RE: BitShares - Rough Guide to the DAC - Part 2: Witnesses and DPoS (Not Mining)

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BitShares - Rough Guide to the DAC - Part 2: Witnesses and DPoS (Not Mining)

in bitshares •  7 years ago 

Wonderful info, greatly appreciated. I have quite some bitshares now, using openledger. When i try to get other people joining, i always get the same remarks which i can not fully answer.

  1. What about security with openledger, looks very easy to hack
  2. What is this OPEN. stuff? Is it the real thing?
    Please enlighten us on this matter with a good post if you have some time. Thanks a lot for your latest posts. Truly enjoying...
bitshares
7 years ago by

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      ·  7 years ago (edited)

    @bubke

    1. OpenLedger is just a front-end business built on top of Bitshares. Security and logins are embedded to the blockchain itself and can't be hacked or taken over unless you provide them to someone (accidentally or intentionally). I strongly suggest for you to take a look at the latest release of bitshares official wallet UI, using the same login:
      https://wallet.bitshares.org

    2. Bitshares is a smart-coin factory. As one, and decentralized blockchain we were unable to integrate centralized wallets and operations (slowdowns for example such as BTC has) to our blockchain core, just because of the SECURITY issues they will create. In order to keep the trading normal, OpenLedger as business entity and account on Bitshares Blockchain started creating open.ASSETS to replace/substitute real wallets. They provided liquidity for each currency (that mean real BTC is backing up open.BTC, etc..) so it's 100% safe to be used and traded. Taking out open.BTC to BTC is same as BTC to BTC.

    Even @ravid stated properly they are IOU's, in the blockchain system they are registered and traded as UIA (User Issued Assets) where issuer is OpenLedger. There is no such thing defined in Bitshares blockchain system as IOU, even though OL created them from UIA.

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      ·  7 years ago 

    Excellent answer, many thanks for that!

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    [-]
      ·  7 years ago 

    great info . . thanks for your comment!

    I have a question that i would be Very happy to get an answer to!
    When using openledger, it is possible to put a stop loss limit sell order in? Surely i cant just put a low sell price as it will get sold immediately?

    any info gratefully received!

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    [-]
      ·  7 years ago 
    1. What about openledger looks easy to hack exactly? Even if it's true - noone hacked it so far. Moreover, opelendger is just a GUI to the blockchain, you yourself maintain the private keys, so there's not much to achieve by hacking.
    2. open. stuff is openledger's IOUs for assets like bitcoin, ethereum etc. Like on any other exchange you do not actually trade bitcoin (it's too slow for that, you don't want to wait for two hours for your order to be confirmed), but the token representing it, issued by an exchange with a promise that it's backed by the real thing. It's different from bitBTC (or other bit... stuff) in that the bitBTC is fully (200%?) backed by BTS and does not require any trust (only the trust in the platform code itself)

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    [-]
      ·  7 years ago 

    Thanks @ravid, nice explanation. I only have a password for Openledger, private keys seem to be hidden in the browser somehow so someone just needs to guess my password...

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    [-]
      ·  7 years ago 

    If your worried about easy to hack, create a local wallet and save your bin file offline. You wouldn't be able to get hacked unless they uploaded your .bin file and knew your password

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    [-]
      ·  7 years ago 

    Thanks @trexicon, will do that...

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    [-]
      ·  7 years ago 

    Why you have reputation 12 only with comments like this ? :))))

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