1/ The more I read about what @billbarhydt and the @AbraGlobal team are doing, the more I'm impressed by their ingenuity. I regret I haven't looked into their project sooner.
Here are the basics:
1. non-custodial and #d14n exchange
2. multi-sig
3. smart contracts
Here are the basics:
1. non-custodial and #d14n exchange
2. multi-sig
3. smart contracts
2/ Decentralized Exchange:
Abra is a non-custodial decentralized exchange. That means they don't own your private keys or hold your coins. When you log into the app, they give you seedkeys which you MUST write down. This is the first half of the 2-2 multisig.
Abra is a non-custodial decentralized exchange. That means they don't own your private keys or hold your coins. When you log into the app, they give you seedkeys which you MUST write down. This is the first half of the 2-2 multisig.
3/ Multisig
Abra is the 2nd partner. When you deposit LTC and trade for a coin, you sign your 1/2 of the tx to Abra. Your LTC is now locked. When you cash out, they sign their half of the tx and send back to you your gains/losses. Abra covers the spread.
abra.com/blog/crypto-fi…
Abra is the 2nd partner. When you deposit LTC and trade for a coin, you sign your 1/2 of the tx to Abra. Your LTC is now locked. When you cash out, they sign their half of the tx and send back to you your gains/losses. Abra covers the spread.
abra.com/blog/crypto-fi…
4/ Smart Contracts
Here's the slightly confusing part. Abra has made it possible to trade without actually owning many of the coins on their platform. If you buy VTC or ETH, they don't actually own that. They call this a "synthetic currency" that only exists in their platform
Here's the slightly confusing part. Abra has made it possible to trade without actually owning many of the coins on their platform. If you buy VTC or ETH, they don't actually own that. They call this a "synthetic currency" that only exists in their platform
5/ Synthetic Currency
The synthetic currency follows the price of the respective coin on exchanges. So the VTC synthetic currency will follow the price of VTC on exchanges. If VTC goes up in value, you can cash out and they will pay you out in LTC.
abra.com/blog/abra-laun…
The synthetic currency follows the price of the respective coin on exchanges. So the VTC synthetic currency will follow the price of VTC on exchanges. If VTC goes up in value, you can cash out and they will pay you out in LTC.
abra.com/blog/abra-laun…
6/ Fait Synthetic Currency
They've created synthetic currencies for various fiats as well. This is the most interesting part for me because it rightfully leverages gov't and global economies in a similar way derivative markets do.
abra.com/blog/abra-laun…
They've created synthetic currencies for various fiats as well. This is the most interesting part for me because it rightfully leverages gov't and global economies in a similar way derivative markets do.
abra.com/blog/abra-laun…
7/ Finally, Abra has investigated and chosen Litecoin. They wanted something similar to $BTC (probably cuz it's easier to port). This is another example of why @SatoshiLite's vision of #LTC being BTC's younger brother has worked out advantageously for us. 
8/ This is huge because now an entire exchange is built on top of #Litecoin and is one of the first smart-contract applications we've seen for #LTC outside of multisigs.
Instead of signing up for exchanges, you can now just download an app and go through minimal KYC. #adoption
Instead of signing up for exchanges, you can now just download an app and go through minimal KYC. #adoption
• • •
Missing some Tweet in this thread? You can try to
force a refresh
