocurrency wallet. They secure your private key, allowing you to use the public key, or address of your coins on the Ripple blockchain.

Deposit/withdrawal process

When you login to the ATAIX website, head over to your wallets. Click on “Deposit” on the top-right corner of the screen. In the “Choose Currency” dropdown, select XRP (Ripple). If you’re sending XRP from a wallet, open the wallet and paste the address as the destination address. Alternatively, you can scan the QR code on the screen from your wallet. In case your XRP is locked up in an exchange, login in to the exchange, and paste the address as the withdrawal address. The next step is inputting the destination tag. XRP has a little nuance in that for this cryptocurrency, rather than having a wallet for each user registered on ATAIX, we have one wallet for our entire user-base. The destination tag serves to differentiate transactions done by each user and that the XRP held in the shared wallet is properly assigned to its rightful owners. Hence, the next step in the deposit process is to copy the destination tag from ATAIX and paste it in your wallet, in the Destination Tag section. Once this is done, you can hit send from your wallet and the ripple should appear in your ATAIX account in absolutely no time.

Withdrawing XRP to your own XRP wallet from ATAIX is very similar, except you don’t have to worry about Destination Tags. You can leave that field empty, or put any random number. You’ll get your XRP anyways, as long as the withdrawal address is entered correctly

BlogNov, 2018
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How Anonymous is Cryptocurrency?

Anonymity and decentralization are the imperative concepts which cryptocurrency is based on. Shockingly, it isn’t as anonymous as people thought it would be. Data leakage by web merchants is common nowadays. The deals signed with their clients are exposed to the public, which involves the risk of linking individual keys. Government intelligence agencies have come to the rescue by using AI to trace such activities taking place in the dark web.

It’s now confirmed that cryptocurrency is no longer private as there are forensic tools which authorities use to track the entire transaction leading to the formation of blocks. These tools are used to uncover all traded, sent and received addresses that can be linked to people interested in tracing certain individual details. A UK-based think-tank startup called Elliptic that deals with preventing and detecting criminal activity in cryptocurrencies discovered large-scale illegal operations where Bitcoin and Ethereum were involved.

It is possible for cryptocurrency to remain anonymous and untraceable as it was in the past. However, Sarah Meiklejohn together with her colleagues at the University of California has discovered a technique called clustering which is used to monitor and record all the activities occurring on a blockchain. The clustering process assists in scrutinizing operations which makes it possible to track Bitcoin transaction. The clustering formulates a pattern that can easily be recognized by any person who isn’t necessarily a programmer or computer scientist. Crypto is great for providing privacy and security, but it is always encouraged to keep transactions with cryptocurrencies legal and safe. It is also imperative to keep records of crypto exchanging and trading for taxes.

So, is cryptocurrency as private as they claim to be? No. But is it private enough? Yes. With the help of AI and clustering, steps are being taken in order to resolve the issues encountered. Cryptocurrency transactions are remarkably more secure than that of fiat.    

BlogNov, 2018
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Check out our new Subreddit!

ATAIX has opened a new Subreddit for both our users and those interested in our platform or cryptocurrency trading in general. Have a look and don’t be afraid to join any active discussion or start your own.

We’ll have people moderating and following our Subreddit to make sure we address any discussions pertaining to our platform when necessary. Whether you’re a crypto pro or someone who is just curious on the topic, we welcome anyone to give our Subreddit a follow and start talking crypto right away!

Though we encourage all sorts of relevant and appropriate discussions, we would like to note that very common or user-specific questions pertaining to the platform can be addressed over in our FAQ section on the site. Here we have answers to all the most common questions we receive as well as have a direct line of contact for any ATAIX users with inquiries.

As well as following our Subreddit, you can also like us on Facebook and follow us on Twitter to be up to date on ATAIX across all platforms.

NewsNov, 2018
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A Quick Rundown of Some of the Most Popular Cryptos out There

With more and more cryptocurrencies coming into existence, our options of cryptocurrency investments are also multiplying. Since each cryptocurrency has its specific distinctiveness, it’s hard to decide which one to invest in. Each can be applied in different areas to serve for different purposes. Obviously this can be a bit overwhelming and confusing for beginners, so we decided to highlight some of the most popular cryptocurrencies and their appealing peculiarities.

1.   Bitcoin (BTC): Launched in 2009, Bitcoin is the father of all cryptocurrencies. As the most popular one on blockchain, it is a time tested, secure, and profitable crypto coin.

2.   Ether (ETH): Ether is the native cryptocurrency of Ethereum, a platform which facilitates P2P contracts and applications. These P2P contracts are called smart contracts that have the ability to revolutionize how people and businesses interact.

3.   Ripple (XRP): Released in 2012, its purpose wasn’t to compete with Bitcoin, but to complement it. Ripple was created for large financial institutions and quick transactions that include different currencies.

4.   Bitcoin Cash (BCH): When blockchain and the Bitcoin cryptocurrency split into two as a result of a hard fork in 2017, Bitcoin generated a “spin-off” cryptocurrency which was named Bitcoin Cash. It has a larger block size which allows faster transaction times.

5.   Litecoin (LTC): Launched in 2011, Litecoin is similar to Bitcoin in its technical aspect. Litecoin can produce up to 84 million coins, whereas Bitcoin’s maximum is 21 million. Transaction time is 2.5 minutes when using Litecoin, while Bitcoin’s is a little over 10 minutes.

6.   Cardano (ADA): Released in 2017, Cardano’s distinctive feature lies in its transaction. This cryptocurrency allows you to add extra info and details to each transaction you make. Although it sounds similar to other cryptos, Cardano keeps the transaction and information in separate layers. You decide to fill the details whenever you find it necessary.

7.   Neo (NEO): A decentralized, open-source cryptocurrency and blockchain platform launched in China in 2014. Neo focuses on smart economy and offers digital identity, smart contracts, DApps and GAS.

8.   Dash (DASH). This cryptocurrency is also forked from the Bitcoin protocol. Created in 2014, Dash is a lot more decentralized than other coins and its privacy features are solid. Dash has a unified and detailed roadmap on exactly how to be able to offer cheap and instant transactions at a rate of 4,000 or more per second.

The best cryptocurrency for investments depends on what your needs are. Before taking any risky steps, you need to conduct thorough research on the available coins and see which one fits your requirements best. Some want to trade regularly and quickly, while others need more stability for long term investments. These are only 8 of the 1,658 cryptocurrencies out there, so manage your time effectively before managing your crypto-investments.

Remember that we are continously adding cryptos to our exchange list so stay tuned to see which one of these (or any other coins) we might add next.

If you're ready to trade or just wanna try it out, join ATAIX today to start doing so immediately. 

BlogOct, 2018
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Voting List function added to list most demanded coins

As ATAIX always strives to provide our users with the best experience possible, we’ve added a new Voting List function to take into consideration our users’ opinions. As we continue to grow our token and coin list, we want to know which ones you would like to see listed next. 

The Voting List already has several candidates that we’re considering listing, and we need the help of our users to see which one is most demanded. Once you register with us, you can vote for as many of the coins you see listed once every 24 hours. Come back every day to vote for your desired coin and help it become the frontrunner! 

If you don’t see your favorite coin listed on there, feel free to apply to get it up on our Voting List and get fellow traders to vote for it. 

We want to ensure our platform is designed with the user in mind, and this is one of many steps we’re taking to maintain this goal. Register with ATAIX and begin trading with your preferred coins and tokens now.
 

NewsSep, 2018
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One-click Exchange

At ATAIX, we strive to always provide our users with the best experience at maximized convenience while simultaneously ensuring a secure environment with reliable exchanging and trading. To make a more seamless experience, we are happy to offer users our new One-Click Exchange tool, which makes exchanging between different cryptocurrencies easier than ever before. 

ATAIX is dedicated to continuously improving our site and all of its technologies and capabilities, while making trading both an easy and safe experience for users. The One-Click Exchange tool makes exchanging as easy as it gets, while still ensuring that security is a priority. Join ATAIX now to begin exchanging quickly, safely, and conveniently, whether you’re at home or on the go. As soon as you join, you will be able to use not only our innovative One-click Exchange tool, but all the other tools we have to offer as well, all designed to make crypto trading and exchanging quick, easy, and safe.

To be up to date on all our changes and to be notified first of any tools we will add in the future, subscribe to our newsletter now. 

NewsJul, 2018