Cloning P2P Bitcoin Exchange

Cloning P2P Bitcoin Exchange

It hears vulnerable to regulatory strict action that Hodl Hodl, is a P2P cryptocurrency exchange that allows users to trade directly with each other which doesn’t hold user funds, aims at creating a free software available as a result of that anyone can launch their own version of the P2P bitcoin exchange.

Its existence depends upon the decision of government. Additional purpose of their planning includes out-sourcing the code for its smart contracts meaning to deal with the intimidation.

People around the world are asking about the opportunity indeed. Activists can take the code from Github, fork it and launch something new in case of their domain is blocked.

Infrequent breed

The exchange has faith only in bitcoin which doesn’t check KYC and has no scheme of starting is rare in crypto space. The company is disinclined to retaining the sensitive personal information. But regulations acts of AML (Anti-money laundering) mandates to collect KYC from customers.

But the members of the company think collecting user information from customers is harmful because sometimes it gets stolen. They think it doesn’t hinder a personal from money laundering fully. FATF (Financial Action Task Force) directed its members to master and store information about who their customers trade with.

Way of Revolution

Though the exchange has no custody of users’ fund, it is not in favor of user identity verification. The exchange an escrow in which the seller locks bitcoin in a multi-signature until the buyer sends fiat. They don’t keep their funds in wallet rather than they create multisigs in a public blockchain.

The new guideline of FATF says even peer-to-peer platforms may be subject to such regulation in cases where the platform facilitates the exchange, it’s doubtful whether Hodl Hodl’s escrow service counts as facilitating. But because of regulatory pressure, they are not entirely adopting the open-source model.

Passing the Reins

Keidun and Snitko want to create a community around them so that they can pass the reign to other people at some point. They could concentrate on supporting and upgrading the code. They also want to open a bitcoin smart contract app store. They are also highly focused on creating the technology plug-and-play through which inexperienced coders can easily deploy it in their online store and accept bitcoin. People can utilize the code is payment for e-commerce. They also want to launch a platform for bitcoin smart contracts for selling homes online.

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