OpenLedger - the most powerful crypto-financial platform in the world?
Wednesday 16 September 2015
Using a combination of crypto technologies, OpenLedger enables blazingly fast high-volume trading - and a totally new way of doing financial services.
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.
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.
OpenLedger: powerful, fast, international money
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!
The world is changing, fast. In a few years we may not recognise the face of financial services any more. For more information, visit www.OpenLedger.info. To buy BitShares as an investment or pick up some BitUSD, the stable USD-pegged cryptocurrency, visit Danish exchange CCEDK, one of OpenLedger's sponsors.
This article was sponsored by Ronny Boesing and CCEDK
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