Definitely no ICO of any kind and no token is required to make the system work. Understandable concern though considering people will try to shove a token in to anything now for a quick buck, even if it hurts the efficiency of the system its in

Users will sign each individual action with their(locally generated) private keys, like signing a message with your bitcoin keys. So each signature is unique to the action requested and also includes a nonce. The whitepaper goes in to the specifics in more details.

https://v.fastcdn.co/u/f7406dff/35049881-0-Personal-Blockchains.pdf

It doesn't just prevent bogus claims to protect us, it gives users something tangible if there is a real claim.

For the "red tape" issue the experience should be the same as a normal exchange with no extra baggage at all. Similar to how some web wallets work when you log in you will locally decrypt the keys.

Currently all exchanges are in full control of all the records of everything that happens on them. If they were to change something like a balance, how would you prove it? With us every action is signed by both parties private keys, forming what we call a personal blockchain, a chain of signatures between 2 parties agreeing on every action. This gives users the ability to prove foul play.

Example. if we were to steal funds the users would(and should) call us out publicly and show they had funds by revealing that part of their personal blockchain. It would then be on us to show that those users did something with their funds, if we cant provide the users signatures to show what they did with the funds then we are proven bad actors. The goal is that with this tech as the backbone of the exchange we disincentivize ourselves from doing anything remotely untrustworthy because we provide the tools to call us out.

Thanks for the replies guys


I think this will help so much in disputes. Currently when this happens the user has no way to prove to the public that the dispute is actually real and the exchange has done something wrong like hold funds. Its just your word vs the exchanges. Usually what ends up happening is users complain on forums and hope for the best. With our platform when a user feels the need to complain online he can prove that we are holding his funds, and prove were refusing to counter sign his request.

So were basically giving out tools for users to hold us accountable if we do anything wrong.


yup the white paper isn't very long and explains how the system works. I believe an updated version (or another color paper lol) is going to come out soon

https://v.fastcdn.co/u/f7406dff/35049881-0-Personal-Blockchains.pdf

It really comes down to weather or not the exchange brings anything new or not. I've been with a new exchange for about a year now and were almost to market. Our thing is holding ourselves accountable which exchanges generally seem to avoid doing.  We require signatures from both parties (exchange/user) for every action taken, from trades to account updates.

We just pushed a blog by one of our co-founders. The Only Way Forward for Crypto Exchanges: Information Parity With Each and Every User.

https://medium.com/symetria-hq/https-medium-com-symetria-hq-the-only-way-forward-for-crypto-exchanges-26ae270a5bd

If anyone has questions about our tech or our plans lemme know.

Hey Everyone I've been working at a new exchange for almost a year now and were finally almost to market. We require signatures from both parties (exchange/user) for every action taken. We think this approach is going to make us the most accountable as you'll always have the signatures to prove your account state if we mess around.

We just pushed a blog by one of our co-founders, feedback greatly appreciated. The Only Way Forward for Crypto Exchanges: Information Parity With Each and Every User

If anyone is wondering anything about the tech or our plans just ask.

https://medium.com/symetria-hq/https-medium-com-symetria-hq-the-only-way-forward-for-crypto-exchanges-26ae270a5bd