Author Topic: BittRex vs OpenLedger  (Read 1850 times)

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Offline NealWalters

BittRex vs OpenLedger
« on: July 14, 2017, 02:42:45 am »
Can someone please explain the different between BittRex and OpenLedger.  Both seem to be decentrlaized exchanges, and seem to be related to BitShares, or am I wrong?

Thanks,
Neal

Offline sahkan

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Re: BittRex vs OpenLedger
« Reply #1 on: July 14, 2017, 02:55:06 am »
Can someone please explain the different between BittRex and OpenLedger.  Both seem to be decentrlaized exchanges, and seem to be related to BitShares, or am I wrong?

Thanks,
Neal

The are both Gateways (Transfer Service) to the same BitShares DEX. We now have 5 Gateways I believe...

Offline NealWalters

Re: BittRex vs OpenLedger
« Reply #2 on: July 14, 2017, 02:58:05 am »
Okay, that helps.  But why are different gateways needed?
Neal

Offline paliboy

Re: BittRex vs OpenLedger
« Reply #3 on: July 14, 2017, 07:22:07 am »
They might not be needed but it's always good to have some competition. It's like having one Eurozone but hundreds of banks, each with their own branches and ATMs providing slightly different services for different target audience for different prices. Theoretically it is enough to have just one bank in Europe/world.

Offline NealWalters

Re: BittRex vs OpenLedger
« Reply #4 on: July 14, 2017, 10:40:30 am »
So is either one owned or started by the Bitshares team?
Neal

Offline yvv

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Re: BittRex vs OpenLedger
« Reply #5 on: July 14, 2017, 11:50:54 am »
since when bittrex became a gateway to bitshares???

Offline btswolf

Re: BittRex vs OpenLedger
« Reply #6 on: July 14, 2017, 12:43:55 pm »
I think there is some confusion.

Bittrex is a centralized exchange and NOT related to BitShares, beside that they trade the BTS token.
There is no Bittrex Gateway in BitShares.

Gateways are needed to transfer tokens between different blockchain's or fiat to blockchain.
https://steemit.com/bitshares/[member=32866]btswolf[/member]/bitshares-basic-connections-layer

Offline NealWalters

Re: BittRex vs OpenLedger
« Reply #7 on: July 14, 2017, 10:47:30 pm »
This is why I asked...
There an image called the Graphene Ecosystem:


It lists OpenLedger in both Exchange (Dex) and Gateway/Bridge.

Then I thought I heard or saw one of these was created by either Dan Larimer or the BitShares team, but I can't put my finger on that at the moment.

In the BitShares wallet, when you deposit, it shows these bridges:
1) OpenLedger
2) BlockTrades
3) Transwiser
4) BitKapital

When you open https://openledger.io/create-account, the GUi looks a lot like BitShares, making me wonder if it was cloned or created by BitShares teams.

Thanks again,
Neal






Offline NealWalters

Re: BittRex vs OpenLedger
« Reply #8 on: July 18, 2017, 12:52:47 am »
On this post: https://steemit.com/bitshares/@glitterfart/simple-explanation-on-the-relation-existing-between-bitshares-openledger-and-graphene

It was said:
Ronny Boesing, big boss of OpenLedger took this opportunity. He used that free code [open source code from BitShares] and built its own exchange called OpenLedger at the launch of BitShares 2.0 (October 2015). As you may have seen, both platforms are very similars. Ronny is currently in the process of customising its own exchange so it meets OpenLedger criteria.

Neal

Offline sahkan

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Re: BittRex vs OpenLedger
« Reply #9 on: July 18, 2017, 06:38:47 pm »
Can someone please explain the different between BittRex and OpenLedger.  Both seem to be decentrlaized exchanges, and seem to be related to BitShares, or am I wrong?

Thanks,
Neal

The are both Gateways (Transfer Service) to the same BitShares DEX. We now have 5 Gateways I believe...

Sorry, I was on a short vacation and misread your question. BitShares is a Decentralized exchange based on BTS token. To allow trading other currencies gateways are needed so you can deposit your other coins and have smart coins on DEX to trade them. Upon withdrawal the gateway sends you your coins back. Open ledger provides that. they have also created their own Web wallet (access to Bitshares DEX) to provide the services for traders. The other gateways provide services for different currencies ie Ruble CNY etc.

BittRex is a separate exchange (I was thinking RuDex when I glanced over your question).  So in short, BTS is the native coin, the rest need gateways. Various assets can be represented on the exchange as smart contracts (bitUSD, bitGold etc.) and use BTS as collateral.