OpenLedger Decentralized Exchange

General Marketplace and Exchange Discussion for Timekoin

OpenLedger Decentralized Exchange

Postby warmach » Mon Feb 29, 2016 2:13 pm

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=warmach20

Why 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 transferred

How 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.
Last edited by warmach on Tue May 17, 2016 3:01 pm, edited 3 times in total.
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Re: OpenLedger Decentralized Exchange

Postby warmach » Thu Mar 10, 2016 2:58 pm

No interest? I'm kind of surprised. I know there were some who were looking to buy. This decentralized exchange seemed like a good place to work out a fair price.
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Re: OpenLedger Decentralized Exchange

Postby warmach » Thu Mar 10, 2016 5:17 pm

I have removed the 0.5% fee on TK withdraw. It was there to cover transfer costs in OpenLedger. The OpenLedger fees have changed and dramatically reduced since the creation of the asset. Asset transfers now are insanely cheap and cost less than half a TK. I think I can scrounge around some change in the couch to cover it. :D Since TK has no transaction fee, then no need to assess it there.
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Re: OpenLedger Decentralized Exchange

Postby PoisonWolf » Sat Mar 12, 2016 10:36 am

warmach wrote:I have removed the 0.5% fee on TK withdraw. It was there to cover transfer costs in OpenLedger. The OpenLedger fees have changed and dramatically reduced since the creation of the asset. Asset transfers now are insanely cheap and cost less than half a TK. I think I can scrounge around some change in the couch to cover it. :D Since TK has no transaction fee, then no need to assess it there.


Well I think the lack of interest is because TK is still small. And because it is small, people can still get elected. At least that is my hypothesis.
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Re: OpenLedger Decentralized Exchange

Postby warmach » Mon Mar 14, 2016 3:40 pm

PoisonWolf wrote:
warmach wrote:I have removed the 0.5% fee on TK withdraw. It was there to cover transfer costs in OpenLedger. The OpenLedger fees have changed and dramatically reduced since the creation of the asset. Asset transfers now are insanely cheap and cost less than half a TK. I think I can scrounge around some change in the couch to cover it. :D Since TK has no transaction fee, then no need to assess it there.


Well I think the lack of interest is because TK is still small. And because it is small, people can still get elected. At least that is my hypothesis.


I am sure you are right. I just saw several people asking about buying a little while back.
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Re: OpenLedger Decentralized Exchange

Postby warmach » Tue Mar 22, 2016 7:18 pm

I was looking at OpenLedger site and it gives you detail on how the system works, but not necessarily what is currencies are available for trading.

You can currently deposit fiat USD, EUR, and CNY. Cryptos BTC, LTC, PPC, DOGE, NXT, EMC, MUSE, ETH, and several others. You can even get Gold and Silver tokens. You can deposit any of these and trade them, though the trade volume varies.

Feel free to ask any questions or create a free account using link above.
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Re: OpenLedger Decentralized Exchange

Postby funnow » Mon Mar 28, 2016 4:37 am

Hey friend I have sent you a PM days ago, please reply. Thanks
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Re: OpenLedger Decentralized Exchange

Postby warmach » Wed Mar 30, 2016 8:11 am

funnow wrote:Hey friend I have sent you a PM days ago, please reply. Thanks


Sorry, I was out of town for several days. Checking now...
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Re: OpenLedger Decentralized Exchange

Postby warmach » Thu Mar 31, 2016 2:55 pm

I had my first sale of Timekoin!

http://cryptofresh.com/a/TIMEKOIN
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Re: OpenLedger Decentralized Exchange

Postby smooj » Mon Apr 04, 2016 5:35 am

warmach wrote:I had my first sale of Timekoin!


Not an April fools i hope :lol:
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