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Automata

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Discover Automata's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Automata?

Automata (ATA) is a cryptocurrency launched in 2021, operating on the Ethereum platform. It aims to enhance privacy and security within the blockchain ecosystem through innovative solutions such as modular attestation layers, Trusted Execution Environment (TEE) coprocessors, and Proof of Machinehood. This technology enables decentralized, secure, and private digital transactions, focusing on Web3 infrastructure and interoperability among DeFi blockchains.

How is Automata used?

Automata Network's native token, ATA, serves several key purposes within the ecosystem. Here are the primary uses of ATA:

  1. Governance: ATA token holders can propose, vote on, and influence platform updates and network parameters, ensuring that the development and evolution of the Automata Network align with the community's interests and needs.

  2. Protocol Rewards: Compute and storage miners are rewarded in ATA tokens for their services, which include running applications and executing transactions. This reward mechanism motivates miners to contribute their resources and secures the network's infrastructure by distributing its computational and storage duties.

  3. Transaction Fees: ATA is used as the currency for protocol fees. Users engaging in transactions or requiring computational and storage services remit payments in ATA, ensuring miners are incentivized to maintain the network.

These uses of ATA are integral to the functioning and growth of the Automata Network, which focuses on enhancing blockchain privacy and security through innovative solutions like Trusted Execution Environment (TEE) research and app-specific rollups.

How do I store Automata?

To store Automata (ATA) tokens, you have several options:

  1. Exchanges' Wallets: You can store your ATA tokens on your exchanges' wallets, such as Binance Wallet. This is a convenient option, but keep in mind that exchanges' wallets are "hot wallets" and are always online, which makes them more vulnerable to hacking risks.

  2. Crypto Wallets: You can store your ATA tokens on crypto wallets like Trust Wallet. These wallets offer better security than exchanges' wallets and are suitable for long-term storage.

  3. Atomic Wallet: The Atomic Wallet is a specific wallet designed for managing Automata Network tokens. It is private, secure, and offers 24/7 online support. The wallet does not store your private keys, and you have full control over your funds.

  1. Cold Wallets: For the highest level of security, you can store your ATA tokens in cold wallets. These wallets are offline and are ideal for long-term storage. They protect your tokens from hacking risks and are recommended for large holdings.

Remember to always prioritize security when choosing a storage option for your Automata Network tokens.

How to buy Automata?

To buy Automata (ATA) tokens, follow these steps:

  1. Choose an Exchange:

    • Select a reliable cryptocurrency exchange that supports Automata Network (ATA) trading. Popular options include KuCoin, Binance, Kriptomat, and BitScreener.
  2. Create an Account:

    • Register on the chosen exchange's website or app. Verify your email, phone number, and identity to unlock full features.
  3. Add Funds:

  • Deposit funds using various methods such as credit/debit cards, bank transfers, or third-party payment channels. Ensure the exchange supports your preferred payment method.
  1. Buy Automata Network (ATA):

    • Navigate to the exchange's spot market or trading section.
    • Select Automata Network (ATA) as the cryptocurrency you want to buy.
    • Choose your preferred order type (market order, limit order, etc.).
    • Enter the amount you want to purchase and confirm the transaction.
  2. Store or Use Your ATA:

    • Once purchased, you can store your Automata Network (ATA) in the exchange's wallet or transfer it to a personal cryptocurrency wallet for long-term storage or trading.

Remember to research the exchange's fees, security, and reputation before making a purchase.

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History of Automata

Automata Network, the decentralized service protocol behind the ATA token, was founded in 2019 by a team of industry professionals and researchers with backgrounds at Zilliqa, LongHash, and Singapore's National University. The project received significant support, including a Web3 Grant in 2020 and participation in the Web 3.0 Bootcamp and Berkeley Blockchain Xcelerator in 2021. Notable investors include KR1, Alameda Research, IOSG Ventures, Divergence Capital, Genesis Block Ventures, and Jump Trading.

The Automata Network has been actively involved in various initiatives, such as the Polkadot Decoded Mainstage in 2021, where it presented its vision for decentralized and private computing. The project has also collaborated with other organizations, like Babylon, to advance research in Trusted Execution Environments (TEEs) and enhance security in multi-prover systems using staked Bitcoin.

The ATA token, which is used for proposals, platform enhancements, and network settings, has experienced significant price volatility since its listing on Binance. Despite this, the token remains a key component of the Automata Network, facilitating economic activities and incentivizing miners to provide computational and storage services.

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How Automata works

Automata Network (ATA) is a decentralized service protocol that acts as a privacy middleware layer for decentralized applications (dApps) running on various blockchains, including Ethereum and Polkadot. It leverages cryptography and privacy-preserving algorithms to enable functionalities like anonymous voting, do-not-track indexing, and minimizing Maximum Extractable Value (MEV).

Privacy Middleware Layer

Imagine a layer between dApps and their underlying blockchains. This is what Automata Network does. It acts as a middleman, processing data and transactions while preserving user privacy. This layer ensures that sensitive data remains hidden while enabling secure transactions on the blockchain.

Cryptographic and Privacy-Preserving Techniques

Automata Network achieves this by utilizing cryptography and other privacy-protecting algorithms. These techniques ensure that sensitive data remains hidden while enabling secure transactions on the blockchain. This includes methods like Conveyor, which reduces MEV by arranging transactions in a predetermined order, making it difficult for bad actors to manipulate the system.

Enabling Privacy Use Cases

By implementing these techniques, Automata Network facilitates various privacy-focused applications. Some examples include:

  • Anonymous Voting: Users can cast votes on dApps without revealing their identities.
  • Do-not-track Indexing: Users can prevent their browsing activity from being tracked and indexed.
  • MEV Minimization: Automata Network helps reduce MEV, protecting users from potential manipulation by miners.
Open-source Code and APIs

Developers can leverage Automata’s open-source code and APIs to create privacy-preserving dApps on the network. This allows for the integration of privacy functionalities into various applications, enhancing user security and trust.

Token and Tokenomics

The ATA token is Automata Network’s native cryptocurrency. It is used for:

  • Governance: Proposals, platform enhancements, and network settings can be created and voted on by ATA token holders.
  • Mining Rewards: Compute and storage miners earn ATA tokens by running apps and performing transactions for network users.
  • Protocol Fees: Users pay miners for tasks like data storage and computing.

Overall, Automata Network provides a robust and secure platform for decentralized applications to operate with enhanced privacy features, ensuring a safer and more reliable experience for users.

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Automata's strengths

The token Automata (ATA) has several strengths that contribute to its value and potential in the cryptocurrency market:

  1. Governance and Participation: ATA token holders can create and vote on proposals, platform enhancements, and network settings, ensuring a decentralized and community-driven decision-making process.

  2. No Gas Fees: The network allows for zero gas fees associated with governance activities, making it more accessible and cost-effective for users.

  3. Increased Privacy: Automata offers three custom privacy options for voting: public, medium, and private, ensuring that users can maintain their desired level of anonymity.

  1. On-Chain Execution: The network supports on-chain execution of proposals, ensuring transparency and security in the decision-making process.

  2. Signaling Tool: The signaling tool allows projects to use Witness as a signaling mechanism without executing it on the blockchain, providing flexibility in governance.

  3. Elastic and Scalable Control Plane: The control plane is controlled by staking nodes, protecting the protocol and managing interactions between different protocol players.

  1. Verified Accountability: The pay-as-you-go approach allows users to pay for computation based on their requirements, ensuring accountability and transparency.

  2. Cross-Chain Service Plane: Automata provides a cross-chain service plane that prioritizes privacy, enabling users to utilize Geode for tooling services and data control.

  3. Staking and Hosting Rewards: Geode suppliers are compensated for both staking and hosting, and automata validators receive staking incentives, promoting collaboration and network maintenance.

  1. DApps Applicability and Speed: Automata offers tools for developers to create strong, competitive apps that can rival centralized applications.

  2. Interoperability: The network supports simultaneous and privacy-preserving interfaces for different blockchains, enabling seamless data exchange and collaboration.

  3. Compute Plane Security: Automata's compute plane is shielded and impartial, providing a secure alternative to centralized cloud services.

These strengths collectively contribute to Automata's focus on privacy, security, and decentralized governance, making it an attractive option for users and developers in the Web3 ecosystem.

Automata's risks

Automata (ATA) is a cryptocurrency that carries several financial risks. One of the primary risks is associated with high leverage trading. Leveraging can amplify gains, but it also magnifies losses, making risk management crucial in high leverage trading. Additionally, investing in Automata (ATA) holds both exciting prospects and notable hazards, emphasizing the need to carefully weigh the potential rewards against the risks involved.

Another risk is the volatility of the cryptocurrency market. The value of ATA can fluctuate significantly, and investors may experience substantial losses if they buy at a high price and the value drops. Furthermore, the practical applications and real-world use cases of Automata Network's technologies are still evolving and need to be more clearly defined, which can impact the long-term viability of ATA as an investment.

Lastly, the liquidity and delisting risks should also be considered. If Automata (ATA) were to be delisted from major exchanges, it could become illiquid and difficult to value, making it a riskier investment.

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Automata's ecosystem

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Automata’s team

  • Zheng Leong: Co-founder of Automata Network, holding a Ph.D. in computer science from the National University of Singapore.
  • Deli Gong: Co-founder of Automata Network, former infrastructure lead at Ziliqa.
  • Other Team Members: The Automata team consists of 11 people, including blockchain developers and researchers, some of whom are founding members of Ziliqa.

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