Bitsive (Bitsive) Review

A system of protocols would allow users to deposit cryptocurrencies on an exchange, without the presence of an actual deposit. A smart contract provides the base of the solution, but the benefits are gone if the funds cannot be used to initiate multiple, simultaneous trades. We propose a solution to the following three problems using a zero-day protocol: centralized exchange hot wallet hacks, decentralized exchange limited trading capabilities, multiple deposits of low amounts on over the counter exchanges. At its core, is the smart contract which serves as an input and output for the cryptocurrencies it supports.

The smart contract takes the input from the trader and assigns it a unique identifier, typically the traders wallet address, and sets up a contra account with the given amount deposited and allows the trader to perform trading activities on the centralized exchange. Once an order has been filled, the federation server updates the trader’s transactions onto the Blockchain in real time allowing the trader to withdraw their balance after trading activities over the same smart contract by simply initiating the withdraw call. The trader will choose the type of coin to withdraw, enter their unique key and wallet address.

Bitsive

Start: 1 September, 2018

End: 2 February, 2019

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