OpenLedger, dubbed ‘perhaps the world’s most powerful’ decentralized financial platform, is going live today, October 13 at 9.00 EST, offering a new set of tools with the potential to revolutionize the industry.
Formally unveiled by Danish crypto exchange CCEDK’s CEO, Ronny Boesing, at last month’s Global Money Transfer Summit in London’s Canary Wharf, Crypto-financial platform OpenLedger makes some impressive claims about the benefits it will provide to the finance industry. OpenLedger, which was developed in collaboration with BitShares and a series of other organisations in the crypto space, will become the default wallet and exchange for the BitShares platform.
The fastest crypto exchange in existence?
OpenLedger, which boasts Nasdaq-like latency and volume capacity, aims to address the major barriers to the widespread adoption of cryptocurrency. ‘OpenLedger has been designed to solve the problems of speed, stability, security and transparency that still hamper cryptocurrency and prevent its widespread take-up,’ says Boesing. One of the critical features is the inclusion of pegged currencies and assets, enabling funds to be stored and deployed without exposure to crypto’s signature volatility, whilst the low fees enabled by a decentralised approach lead to better yields and lower risk.
Moreover, OpenLedger is not restricted by the slow confirmation times and limited volumes of traditional blockchain technology. ‘We can trade peer to peer anywhere in the world in a few seconds. We’ve got capacity for every existing exchange to become a member of our network, treating their own customers to the combined market depth of all exchanges on a shared transparent ledger.’
Transparency and accountability
The project, which was developed by blockchain tech experts Cryptonomex, takes a ‘best of both worlds’ approach. Users retain control over their private keys, so that they can both trade and hold funds without interference from third parties. Whilst users can maintain their privacy, the exchange’s funds are all transparently recorded on the blockchain, and can be audited for proof-of-solvency by anyone, at any time.
‘It’s impervious to the hacker attacks that even the biggest exchanges have suffered,’ explains Boesing. Aside from some interest from Russian and Danish central banks, numerous other organisations have registered their desire to be involved. ‘There are independent start-ups in eight countries lined up join our network already and we are aiming to be the biggest exchange network of them all in eighteen months. Using the BitShares platform gives CCEDK the ability to share its order books and services with future partner exchanges and digital asset providers to achieve deeper markets, tighter price spreads, and a growing suite of innovative products and services.’
The OpenLedger release on CCEDK is just one strand of BitShares’ ‘Dan Larimer and his Four Horsemen of Cryptoeconomics’ strategy launched by Operations manager Stan Larimer. In addition to disrupting the exchange industry, Larimer is taking the technology to key representatives of the Music, Finance and Venture Capital industries, hoping to make inroads in the areas of peer-to-peer file distribution and royalties collection, crowdfunding, gaming, remittance, voting, investment and transparent auditing, to name a few.
To mark the launch of OpenLedger, CCEDK will be running a promotional campaign for the immediate future. Unique sign-ups to Openledger will be awarded a special ‘OLED’ token, and more will be available for certain activities on the CCEDK and OpenLedger platforms. These will be delivered automatically to customers’ wallets, and can be independently traded on the exchange.