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General Discussion / KARMA (KRM) gateway with 0% fees, Bitshares RuDEX
« on: January 05, 2018, 11:47:56 pm »
Hello and Happy New Year!
We’re expanding our support for Graphene based chains by creating gateways with 0% market fee on Bitshares DEX. So far we’ve launched the following Graphene-based gateways:
- PPY
- GOLOS/GBG
- STEEM/SBD
- MUSE
Today we’re glad to present another gateway to a blockchain that was launched only recently: KARMA.
KRM is the token of KARMA blockchain, with a p2p lending platform built on top that allows private parties from over the world to lend entrepreneurs directly bypassing any intermediaries, including banks.
The idea is to allow people from the countries with free capital and low interest rates to invest into entrepreneurs from the countries where money are much more expensive.
As usual we’ve set the market fee for RUDEX.KRM to 0%.
During the design of the gateway we were aiming to ensure the following parameters:
- Security
- Independency
- Transparency and ease of audit
- Strict correlation between amount of tokens in the wallet and on the DEX
- Minimization of the fees
- Ease of use
- Stability
As always one of the goals during the gateway creation was an ability to publicly audit it.
As you probably noticed that recently we registered RUDEX.KRM assets on the Bitshares blockchain.
The amount of KRM on DEX will be the same as the amount of KRM that the gateway has on KARMA blockchain. The gateway is set up so that the amount on the DEX can be smaller than on our wallet, but it can’t be higher. So you can always be sure that money never appears on the DEX out of nowhere.
- when you deposit your tokens to the Bitshares network, the required amount is issued
- when you withdraw the tokens, the required amount is burned
That way the amount of UIA tokens (RUDEX.KRM) is de-facto equal to the amount on our wallets. For KRM it is rudex wallet.
AUDIT:
In the future our gateways would have a stand alone section for auditing them on rudex.org. But for now you can use the following services:
- KRM@cryptofresh
- https://krm-db.com/@rudex for our wallet on KARMA
Short guide on using the gateway
Our goal was not only to create a convenient instrument for people to use (we’re working on making it completely open source), but also move towards more decentralization, since more gateways the DEX has, the less centralization around any one of of them.
One of the features of our gateway that makes it different from the existing ones, is that as a Graphene ambassador, we’re setting 0% market fees for chains based on this technology. We can afford that from the witness payments that we receive.
If you like what we’re doing please vote for our witness blckchnd!
