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Offline speedy

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BTS gateway for altcoins?
« on: February 06, 2015, 07:18:31 PM »

Would we like to see a gateway site that takes deposits of altcoins (Bitcoin, Dogecoin etc) and issues UIAs to trade on the blockchain (i.e. a BTS gateway version of Cryptsy)? Or do we only want to see a gateway for fiat currency?
« Last Edit: February 06, 2015, 07:24:09 PM by speedy »

Offline btswildpig

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Re: BTS gateway for altcoins?
« Reply #1 on: February 06, 2015, 07:23:34 PM »
 :o  nice to see BTC becomes an altcoin   8)
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Offline Ander

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Re: BTS gateway for altcoins?
« Reply #2 on: February 06, 2015, 07:33:44 PM »
Shapeshift.io is already an awesome gateway from all the major coins into BTS and bitUSD. 
More gateways of this type could be good but don't do anything we can't do already.


A gateway from fiat directly into bitAssets would be what we want to add the most.
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline speedy

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Re: BTS gateway for altcoins?
« Reply #3 on: February 06, 2015, 07:36:29 PM »
Shapeshift.io is already an awesome gateway from all the major coins into BTS and bitUSD. 
More gateways of this type could be good but don't do anything we can't do already.


A gateway from fiat directly into bitAssets would be what we want to add the most.

As someone pointed out shapeshift is really a bridge. It relies on other exchanges for price discovery, which could take place inside Bitshares if someone issued UIAs for altcoins.

Offline dannotestein

Re: BTS gateway for altcoins?
« Reply #4 on: February 06, 2015, 07:56:48 PM »
Our gateway is being built to support bitcoin, altcoins and fiat, although initially it will only support bitcoin and litecoin. We'll also offer bridge support.
http://blocktrades.us Fast/Safe/High-Liquidity Crypto Coin Converter

Offline clayop

Re: BTS gateway for altcoins?
« Reply #5 on: February 06, 2015, 08:03:27 PM »
Our gateway is being built to support bitcoin, altcoins and fiat, although initially it will only support bitcoin and litecoin. We'll also offer bridge support.

Fiat? USD?
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Offline dannotestein

Re: BTS gateway for altcoins?
« Reply #6 on: February 06, 2015, 08:05:11 PM »
Our gateway is being built to support bitcoin, altcoins and fiat, although initially it will only support bitcoin and litecoin. We'll also offer bridge support.

Fiat? USD?
USD would be the first, yes.
http://blocktrades.us Fast/Safe/High-Liquidity Crypto Coin Converter

Offline gamey

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Re: BTS gateway for altcoins?
« Reply #7 on: February 06, 2015, 08:07:10 PM »
Our gateway is being built to support bitcoin, altcoins and fiat, although initially it will only support bitcoin and litecoin. We'll also offer bridge support.

Can you explain the distinction between a gateway and a bridge?  Bridge support as in .... ?
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Offline clayop

Re: BTS gateway for altcoins?
« Reply #8 on: February 06, 2015, 08:10:02 PM »
Our gateway is being built to support bitcoin, altcoins and fiat, although initially it will only support bitcoin and litecoin. We'll also offer bridge support.

Fiat? USD?
USD would be the first, yes.
Did you solve pertinent legal issues?
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Offline dannotestein

Re: BTS gateway for altcoins?
« Reply #9 on: February 06, 2015, 08:11:17 PM »
Our gateway is being built to support bitcoin, altcoins and fiat, although initially it will only support bitcoin and litecoin. We'll also offer bridge support.

Can you explain the distinction between a gateway and a bridge?  Bridge support as in .... ?
For gateway transactions, we send back a user-issued asset that we back. For example, you send us BTC, we send you back TRADE.BTC. You can always redeem TRADE.BTC from us for an equivalent amount of BTC (minus some fee).

For a bridge transaction, we send back a market-issued asset. We don't directly create and destroy that, instead we have to buy some to send it to you.
http://blocktrades.us Fast/Safe/High-Liquidity Crypto Coin Converter

Offline dannotestein

Re: BTS gateway for altcoins?
« Reply #10 on: February 06, 2015, 08:14:42 PM »
Our gateway is being built to support bitcoin, altcoins and fiat, although initially it will only support bitcoin and litecoin. We'll also offer bridge support.

Fiat? USD?
USD would be the first, yes.
Did you solve pertinent legal issues?
In principal, yes, although there's still some steps to be taken. The primary legal issue is that we set up the company in a transaction-friendly country and that we meet all regulatory requirements. The first is in process, the second will require some minor code changes as well (adding code for KYC as an option for user accounts).
http://blocktrades.us Fast/Safe/High-Liquidity Crypto Coin Converter

Offline speedy

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Re: BTS gateway for altcoins?
« Reply #11 on: February 06, 2015, 09:09:58 PM »
Wow I didnt even realise anyone was working on this - there's so much great stuff happening behind the scenes :)

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Re: BTS gateway for altcoins?
« Reply #12 on: February 06, 2015, 10:50:48 PM »
http://xchain.info is an exchange for Bitcoin and the UIA GATEBTC. When receiving Bitcoin it issues and distributes GATEBTC, and on receipt of GATEBTC the UIA is burnt, and Bitcoin is sent in response.

What I like about it - Is that it moves away from the idea of needing to use centralized external exchanges like bter and btc38 and instead takes advantage of the decentralized-exchange features of Bitshares to move value around. It's also 1:1 fully redeemable in both directions so there's no confusing spread like there is between BTC/BitBTC. This feature also means that the Gateway doesn't need to play a market-maker role and take complicated market-actions to manage risk due to holding indirect positions.

The disadvantages, are that the private-key exchange between the wallets is too complicated to be practical for the end-user. Although I believe this could be addressed fairly easily with a simple change in design.

Also, as a single node/gateway on the network there is counter-party risk. This could be addressed by using multi-sig wallets and then working out a protocol to perform distributed transaction signing so that multiple hosts(chosen delegates) could perform in the role. But this would be a more complicated to achieve.

For these reasons I'm not actively promoting the site.
« Last Edit: February 07, 2015, 12:15:37 AM by julian1 »

Offline dannotestein

Re: BTS gateway for altcoins?
« Reply #13 on: February 06, 2015, 11:53:27 PM »
http://xchain.info is an exchange for Bitcoin and the UIA GATEBTC. When receiving Bitcoin it issues and distributes GATEBTC, and on receipt of GATEBTC the UIA is burnt, and Bitcoin is sent in response.

What I like about it - Is that it moves away from the idea of needing to use centralized external exchanges like bter and btc38 and to make use of the decentralized-exchange features of Bitshares. It's also 1:1 fully redeemable in both directions so there's no confusing spread like there is between BTC/BitBTC. This feature also means that the Gateway doesn't need to play a market-maker role and take complicated market-actions to manage risk due to indirectly holding positions.
This is how our TRADE.BTC works. Our site allows you to go from BTC to TRADE.BTC (issued by us) and vice-versa (here we act as a gateway). Or you can use our bridge functionality to go from BTC to BitBTC (where we assume some market risk and must buy up some BitBTC).

Quote
The disadvantages, are that the private-key exchange between the wallets is too complicated to be practical for and end user. I think this could be avoided/addressed fairly easily with a change in design.
We're using an interface similar to shapeshift io for unregistered users, and an "exchange-like" interface for registered users.
http://blocktrades.us Fast/Safe/High-Liquidity Crypto Coin Converter

Offline Rune

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Re: BTS gateway for altcoins?
« Reply #14 on: February 06, 2015, 11:59:16 PM »
Is it your plan that the "exchange like" interface will eventually become a bitshares web wallet, when the web wallet can do trading? That would be pretty damn sweet since people wouldn't even realise they were using a decentralized system then, they could just use it like any other exchange.

 

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