Coinst launches eBay-like reviews solution for decentralized asset exchange
Coinst has launched its beta version of an "eBay-like" review service for assets traded via decentralized exchange.
Currently, Nxt and Ripple are covered, with Mastercoin, Counterparty, Colored Coins, Codius and Stellar coming soon.
While such coins can function as an effective p2p ledger of traded assets, there is no way of enforcing their real-world settlement. So trust becomes a major factor. Like in traditional e-commerce, a counterparty review service helps overcome the trust barrier. This becomes especially important now that legal assets like fiat are moved over these networks.
Other solutions to the challenge have been envisioned. One involves the classification of counterparties into those with established trust levels, such as large, reputable companies, and those without. With Coinst's solution, every user has a calculated rating compiled from counterparty experiences. Said John Whelan, Coinist’s founder and CEO:
“We've reached the point where anyone now has the ability to issue an asset on Ripple or Nxt or Counterparty, and as you can imagine, there is a wide variation in the asset quality. While a user can be fairly secure when holding US dollar assets or Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term assets that have been issued into the network by firms such as Bitstamp, people will need to do some due diligence when holding assets which have been issued by lesser known—or in some cases, unknown—entities. That’s why we decided to build Coinist.”
Coinst is backed by San Francisco-based CrossCoin Ventures.
Coinst has launched its beta version of an "eBay-like" review service for assets traded via decentralized exchange.
Currently, Nxt and Ripple are covered, with Mastercoin, Counterparty, Colored Coins, Codius and Stellar coming soon.
While such coins can function as an effective p2p ledger of traded assets, there is no way of enforcing their real-world settlement. So trust becomes a major factor. Like in traditional e-commerce, a counterparty review service helps overcome the trust barrier. This becomes especially important now that legal assets like fiat are moved over these networks.
Other solutions to the challenge have been envisioned. One involves the classification of counterparties into those with established trust levels, such as large, reputable companies, and those without. With Coinst's solution, every user has a calculated rating compiled from counterparty experiences. Said John Whelan, Coinist’s founder and CEO:
“We've reached the point where anyone now has the ability to issue an asset on Ripple or Nxt or Counterparty, and as you can imagine, there is a wide variation in the asset quality. While a user can be fairly secure when holding US dollar assets or Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term assets that have been issued into the network by firms such as Bitstamp, people will need to do some due diligence when holding assets which have been issued by lesser known—or in some cases, unknown—entities. That’s why we decided to build Coinist.”
Coinst is backed by San Francisco-based CrossCoin Ventures.