BitShares Forum
Main => General Discussion => Topic started by: Emadovesky on June 20, 2017, 03:21:59 pm
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Open ledger assets - for example open bitcoin -
Is said to be 100% backed by real Bitcoins
How can I be sure thats true
And where does my real Bitcoins go when I deposit them to open ledger address
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Are you familiar with the centralized exchanges like Poloniex or Bittrex?
In part, Openledger works in the same way. When you deposit BTC with Poloniex, it goes into some wallet that's controlled by Poloniex. They have a database which tells them how much of their BTC belongs to you, and then they basically give you an IOU that you can trade on the Poloniex exchanges.
With Openledger, you deposit BTC and it goes into their wallet. Just like how Poloniex has a database which tells them how much of the BTC belongs to you, Openledger also has such a database - but their database is the Bitshares blockchain itself. The way they track how much of the BTC belongs to you is that they issue you an equivalent number of OPEN.BTC tokens.
So Openledger keeps the BTC that you deposit, and I suspect it's auditable in some way but I've never tried.
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Does this mean that the bitshare is the bitcoin itself encrypted some how and held in the blockchain?
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Does this mean that the bitshare is the bitcoin itself encrypted some how and held in the blockchain?
No, but I don't think I quite understand your question. Are you talking about BTS? BTS is just the core asset for the Bitshares chain, just like BTC is for Bitcoin and ETH is for Ethereum.
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In centralized exchanges they hold private keys for the tokens on their servers, it's dangerous as it can be stolen like what happened with Mt gox, some other exchanges hold tokens in "cold servers" that are not connected to the Internet
What about open ledger, what do they do with the Bitcoins which I send to them in exchange for open bitcoin
How to know that these open Bitcoins are convertable to real Bitcoins
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It would be awesome if OpenLedger provided the address of both cold and hot wallet or results of audit done by international auditing company.
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In centralized exchanges they hold private keys for the tokens on their servers, it's dangerous as it can be stolen like what happened with Mt gox, some other exchanges hold tokens in "cold servers" that are not connected to the Internet
What about open ledger, what do they do with the Bitcoins which I send to them in exchange for open bitcoin
How to know that these open Bitcoins are convertable to real Bitcoins
That I do not know.