During the work on our fiat gateway we’ve came to the conclusion that the same tools can be used for cryptocurrency gateway. Since we’re enthusiasts of Graphene technology we’ve decided to begin with Graphene based chains, and Peerplays gateway will become first of such gates.
In creation of our gateway we were aiming to allow the community to easily do its public audit. If you’re keeping an eye on those things, several weeks ago we’ve registered PPY ticker on Bitshares blockchain.
During design and implementation of the gateway we were trying to solve the following challenges:
- 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
Amount of PPY on DEX will always be the same as the amount of PPY in the gateway’s wallet on Peerplays blockchain to fulfil the criteria of correlation between tokens in the wallet and IOU’s on the DEX. The gateway is set up in such a way, that it is possible that there are less UIAs on the DEX that there are in the gate's wallet, but can never be more. It means that you can always be sure that money don’t just appear on the DEX out of thin air. Here is how we achive this:
On Bitshares side:
- When you transfer tokens into Bitshares the required amount of tokens is issued
- When you transfer tokens out of Bitshares the required amount is burned
This way an amount of UIA PPY tokens is always the same as amount of funds on our gateways’s wallet. For Peerplays it is ‘rudex-gateway’ account.
In the future audit of our gateways will have a separate section on our website. Right now you can use the following services for audit:
- cryptofresh.com/a/PPY — for amount of PPY asset on Bitshares DEX
- peerplaysdb.com/@rudex-gateway — for our gateway wallet on Peerplays
Our aim was not only in giving people a handy instrument (we’re working on making it open source), but also increase decentralization, because more gateways on the DEX means lower centralization around one gateway.
One of the differences of our gateway from currently existing is that as a Graphene ambassador we’re setting the market fees for chains that use this technology to 0%.
And to give you an ability to transfer your tokens when other gateways are experiencing technical difficulties, we’re planning to launch a cross gateway service. Still it would be impossible to transfer out more funds than what exist on the public account of our gatway on Peerplays blockchain.
In the future we’re planning to create similar gateways for other Graphene chains. After completing the public test of the gateway (approximately in two-three weeks) we’ll send a pull request upstream, so our gateway would become available in all other wallets and web-interfaces of Bitshares.
It is possible that in time we’ll create gateways for such coins that, in our opinion, would be interesting to the market; but for non-Graphene chains some low market fees would be set.
Vote for Peerplays witness BLCKCHND!
DISCLAIMER: Due to the limitations of memo format on Livecoin exchange, it is currently impossible to transfer PPY tokens from Livecoin to RuDEX. To complete a transfer we recommend using any of the Peerplays wallets.
21.07.2017 web-UI & desktop client update of market.rudex.org
- New trade pairs on the DEX with PPY asset
- New tickers added to the dashboard: PPY, openGBG, openGOLOS (instead of the GOLOS MPA), openGRC, openLTC, HERO, OBITS, BLOCKPAY, ICOO
- All those tickers added to My markets
- Assets issued by OpenLedger are now displayed with open prefix
- RuDEX gateway added to Deposit/Withdraw tab (currently only PPY (PeerPlays) automated gateway is operational, fiat gateway (vouchers) is in closed testing right now)
- OpenLedger gateway updated
- Some UI translations corrected
- Fixes from upstream