OpenLedger, the first decentralized cryptocurrency exchange to offer fiat conversion with USD, EUR and CNY, is now offering people the opportunity to create their own crypto tokens backed by physical assets. In addition to this “SmartCoin” creation service, users can implement their own Graphene-powered blockchains.
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OpenLedger’s use of Graphene real-time blockchain technology, they are able to offer users three different options for creating their own coins.
User Issued Asset
OpenLedger says that the most convenient way for people to use their platform to create cryptocurrencies is “by simply creating, selling and trading a so called User Issued Asset (UIA.)” To create a UIA, users just need to “click a few buttons, define their preferred scenarios for the coin . . . and see their coin’s birth after only a few seconds.” Once their UIA-based coin is created, users can issue the coins to anyone they choose, as well as trade them instantly against any other existing coin on OpenLedger.
Ease and convenience is the main selling point of this feature, since “coin creators don’t need to take care of all the technical details of blockchain technology, such as distributed consensus algorithms, blockchain development or integration. Users do not even need to run any mining equipment or servers, at all.”
OpenLedger warns of a drawback involved in using this method, though. A UIA-based coin allows for the centralized issuance of new tokens. However, OpenLedger recommends a remedy for this issue; creators can manage issuance through a hierarchical multi-signature issuer account that prevents a singer party from issuing new coins. This management method will add a layer of decentralization to UIA-based tokens.
Market Pegged Asset
With a Market Pegged Asset (MPA), coin creators need to provide “a fair price” along with an asset to be used as collateral against the coin. After that, the creators simply “let the market deal with demand and supply.”
The MPA option leaves the issuer with no control over the supply of their crypto token. Instead, the blockchain protocol handles increases and decreases in the supply of the coins, while users who want new coins have to put collateral into a smart contract.
OpenLedger provides simple example of how a MPA would work. “An MPA [is] backed by USD (a stable crypto currency within OpenLedger) that requires a collateral ratio of 200%. Then, in order to get new coin, we can borrow 100 USD worth of new coins by paying 200 USD.”
Deploying a Real-Time Blockchain with OpenLedger
This third option is for people who want to deal with cryptocurrency on a more technical level. With the help of OpenLedger, users can deploy their own Graphene-based, real-time blockchains instantaneously. The exchange also offers to help creators integrate their own blockchains with OpenLedger’s infrastructure.
Creators who choose to deploy their own blockchains have the benefit of being able to “tune every single parameter to their liking,” making their blockchain-based token operate exactly how they want to, “without discussion with other shareholders.”
With these three options, OpenLedger users can create their own tokens, with real-world value, and begin trading against other cryptocurrencies right away. For those who are interested in learning more about these services, OpenLedger has provided the following resources:
Getting Started on OpenLedger
To view the OpenLedger tutorial video, explaining how anyone can issue their own currency on the platform, please go to: https://youtu.be/ttN0flPsnBc
For more information please go to: https://openledger.info
To view an introduction video about OpenLedger decentralised smart trading please go to: https://youtu.be/h44H_Sy7Pf4
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