OpenLedger, a transparent decentralized exchange is now officially launched. Built on BitShares, OpenLedger allows users to trade, deposit and exchange their bitcoin balance on the platform. Unlike other bitcoin exchanges which depend solely on bitcoin and a fiat currency pair, transactions over OpenLedger is made through a BitShares intermediary to prevent the bitcoin price volatility from affecting users’ deposits on the platform.
OpenLedger users will be able to convert their bitcoin to any pegged BitShares. In case of currency, the bitcoin transferred to OpenLedger platform can be converted to BitUSD, which is USD pegged BitShares in the form of SmartCoins. These SmartCoins are cryptocurrency units that are pegged to other assets like gold or USD, so that the value of these coins is not subject to volatility. SmartCoins work along with BitShares currency and they are easily interconvertible.
Currently OpenLedger is a collaborative effort with four different entities working together. The platform is built by Cryptonomex, headed by Dan Larimer. It works along with BitShares 2.0 which also happens to be headed by Dan. In addition, OpenLedger is powered by the Graphene toolkit and CCEDK headed by Ronny Boesing is the platform’s exchange partner. The platform claims to solve four important problems currently faced by the cryptocurrency industry. These problems being
a) Speed at which transactions are executed
Even though cryptocurrency transactions are known for their speed in comparison to conventional currency, they are not fast enough as it sometimes takes over an hour to attain all confirmations for the transaction to complete. Provided the volatile nature of cryptocurrency this delay may mean a lot of changes in the value in comparison to actual value at the time of transfer. OpenLedger claims that users on the platform can make instantaneous transfers.
b) Stability of Value
Anyone who has checked the bitcoin price trend knows that it is volatile and can change anytime for good or bad. By using BitShares and SmartCoins, the cryptocurrency funds on OpenLedger will be pegged to a stable asset, ensuring stability
OpenLedger users will have complete control of their private keys which helps in protecting their funds in case the exchange is attacked by hackers.
Like bitcoin blockchain, OpenLedger is open and can be readily audited by anyone
OpenLedger is not completely operational yet. The promoters of OpenLedger consider it to be ‘the most powerful decentralized financial crypto-platform in the entire world’, and we very much hope it lives up to all of our expectations.