open.coins question?

pstrident (45)in #openledger • 9 years ago

are open.coins collateral backed on the blockchain?

its been said open.coins are similar to other exchanges, just iou tokens. is it that simple or is there some bts blockchain collateral backing the tokens?

9 years ago in #openledger by pstrident (45)

$0.00

5 votes

Sort:

Trending

[-]

blocktrades (74) 9 years ago

open.assets are IOUs backed by OpenLedger, they are not backed by BTS collateral. The coins called "Smartcoins" are the blockchain-level assets backed by BTS collateral (e.g. BitUSD, BitCNY, etc). Despite this, there are several advantages to trading open.assets compared to trading on a centralized exchange:

the market itself is decentralized and is therefore not subject to potential manipulation and front-running by an exchange owner
you can trade between IOUs and Smartcoins offered by different companies and individuals (anyone can create a new market between their own coin type and coins offered by others)

$0.00

[-]

steemitboard (66) 6 years ago

Congratulations @pstrident! You received a personal award!

Happy Birthday! - You are on the Steem blockchain for 3 years!

_{You can view your badges on your Steem Board and compare to others on the Steem Ranking}

Do not miss the last post from @steemitboard:

	SteemitBoard - Witness Update
	SteemitBoard to support the german speaking community meetups

Vote for @Steemitboard as a witness to get one more award and increased upvotes!

$0.00