Security is central in a decentralized network, but how exactly does this work via decentralized exchanges and dApps? During the development of the still very young but rapidly growing DeFi market, we see that privacy is becoming increasingly important, provided it is not always guaranteed. In order to fully migrate to Web 3.0, it is necessary to be able to guarantee security and privacy to the users of the decentralized network. Discover Automata Network, a decentralized service protocol that should make Web 3.0 fully operational.
What is Automata Network (ATA)?
There are more and more crypto applications and more and more crypto is in the mainstream media. This means that the general public is informed about these technological and financial innovations as the ecosystem is in the process of being adopted by the general public. With this development, it is increasingly important to represent the core value of the blockchain technology, especially the principle of web 3.0 .
Automata Network (ATA) itself claims to be the last piece of the puzzle that the Web 3.0 needs to be fully operational. Already in the early development of crypto, Web 3.0 was mentioned as the future. By this they mean a fully decentralized network in which all applications and other applications can operate decentrally from each other with interoperability possible. We know Web 2.0 as websites and applications that use content generated by users themselves, and which are therefore also centrally developed. For example, think of Facebook, which has a worldwide network, but where the developments and management are dependent on a select group. The development of 3.0 focuses on using technologies such as Artificial Intelligence (AI) and Machine Learning to deliver relevant content.
Automata is a decentralized service protocol launched to realize the vision of Web 3.0 in an informed and practical way. It is an ERC20 and BEP-20 utility token that enables privacy-centric interoperability. Automata Network has already raised more than 2.4 million dollars through funding. This includes KR1, Europe’s largest blockchain investment company. They mainly invest in young and promising protocols in the DeFi ecosystem. Their investment and trust is therefore also of great importance for the further development of Automata.
DeFi is developing at an unprecedented pace and more and more investors are finding their way to decentralized finance. Although DeFi stands for an improvement in privacy and anonymity, in reality this is not always the case. The protocol even makes the comparison that platforms like Ethereum are a dark forest where bots and miners behave like real predators. They do this by manipulating transactions with, among other things, high gas fees, whereby they enforce priority over other transactions and can therefore also make an investment more cheaply. This puts the decentralized system into question and could cause financial damage to investors of the DeFi ecosystem.
With these privacy applications, they make anonymous voting possible at all Decentralized Autonomous Organizations (DAOs) involved, but also communication between different networks where confidentiality is paramount.
A feature of DeFi is that you can participate in transactions without revealing your identity. Because of this, it is possible that there are validators in the network that have malicious intent. This allows them to launch attacks and retrieve personal data. This makes this decentralized environment anything but a safe place with privacy. Automata uses two different nodes to secure the network and guarantee privacy.
Validators are essential for a secure network. This requires them to stake a significant amount of ATA and are thus responsible for a whole range of tasks within the protocol. Proof-of-Stake ( PoS ) is seen as the best way to secure a network because it is where the decentralization is highest. Automata is a peer-to-peer network that enables users through a governance function to keep the network secure and also to vote anonymously with various DAOs. This application is certainly not revolutionary if many protocols use validators to secure their network.
Geode is a protective and unbiased environment where tasks are performed that enable the control of the network. It uses the state-of-the-art hardware trust, along with a whole algorithm to ensure privacy in this way. They not only protect the data in a direct way, but also in an indirect way by protecting data gateways by this provider. It protects both an environment where computing power is central, as well as the environment that is provided for storing data and data. Geode can connect to a series of blockchains in various ways to transfer the same information to other blockchains or collaborate with other chains.
Unfortunately, as mentioned before, it happens all too often that via DEXs different bots in different ways get the best prices, pushing back trades from regular investors. An important part of Automata is the certainty that your transaction will be completed without influence from such players. Manipulating these transactions is also called front-running and this prevention is one of their strongest values with which they want to bind the investors.
This randomness, as they call it themselves, can also take place with different dApps. Because they want to be the last puzzle to make Web 3.0 final and operational, they also want to offer this guarantee for decentralized applications across the entire ecosystem. Integration of Automata with existing dApp is therefore possible with very minimal adjustments.
Frictionless computation – interoperability
Interoperability is the standard for the new Web 3.0 and we are also seeing new protocols incorporate this into development. To make this happen, they have a privacy-first cross-chain service plan. This is the implementation of the privacy protocol where decentralized applications with these new privacy services can communicate with different blockchains. They can integrate the Geode into the base code of new dApps to give users control over their own data.
Cross-chain communication has long been a complex affair due to the development of smart contracts . Every blockchain has different blocks, which made the smooth flow of data an obstacle. Automata therefore develops and uses smart contracts that are not only able to exchange data cross-chain, but also that these transactions are extra protected to guarantee their privacy. By building this interface on different blockchains, the protocol creates a unified interface for all blockchains involved. Through these applications, they enable fast cross-chain transactions and in this way form a sub-second layer for this blockchain. This development protects the DeFi ecosystem.
Automata has launched Witness, a governance voting service for decentralized applications. It is a voting platform with privacy features that can be implemented across different blockchains. This contributes to the interoperability of the protocol. You can choose between different types of voices, with different privacy levels.
Voting is done off-chain, which means no gas fees or other costs are involved. This allows a large audience to participate in this governance function without being limited by potentially high gas fees. All Witness functions can be implemented separately or together. This gives a high degree of freedom for developers. Witness currently supports the following networks:
- Ethereum (Mainnet, Kovan Testnet)
- Binance Smart Chain (Mainnet, Testnet)
- Plasm Network (Dusty Testnet)
- Clover Finance (Testnet)
- Darwinia (Pangolin Testnet)
- Moonbase (Alpha Testnet)
- Polygon (Matic Mainnet)
Witness’s platform is basically a gathering place to participate in various DAOs. You can easily navigate between different networks where you can immediately see which projects are available to participate in the voting. Currently only MetaMask is supported to connect to the platform.
Automata (ATA) is the 20th and most recent protocol launched on the Binance Launchpool. Binance is one of the largest exchanges in the world and a listing via this launch pool is therefore usually a major launch for a new protocol. Binance Launchpool is a part of Binance where you can stake current tokens in exchange for other tokens. At the time of writing, Automata Network’s Launchpool is still ongoing.
You can make your tokens available in three different pools, each with a different Annual Percentage Yield (APY):
These percentages are based on an annual interest rate. The duration of this launch pool is 30 days with a maximum reward of 40,000,000 tokens. This is 4% of the total stock. This launch pool will run until July 2, 2021 and investors are therefore hopeful for the further development of Automata.
The price of Automata has grown exponentially in a short time, which immediately gained a lot of attention. It is important to note that participation in this launch pool is fixed. This means that you make your tokens available for a period of 30 days, without being able to consult them again. This increases the volume considerably, which has a positive effect on the price. It remains to be seen what the price will do once this period has ended.
Automata also launched in early June 2021 on PancakeSwap , the decentralized exchange (DEX) of the Binance Smart Chain. You can earn the native token of Automata by staking CAKE, the native token of PancakeSwap. This is done in the Syrup Pool on the platform. The strike period is 60 days with a total reward of 3,000,000 ATA tokens. To give everyone here a chance, they are providing a maximum strike stock worth $100 worth of CAKE tokens.
- Total Token Rewards : 3,000,000 ATA
- Distribution duration: 60 days
- Start Time: June 7, 2021
- Finish Time: August 6, 2021
Another way to earn ATA is by participating in a liquidity pool. This is done on an ATA/BNB trading pair basis, where you will receive LP tokens in exchange during this period. As a reward, liquidity providers receive CAKE tokens where they even received 2x as many tokens in the first 48 hours. Providing liquidity is not entirely without risk, it is therefore important to know that you may experience an impermanent loss.
The team is not officially known through their website nor whitepaper, which they even describe as lightpaper. Automata Network is well known at LinkedIn where we find more information about both co-founders and the currently 3 employees.
Automata Network (ATA) was founded in April 2020 by two university students Zheng Leong Chua and Deli Gong in Singapore. Zheng has a PhD in computer science from the University of Singapore. Afterwards, he was a research assistant for several years, including binary analyses. Gong, on the other hand, has previously proven its knowledge in blockchain technology. After his masters in computer science, he worked for years at Ziliqa as a core developer and afterwards as an infrastructure lead. Both friends subsequently decided to tackle pain points in the market and jointly developed Automata Network (ATA).
In addition, they employ two external blockchain developers who participate in the further development of the protocol.
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Where to buy Automata (ATA)
Since September 2021 you can now also buy ATA on Bitvavo . Enter below how much ATA you want to buy on Bitvavo.
In order to realize a fully operational web 3.0, the blockchain trilemma must be met, in which decentralization, security and scalability are in balance. Part of all these components is privacy. This is always an important aspect for investors when they participate in a decentralized network.
Despite the desire for decentralization, many exchanges are still centrally organized and require a lot of personal information. Many of these exchanges are therefore not designed to approach privacy issues in a decentralized way. Automata Network has an infrastructure for dApps where existing applications can easily integrate to Automata without too many adjustments. This allows these dApps to remain operational and to further develop cross-chain. This privacy-first is essential and it is Automata Network’s biggest mission to ensure this privacy in the further development of decentralized finance.
Thanh Lanh Tran(1989) is Chief Editor from BitcoinUSD.com