In an effort to open up Timekoin to those who may wish to invest funds, but not necessarily time and hardware, I've created an asset on the decentralized exchange OpenLedger. There will be a 1:1 ratio between asset and timekoin
OpenLedger uses Bitshares 2.0 and the Graphene technology to create a truly decentralized exchange. To use the exchange, you use one of several "gateways" to transfer in/out funds. These gateways only act as a transport mechanism and do not actually hold the funds. Those are stored in the exchange's blockchain. That means that if a gateway closes or is hacked, none of your funds are at risk.
You can find out more specific details about OpenLedger and it's underlying technology here, https://openledger.info/?r=warmach20Why Should I Participate?
The OpenLedger decentralized exchange provides a variety of assets and currencies available for purchase or sale. Any of these products can be used to purchase Timekoins on the exchange. In addition, as it is decentralized, there is no central authority that can be hacked or defrauded.What is Warmach's involvement?
Right now, the asset on OpenLedger is created and managed by me, Warmach. This is a simple way to provide a mechanism for representing Timekoin on the exchange. Unfortunately, I don't have the time or resources to create a SmartCoin on OpenLedger which would decentralize things a little more. This may be an option in the future depending on the success of this venture. If a major exchange adds a timekoin gateway into the OpenLedger exchange, then I would shut down this service. I just want people to be able to buy/sell their timekoins.Why Should I Trust You?
Trust here is important. You are trusting me to accept your Timekoins and give you the OpenLedger asset. You are then trusting that I would then give your Timekoins back upon withdrawal.
I have been a member here and supporter of Timekoin since the early days. I've worked with the development team on testing and bug fixes. I've written guides for setting up servers and helped other users in technical support. I have also written and distributed plugins. I have a vested interest in seeing Timekoin's success. Please feel free to look at my forum posts and PM any of the prominent forum users to ask about me. How Do I Participate?
1. You must first create an OpenLedger account. https://bitshares.openledger.info?r=warmach20
* Please use provided link so that I get referral credit
2. Transfer your TK you wish to put into OpenLedger
a. Memo field must contain your OpenLedger account, i.e. warmach20
b. Send the TK to "openledger.warmach" easy key
3. Conduct your trades via OpenLedger
4. Transfer your TK out of OpenLedger
a. Transfer your TIMEKOIN asset to my asset holder account, warmach
b. Include your TK public key or easy key in the memo field where you want the TK transferredHow Much Does This Cost?
All market trades have a 0.3% fee that goes to issuer. These fees are subject to change.What Future Plans Do You Have For This Project?
Right now, this process will be manual. If you want to expedite the transfer, send me a PM and I will do it as soon as possible.
But if there is sufficient interest in this service, I plan on....
1. Creating a website that will easily show the usage and transactions of the service on the Timekoin network and OpenLedger
2. Automate the transfer of funds between the two systems so that it happens more quickly with less human involvement.
Please feel free to provide constructive comments.