We're delighted to see new developments on the #XRPL and the #XRPCommunity's positive response to the likes of @CasinoCoin, @realSologenic, and of course @XummWallet 👏🎉
Let us explain some basics about the XRPL #DEX and IOUs 📢
Let us explain some basics about the XRPL #DEX and IOUs 📢
IOUs are currencies issued on the XRPL. They can represent value on another chain like GateHub $BTC for example. The actual BTC is held by GateHub.
$CSC is different as it actually “lives” on the XRPL after the swap from Ethereum 🤓
gatehub.net/blog/xrp-ledge…
$CSC is different as it actually “lives” on the XRPL after the swap from Ethereum 🤓
gatehub.net/blog/xrp-ledge…
You need to perform KYC with GateHub in order to redeem any GateHub issued currency on the native chain.
Alternatively, you need a @Bitstamp account to redeem Bitstamp USD and BTC - yes Bitstamp issues USD and BTC on the XRPL!
support.gatehub.net/hc/en-us/artic…
Alternatively, you need a @Bitstamp account to redeem Bitstamp USD and BTC - yes Bitstamp issues USD and BTC on the XRPL!
support.gatehub.net/hc/en-us/artic…
The last option is to trade it all to XRP which is a native asset on the XRPL network and therefore not subject to any control or custody by anyone💃
After that XRP can be sent to any custodial exchange and traded for other assets.
gatehub.net/blog/how-crypt…
After that XRP can be sent to any custodial exchange and traded for other assets.
gatehub.net/blog/how-crypt…
IMPORTANT: you should only trade and hold currencies by reputable issuers. There are also worthless IOUs on the XRPL which you should avoid 🚫
Trust lines are used to specify which IOUs you are willing to hold in your wallet.
support.gatehub.net/hc/en-us/artic…
Trust lines are used to specify which IOUs you are willing to hold in your wallet.
support.gatehub.net/hc/en-us/artic…
The XRP Ledger is home to a decentralized exchange where you can trade $XRP and any other currency issued on the network like GateHub $USD / $BTC / $ETH ..., @CasinoCoin $CSC, @Bitstamp #USD / #BTC, and hundreds of others 🙌
gatehub.net/blog/what-are-…
gatehub.net/blog/what-are-…
You need an XRPL wallet to trade on the #DEX. Any time you trade on GateHub, you are utilizing the DEX.
The @realSologenic utilizes the #XRPL DEX too.
The exchange lets you trade any-to-any by posting trade orders on the XRPL.
gatehub.net/blog/xrpl-wall…
The @realSologenic utilizes the #XRPL DEX too.
The exchange lets you trade any-to-any by posting trade orders on the XRPL.
gatehub.net/blog/xrpl-wall…
In principle, no KYC is required to utilize the DEX or hold any of the IOUs that exist on the XRPL. A fully decentralized solution for this is @XummWallet.
If you want to redeem IOUs for their native counterparts, you will very likely need to perform KYC 🕵️
If you want to redeem IOUs for their native counterparts, you will very likely need to perform KYC 🕵️
We know all this can be a bit overwhelming.
Let us know what we missed in the comments and what other topics you would like to learn about 👇
Let us know what we missed in the comments and what other topics you would like to learn about 👇
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