who here has tested blocknet?
also how much testing of bitbay on blocknet has been done yet
someone here has completed a successful trade on blocknet exchange yet?
david have you seen it in action and working correctly and confident it will be like the dex you envisioned?
I think if blocknet works as expected and bay is one of a handful of coins there working from the offset this could be great for bay.
Hopefully they will be testing soon.
But yeah I agree, this will open the door for a lot of possibilities!
And hopefully the elite exchanges that could care less about innovating, will come to realize the term, "evolve or die".
Once BitBay completes the rolling peg, we could be a huge asset for Blocknet's exchange as I'd love to see them also create a trustless or semi-trustless loaning service for margin trading.
Margin trading requires a stable currency as a base to loan out leverage. Fiat is out of the question, regulation is just too retard to follow. After BitBay implements the rolling peg, the stability factor would match it perfect for such a setup with Blocknet.
And if such a design needed deposits (I don't know for sure), we could still deposit BitBay to the Blocknet exchange through a semi-trustless joint account system that David's already added to the Halo Client.
It's basically a multi-signature wallet. The loaner would hold 1 key and the exchange would hold one key. All transfers must first be approved by either the loaner or the exchange. And for extra security the exchange could add 2fa as well.
And if I'm correct on my assumption, since we will soon have the locktime / parked coins feature, we can basically setup an joint account loan with Blocknet that auto expires after a set time, i.e., 1 month, 3 months, etc.
So this way if they somehow lost their key to your joint account wallet, you'd still get them back once the account expires.
And to top that all off with the fact that joint accounts can stake! And they can stake without running into the security risk mining pools create, since joint accounts are independent of each other.
So if a semi-trustless margin trading loaning service was provided, not only would loaners earn interest from loaning to leverage traders, they could also safely earn stake reward in the process! And since BitBay is implementing a rolling peg, and not a hard peg, price still has the potential to fluctuate under stable conditions. So loaners have the potential of compounding their interest earnings on multiple fronts!
So without a need for fiat red tape regulation, margin trading can now existing via 100% cryptocurrency backing and at a minimum of a semi-trustless security protocol, which is exponentially more secure than what status quo exchanges currently provide!
It's time the elite exchanges start to wake up! They are running out of time!
