Using a combination of crypto technologies, OpenLedger enables blazingly fast high-volume trading – and a totally new way of doing financial services on a trustless, transparent decentralized platform with multi-signature accounts.
OpenLedger, a long sought after financial platform for cryptocurrencies laid out in the way for the entire world to use, was mentioned in Forbes on September 16th, and simoultaneously presented to the top management of the remittance industry in a crypto panel consisting of Danish Bitcoin and crypto exchange CCEDK, BitPay and Jon Martonis of Bitcoin Foundation at the Global Money Transfer Summit in London, Canary Wharf at Level39, Europe’s largest technology accelerator space for finance, cyber-securities and future IT companies, located high up inside the One Canada Square building in the Dockland’s financial district.
Launch date is October 13th 2015, but already now you can sign up on OpenLedger landingpage and participate in making this platform the preferred place to trade in future.
Crypto is evolving fast. Five years ago bitcoin’s ten-minute confirmation time for decentralised money transfer was revolutionary. Now, a new generation of technologies has come together, bringing the principles of crypto closer to their logical conclusion and offering to demolish the remaining barriers to adoption.
Built on the BitShares platform and powered by Graphene, OpenLedger seeks to solve the problems of speed, stability, security and transparency that still dog the ecosystem. The result is something remarkable.
Unlike most exchanges, you control your own private keys, so funds remain yours even when you’re trading with them. No one can reverse a transaction or freeze your account. Similarly, the exchange’s funds are all on the blockchain, totally transparently – so they can be audited by anyone, any time. Aggregated order books between exchanges means greater liquidity and depth than with any single exchange. Despite that, it’s super-fast – OpenLedger allows 100,000 transactions per second: NASDAQ-grade speed for trading.
Using the platform, you can trade different pegged digital assets from markets around the world. Low fees and high liquidity means better yields and lower risk. Funds can be held as BITUSD for stability; once you’ve finished trading, you can withdraw them to the fiat equivalent as a normal money transfer, to a Ripple gateway, through PayPal, or to the NanoCard – a debit card that converts crypto to fiat as you spend it. Or you can create Smart Contracts, which execute a financial transaction automatically when certain conditions are met.
A key motivation for all of this is the new referral program which allows rapid monetization of existing user bases. It’s beautiful because at this early stage the user bases are all drawing from different groups of people with different demographics. So there is little overlap but strong synergy and in this way a perfect scenario for mutually beneficial partnerships. Bitcoin aligned the incentives for consensus of a ledger, but BitShares 2.0 aligns all incentives necessary to spread a new type of sound money into the existing economy. Markets are profitable because of the networks of people within them. Anyone with influence in a network of people can now monetize their connections in a way that improves the efficiency of already desirable and valued services within that economy.
Examples are many:
- Celebrity’s have fans who already want a token of appreciation or an indication that they are a loyal fan.
- Banks have customers that want to have better and faster access to their accounts.
- Musicians have a fanbase and a way to take the profit they deserve from streaming services (PeerTracks).
- Shopkeepers have regular customers and passing trade to attract.
BitShares isn’t all new and bewildering, it performs needed and already existing services in a more efficient and transparent way.
Brave new world! The implications of this are truly incredible. It has the potential to bring crypto to the masses, leveraging the power and benefits of this ingenious new technology without exposure to the risks.
Consider the following scene: New York Wall Street broker Joseph Msumbe is looking to place the last 10% of his portfolio in a profitable project. One day he decides to test a new platform everybody has been talking about called OpenLedger. OpenLedger is a financial platform for cryptocurrencies on which you are able to trade assets across the entire world’s stock markets in the matter of seconds.
In his first week’s trading on the Openledger platform Joseph manages to close some great deals and make a large amount of money. He decides to send part of this week’s profit back to his family in Kisumu, Kenya. With the click of a button the money is now in his wife’s bank account, thanks to a collaboration between a crypto service and a global remittance company, ready for her to do with it as she wants. Joseph’s wife, Katarin, has her own NanoCard, denominated in EUR as well, so she is able to pay her rent and bills either via her bank or via her bitcoin debit card.
Not to forget Joseph himself: after sending money back to his wife he decides to go downtown to cash out a few dollars with his NanoCard, this time denominated in USD. He uses the same card an hour later to pay for his dinner at the local Sushi restaurant.
All funds for trading and spending originate as BitUSD from his OpenLedger wallet, securely located directly on the blockchain. The BitUSD funds all of his costs instantly – when a transfer is made, when cash is withdrawn from an ATM, and when he pays the restaurant.
In each case, his wife can even receive an SMS for her to confirm according to the integrated multi-signature account procedure – ensuring that Joseph doesn’t overspend even when trading is going well and above expectations!