Atomic age is the term used by historians to describe the period following the detonation of the first nuclear bomb during World War II. In crypto language, it refers to something else.
Dr. Craig Wright, chief scientist of nChain, one of the influential tech groups leading the development of Bitcoin Cash, defined atomic age as “a way of making everything an economic item, allowing people to sell things part by part down to fractions of a billionth of a cent’s worth.”
“It’s basically taking Bitcoin back to the original goal, not just money but an overarching system that allows an economic aspect of everything in the internet,” Wright told CoinGeek.com. “Basically a way of recreating things, a way of not having trusted middlemen. Middlemen can be there if they add value but not because we need to trust them anymore.”
At the core of this atomic age are three things: assets chain, which is basically a series of tokenized access data that allows things to be built on top of the chain; oblivious transfers, in which a sender transfers an information to a receiver, but remains oblivious as to what piece has been transferred; and atomic swap, which is a smart contract technology that allows one cryptocurrency to be exchanged for another without using centralized intermediaries. Atomic swaps, according to Wright, will enable inter-blockchain conversion between different cryptocurrencies on the Bitcoin Cash (BCH) blockchain.
“Basically, why it’s called atomic is it’s one way or the other. It’s binary. Either the complete transaction occurs or nothing,” he explained. “There’s no way that anything can ever be partly transmitted… no requirements that you wait months or weeks or whatever else to get your money back.”
In May, Bitcoin BCH underwent a network upgrade, which increased the block size to 32MB and restored certain OP_Codes for advanced functionality. This, Wright said, is “just the start,” noting that “people are going to start figuring out just how much you can actually do on Bitcoin Cash now.” He also invited developers and project starters to build on the technology, which opens a whole world of possibilities for development of the Bitcoin Cash blockchain.
“People can start building this technology, but it’ll be simpler and simpler over time, so today we can do it, but we want it so that my grandma can do this,” Wright said.”We want simple coders, young kids to build new applications and organizations.
Incidentally, CoinGeek is running a £5-million design challenge to put tokenization on the BitcoinBCH chain. The contest is still open, with an adjusted reward and terms, to enable other solutions to also be developed and released open source on the BCH platform. More information about the CoinGeek tokenization contest can be found here.
Interested in helping the growth of merchant adoption of Bitcoin Cash? Join the bComm Association, an industry group that intends to be the focal point for miners, merchants, exchanges, developers and members of the BCH community. Developers and merchants of the Bitcoin BCH community will also be in London for the first CoinGeek Week happening in November. Register here, and be the first to know when tickets go on sale for this historic week.