Frequently Asked Questions

FAQs

Everything You Need to Know About AtomicSwapWallet.io

General Questions

What is AtomicSwapWallet.io?

Atomic Swap Wallet is a completely decentralized cryptocurrency wallet which supports Bitcoin, Bitcoin Cash, Litecoin, EOS, Telos, Ethereum, and some popular ERC tokens including Cointorox (OROX). Atomic Swap Wallet is a unique wallet which features a truly peer-to-peer coin-coin and coin-token exchanging feature. This feature is powered by the ‘Atomic Swap’ technology, which is just another way of explaining the act of combining multiple blockchains into a single interface for users to directly interact and exchange coins with one another.

AtomicSwapWallet.io is powered by Cointorox.

What do you mean by decentralized?

Decentralized is another way of describing a non-custodial platform. This simply means that there are no 3rd parties involved in storing and swapping your coins and tokens. No data or information about you is ever recorded, passed, and cached on our servers. When you create a new wallet on AtomicSwapWallet.io, you are creating a wallet 100% on your end, via your browser. This means if you lose your private keys (or forget to save them), you will lose your funds permanently as nobody else keeps these data/information.

What do you mean by Atomic Swap?

Atomic swap is a peer-to-peer exchange of cryptocurrencies from one party to another, without going through a third party service like a crypto exchange. During this entire process, the users have full control and ownership of their private keys. For more information, read this ARTICLE.

Atomic Swap Explained in Simple English

Atomic Swap Explained in 3 Minutes

Why should I use a decentralized wallet with a relatively complicated exchange system?

Over $1 Billion+ were lost up until today as a result of hacking incidents on centralized wallets and exchanges. Transparency is never always guaranteed with centralized services. Hence, many avid cryptocurrency users are quickly shifting away from centralized services to decentralized/non-custodial platforms.

Another reason is the hectic fees involved with centralized services. Market makers/takers are usually charged around 0.1% for each exchange activity and there are deposit/withdrawal fees involved. Remember, we are not here to sell anything and we charge 0 fees for any of the services we offer. We have simply created this decentralized wallet + p2p exchange because we are passionate about bringing solutions to the existing problems within the industry. By using Bitcoin.js, web3.js and the libp2p library in IPFS, we allow users to seamlessly swap coins and tokens (cross-chain) directly with one another without any 3rd parties involved & without any fees involved.

Many centralized services additionally require you to complete KYC as funds are received directly into their wallets. We do not require users to verify their identifications as we do not handle your funds nor do we store your data anywhere with us. Nobody can freeze or suspend your account or funds and prevent you from performing transactions. It’s the way it should have been and will always be.

Which blockchain/coins/tokens do you support?

We support Bitcoin, Litecoin, EOS (account can only be imported), Telos, USDT (omni), Ethereum, and some popular ERC20 tokens: TUSD, USDC, DAI, GNT, MKR, LINK, HOT, ZIL, MTH, BAT, REP, OMG, ZRX, OROX. This list will grow as the platform matures.

What are the fees involved for using the wallet?

We take 0 fees in the middle for providing these services to you. However, you still have to pay the standard TX (miners fees) for all transactions you conduct on the platform.

For ERC20 tokens, it is required that you have at least 0.001 ETH on your wallets. Remember! when sending ERC20 tokens, you are required to hold some ETH as miners fees for transactions. This is also the case for all atomic swaps for ETH & ERC20 tokens.

NOTE: You can easily check the ‘miners fees’ required for each respective coin by simply googling them.

How are you better than your competitors?

Decentralized Exchanges

None of the decentralized exchanges allow users to actually swap BTC <> ETH <> ERC20 Tokens. They either require you to ‘wrap’ your BTC or ETH… or they’re straight up lying about being ‘decentralized’. AtomicSwapWallet.io doesn’t require users to ‘wrap’ their coins as we have simply implemented the ‘atomic swap’ technology, allowing users to directly interact with various blockchains on a single interface.

0x (Kyber, Radar Relay, Airswap) – work only with ETH and ERC-20 tokens, no support for other blockchains.

Binance DEX, BitShares, EOS DEX – proxy-token or token-wrapping required and funds are required to be sent to the administrator or special CEXs. The exchange of these IOU (proxy-token) cannot always be 100% guaranteed.

Polkadot Bridge, Cosmos – they serve as cross-chain IOU services only. Exchange is guaranteed by the consensus and there is no way to trade Bitcoin.

Direct Competitors

Atomic Wallet – p2p Atomic Swaps are only supported for BTC, LTC, QTUM. They deal with a wide range of coins & tokens but these are not supported by atomic swaps & they use centralized services such as Changelly for exchanges of these coins & tokens. Additionally, Atomic Wallet’s atomic swaps do not support partial fulfillment.

Spark Swap, Exchange Union – software download required and works only on the console itself.

Changelly, Shapeshift, Zigzag – centralized (custodial) services at most times requiring full KYC.

Atomic Swap & Orders

Which coins can I actually use for 'Atomic Swaps'?

  • Bitcoin ⇋ Ethereum or ERC20 or Litecoin
  • Ethereum ⇋ Bitcoin or Litecoin
  • Litecoin ⇋ Bitcoin or Ethereum
  • USDT ⇋ ERC20 Tokens
  • ERC20 Tokens ⇋ Bitcoin or USDT
  • Swap Support for BCH, EOS, TLOS are coming soon.

    What are the risks associated with using the atomic swap feature?

    It is important that you understand the risks involved before performing the atomic swap. Although it is 100% transparent and relatively safer than centralized services, there are a few risks involved – which in most cases, won’t happen to experienced users and can be 100% prevented and avoided if you know what you are doing.

    Amounts Exceeding $10,000
    Hackers can deliberately spam the network (e.g. Ethereum network) to delay your swap, take funds out of the smart contracts, and cancel the intended swap. This makes sense if the transaction itself is larger than $10,000 as it would cost more than that to actually ‘spam’ the network.

    1. Alice (BTC) and Bob (ETH) have frozen funds in smart contracts for the atomic swap
    2. Alice tries to withdraw funds from ethereum smart contract and sends the secret key with a low gas price (the secret becomes visible to everyone)
    3. Hacker detects the transaction and starts a DoS attack in which he starts spamming the ethereum network to prevent the TX from being mined
    4. Hacker withdraws BTC from the Bitcoin script (since the secret is already known)
    5. After a timeout, Hacker sends a refund transaction with higher gas fees to perform his TX before BOB‘s and withdraws ETH from the smart contract

    TX amount too small or public node unavailable – resulting in delays and funds stuck for hours
    1. The node will not accept a Bitcoin transaction for withdrawal (transaction is too small or considered as a spam)
    2. Public node suddenly becomes unavailable

    How to remove the risks
    1. Check that you are connected before performing a swap (check bottom-left corner of the wallet).
    2. Do not perform swaps if nodes are unavailable .
    3. If the transaction remains pending for a long time, replace it or complete the swap manually by sending transactions.

    The risks of a user starting a swap but not completing it:
    When a user starts a swap process with you and he/she suddenly disappears in between the swapping process, your funds may be locked in the contract for a few hours or until it has been cancelled. Therefore, we have implemented the ‘user rating’ system – available on the top-right corner of the wallet – which will rate users on the number of successful swaps conducted.

    What are the fees involved?

    There are no fees involved for using your wallet and executing swaps. You only have to pay ‘miners fee’ which is the standard transaction fees of respective blockchains.

    How do 'orders' on the 'orderbook' work?

    The orderbook itself is decentralized as we keep no records of users and no data on our servers. Each user stores orders and sends them in the form of data to other users via the IPFS pub sub network – which is based on the principles of IRC (Internet Relay Chat), an application-level protocol for real-time messaging.

    How are orders created?
    1. The user selects a pair in the interface and indicates the amount he/she wants to sell (amount should be available on the wallet).
    2. User’s browser creates a message based on the protocol, signs it with the user’s private key (for identification) and sends it to the IPFS pub sub network
    3. Other users receive this message via their browsers and adds the order to their local copy of the order book.
    4. If someone wants to execute the order, this message is sent directly to the creator of the order only.

    Why was my exchange/swap request declined?

    All exchanges are conducted directly with other peers using our platform. Therefore, we can never intervene with your swapping processes & delete orders in any way. The only explanation of why your request was declined is because the other user did not want to perform an exchange/swap with you at this point of time.

    Common causes of rejection:
    -Your account is not credible (few exchanges = low ratings)
    -The other party has found another user for the swap
    -The other party does not have enough funds to actually perform the swap

    How long does it take to swap my coin/token?

    When the order maker & taker are matched, the actual time taken for swaps do not take any longer than 10 minutes (assuming that both parties have enough funds on their wallets). For example, BTC<>ETH typically takes less than 40 seconds to receive ETH and up to 3 minutes to receive BTC.

    It says 'Bitcoin Node' is down. What should I do?

    If you cannot access your wallet because the ‘Bitcoin Node’ is down, use external wallet services such as blockchain.info to import your wallet & withdraw funds.

    Are swaps done "on-chain" or "off-chain"?

    All coin-coin and coin-token swaps are conducted “on-chain” with the help of our decentralized orderbook via IPFS feature + reputation system + atomic swap solutions.

    How is the volume & liquidity maintained?

    Although we are doing our best to attract as many users as we can to use the platform, we have to admit that the relatively complicated nature of decentralized platforms often push users away. There are plans to implement an arbitrage & market making bot in the near future, which will help fulfill orders for users in need of instant liquidation/swaps.

    Why is my order not visible to me but visible to others or on different browsers?

    1. Please wait while ipfs peers search is complete (blue line indicates the search progress).

    2. If it doesn’t help, save the keys and clear indexDB

  • 2.1. Open dev tolls (press F12 or click right button & select “inspect element”)
  • 2.2. Go to Application tab
  • 2.3. Delete all entries in IndexedDB
  • My swap process & bitcoins are stuck! What should I do?

    1. Find Refund hex transaction in swap.

    2. Send the transaction to the Bitcoin Network (for example through Bitpay or Other Services)

    3. If there is a “non final” error, try to send the transaction again in an hour.

    For other blockchains, please email [email protected] for help.

    Cointorox & OROX Token

    What is Cointorox?

    Cointorox is a comprehensive cryptocurrency ecosystem consisting of a digital piggy-bank, marketplace, atomic swap wallet, blockchain based games, airdrop central, and savings faucet, etc. The ecosystem is dynamically changing and rapidly growing as the platforms mature. Visit COINTOROX.COM for more info.

    What is OROX?

    OROX is the native ERC20 token used on all Cointorox Ecosystem Platforms. It is mainly utilized as a utility token to activate/deactivate features on the digital piggy-bank. More information about Cointorox Token (OROX) can be found on: https://etherscan.io/token/0x1c5b760f133220855340003b43cc9113ec494823

    How is OROX used on Atomic Swap Wallet?

    OROX will be featured as one of the main ERC20 tokens alongside other popular ERC20 tokens. OROX is not particularly used to provide any incentives as AtomicSwapWallet in itself is a non-profit & non-custodial platform which charges zero platform fees. However, we will use OROX as a cross-promotional tool for projects wishing to list their tokens on ASW – which will require an airdrop of tokens towards OROX holders on the platform.

    How can I learn more about Cointorox & join the community?

    Please visit COINTOROX.COM for more info.

    Questions? Buzz us.

    General Inquiries

    Business & Listing Inquiries

    We currently only support ERC20 Token listings. By listing your token on AtomicSwapWallet.io, you are allowing users to trade your tokens with one another for Bitcoin or USDT, in a completely decentralized manner.

    Support for ETH, EOS, TLOS, LTC, BCH ⇋ ERC20 Tokens will be launched soon.

    EMAIL:
    [email protected]

    Cointorox Inquiries