OpenLedger, the first decentralized “FinTech Exchange,” launches today. OpenLedger enables users to convert Bitcoin to “fiat-pegged” smart coins that can be held or traded within a decentralized system. Smart coins can be cashed in through the Nanocard network, Paypal, Ripple gateway, and money transfers.
“OpenLedger has been designed to solve the problems of speed, stability, security and transparency that still hamper cryptocurrency and prevent its widespread take-up and adoption.”
The OpenLedger system will allow secure trading features with multi-signature technology, its block explorer, and full access to the BitShares organization. BitShares developer Dan Larimer is one of the partners of the project, and claims the system will be capable of processing over “100,000 transactions per second.” The FinTech exchange wants to move a high amount of volume within the cryptocurrency space and trade just as fast as Wall Street. Users get the ability to use Bitcoin through various channels like the bitshares 2.0 blockchain, and CCEDK’s fiat gateway.
The team says users will have top-notch security using OpenLedger’s platform with its full access to private keys and open, transparent order books placed directly on a distributed ledger. It seems that BitShares, the Danish-based CCEDK’s, and Larimer’s Cryptonomex Inc. has had quite a few partners now, and the groups wanted to give them something they could use which utilizes their blockchain technology.
Larimer told Forbes,
“We’ll start logging transactions every 3 seconds and then gradually throttle up till we see what rate people on the other side of the planet can handle. While real time is about 1 second, which limited by the speed of light circling the globe through all the Internet connections, 3 seconds is a great improvement over traders waiting an hour between the steps in a chain of trades.”
The exchange looks like it will be a high-speed trading realm for cryptocurrency traders who wish to go beyond current trade speeds. The partnerships under the hood of OpenLedger’s trading engine allow people to utilize a full range of crypto-2.0 opportunities as well as faster transaction times.
The new platform will also enable its user base to operate a smart contract protocol. Through BitShares, delegated proof of stake (DPOS) system contract applications are easily developed to facilitate blockchain verified negotiations. Additionally, the system also incorporates a referral system that may generate revenue for those who don’t trade as often. The team believes it offers the total package with its referrals, decentralized market and pegged assets throughout its network with lighting fast speeds. Assets can be user-issued, much like colored-coin attributes, on the OpenLedger chain, and identity solutions are also offered with its blockchain verified usernames.
Within its web wallet, the integrated block explorer allows people to quickly look up transaction IDs and blocks, giving quite a bit of transparency to the system. The FinTech protocol relies heavily on BitShares 2.0 and the Graphene toolkit developed by Larimer.
Will you use the OpenLedger platform? Let us know in the comments below!
Images courtesy of Shutterstock, Pixbay and OpenLedger