What is Automata Network? Automata Network is a web3 themed blockchain project that provides privacy software products for decentralized applications (dApps). In this article, you can access answers to frequently asked questions such as what is Automata Network, what it offers, how to get ATA coin, what is it used for. As Kriptokoin.com, we have compiled it for our readers who are curious about the project.
What is Automata Network? What does ATA offer?
Automata Network is a blockchain project that aims to connect blockchains. Users of the platform can integrate with existing blockchains such as Binance Smart Chain (BSC), Ethereum. Besides, the platform also offers privacy software for decentralized applications (dApps). The project aims to offer privacy, security and high scalability to Web3 applications.
The project has a decentralized structure similar to many blockchain projects. Holders of the platform’s native token ATA coin can vote on decisions that determine the future of the project. However, the situation is slightly different in the Automata network. Voting token holders vote anonymously, unlike other blockchains.
In addition to all these, the platform provides storage services to its users. Users can store and manage their data on the platform. Transactions performed on the network are verified by ATA token miners. Crypto miners earn token rewards by verifying transactions. Through the platform, users can perform almost all decentralized finance (DeFi) transactions and earn passive income with staking and interest features.
What is an ATA coin? What is it used for?
ATA coin is the native cryptocurrency of the Automata Network project. ATA, which also works as a governance token, can be used as a voting right in the decisions taken on the platform. Besides, ATA coin has various use cases. ATA token holders can transact with state-of-the-art encryption. Token holders can perform encrypted transfers and generate indexes for their investment strategy.
In addition, the token can also be used to perform almost any DeFi transaction. ATA holders can lock their holdings for a specified maturity and earn additional token rewards at maturity. Investors can also lend their tokens as loans. Thus, they can earn additional income on interest. At the time of writing, ATA coin was the 438th largest cryptocurrency with a market cap of $87.5 million. In addition, 172 million ATA tokens were in circulation.
What are the advantages?
Automata Network users can perform transactions anonymously on the network. The platform makes it possible to conduct transactions in an anonymous form. Transactions made by ATA coin holders with their tokens take place within a few minutes. The platform is pretty fast. Users of the platform can easily access DeFi services where they can earn rewards and interest income.
What are the disadvantages?
Token holders that produce indexes on the network are tracked by miners who verify transactions, even if they are anonymous. Storing tokens in virtual wallets increases the likelihood of cyber attacks. This issue can be resolved by transferring assets to a hardware wallet.
What is Automata Network? How to get ATA coins?
Automata Network’s native cryptocurrency is listed on many exchanges. Exchanges that list the ATA coin include Binance, KuCoin, BKEX, and CoinEX. Investors who are fully members of one of these exchanges can purchase ATA tokens by depositing money in their wallets.