The integration would mean that users will be able to check the solvency of the exchange in real time, as the company's accounts and ledgers are to be placed on the decentralized BitShares 2.0 network after its expected launch later this summer.
The move comes just a few days after BitShares announced it was to launch its “2.0” version, based upon the “Graphene toolkit” developed by Cryptonomex. With the launch of version 2.0, BitShares is intended to become more driven by its stakeholders with the core development team at Cryptonomex following the direction chosen in stakeholder voting rounds.
Describing the news of the partnership, CCEDK CEO Ronny Boesing explained why he sees the addition of element of transparency as the final addition needed to create a full-service offering for its customers.
“We are now able to offer our customers a single, seamless, integrated solution combining Internet money, peer-to-peer payment, and instant international money transfers. Someone on the far side of the planet can wire digital currencies to your debit card in the time it takes to swipe that card at your local merchant.”
The company has previously partnered with Bit-x.com to create Nanocard, a Bitcoin funded debit card that is planned to work in real time from user deposits on the exchange. Now the exchange is also seeking to tackle the issue of exchanges needing to prove their liquidity.
Across the North Sea, London based exchange Coinfloor, has also approached this problem of exchanges needing better clarity over their accounts, by creating what they call a “provable solvency report.”
Unlike CCEDK however, their report is only to be issued monthly and includes every user balance, with identities obfuscated into hashes. Using a personal key, users can find their own entry in the ledger and check their balance against their own records, although the system relies on the honesty of the exchange itself.
The importance of exchanges being able to prove their solvency has been highlighted as the decline and fall of Mt Gox in 2014 has been more closely examined. Security analysts WizSec issued a report in April describing findings that suggest the Tokyo based digital currency exchange had actually become insolvent in 2013.
Did you enjoy this article? You may also be interested in reading these ones
The move comes just a few days after BitShares announced […]