Wednesday March 03, 2021
Bitcoin (BTC) $50,947.00   Ether (ETH) $1,591.37
  • Events
  • News
    • Blockchain Technology
    • Capital Raising
    • Crypto Exchanges
    • Crypto Payments
    • Gaming & Betting
    • Networks & Protocols
    • Security
    • Vendor Technology
    • Wallets
NEWSLETTER SIGNUP
EXCHANGE 300+ COINS
CryptoNinjas
  • Crypto & Blockchain Links
  • Real-Time Market Data
  • Bitcoin ATM Map
  • Token Offerings/Listings
No Result
View All Result
CryptoNinjas
No Result
View All Result
Home Crypto Exchanges

ShapeShift launches 'Prism' for trustless blockchain asset portfolio management

Published by CryptoNinjas.net
05/22/2017

Cryptocurrency exchanger company ShapeShift announced today the newest addition to the ShapeShift family with the forthcoming launch of new service.
The company is launching ‘Prism’ a platform upon which humans and machines can acquire exposure to portfolios of digital assets without trusting a counterparty. It is built entirely upon Ethereum-based smart contracts.
These portfolios (called ‘Prisms’) are customizable in size, allocation, and duration. One acquires a Prism using nothing but an Ethereum wallet as the tool, and Ether as the collateral.
Using Ether to provide full-collateralization by both parties, there is no risk of non-performance. The risk is herein minimized: with the trust placed in the objective open-source code, instead of upon the subjective whims of a human counter-party.
Example: Sarah is bullish on privacy-centric digital assets and wants to easily and safely invest $5,000 in them.

  • She designs a Prism consisting of 1/3 Dash, 1/3 Monero, and 1/3 Zcash, putting up $5,000 of Ether as collateral.
  • Upon creation, a unique smart contract tracks the value of her three assets and holding her collateral. It also holds an equivalent amount of collateral from another party who took the opposite position (this other party is ShapeShift, for now).
  • Three weeks later, the price of the three components has risen an average of 25%. Sarah chooses to close her Prism, and she receives 125% of the collateral she deposited (minus fees).

By setting up the Prism, Sarah didn’t need to find a trustworthy/convenient wallet for each coin. Other than Ethereum, she didn’t need to sync anything or manage disparate keys. The entire process from the first idea to the instantiated contract takes Sarah five minutes.
Most importantly, Prism allowed Sarah to avoid leaving funds at an exchange – her collateral was held in a smart contract, which may only be withdrawn to her pre-stated Ethereum account.

Erik Voorhees, CEO of ShapeShift

CEO of ShapeShift Erik Vorhees stated:

“Some day, we imagine, nearly all financial infrastructure will be built upon open, objective, non-discretionary code. The ability of a human to decide not to fulfill a transactional obligation (either by mistake or malice), will seem quaint. Inevitably, an economy is more efficient, honest, productive and fair to the extent it is built upon the laws of code and mathematics, instead of the laws of men. Pre-blockchain, that was impossible.”
“Upon products like Prism (itself built upon the pioneering work of blockchain protocol engineers), it is our hope that some day it won’t merely be possible, but indeed the expectation, that finance itself becomes provably fair; not by the decree of politicians, but by the demanded security and supplied innovation of a marketplace set free. Society deserves nothing less.”
“While Prism is, in a sense, an exchange platform, to our knowledge nothing like it has ever existed in a live, production capacity. No bank or traditional financial institution, with their billions in capital and polished claims of consumer protection, has ever brought something like this to market.”
“That we, a small startup, can build such a thing and release it to the world is a testament to the power of open blockchain technology.”

ShapeShift hinted that they are also looking at potentially bringing this product to Rootstock (RSK) on Bitcoin in the near future.
Closed beta invites will be available shortly at prism.exchange.

FacebookTwitterLinkedinRedditE-MailTelegram

Related News

Crypto exchange ShapeShift integrates DEX solution, removes KYC requirements
Crypto Exchanges

Crypto exchange ShapeShift integrates DEX solution, removes KYC requirements

01/06/2021
Ledger Nano S crypto wallet users can now connect to ShapeShift
Crypto Exchanges

Ledger Nano S crypto wallet users can now connect to ShapeShift

12/11/2019
Crypto exchange ShapeShift rolls out native token for zero-fee trades
Crypto Exchanges

Crypto exchange ShapeShift rolls out native token for zero-fee trades

11/20/2019
Non-custodial crypto exchange ShapeShift integrates with Portis wallet
Crypto Exchanges

Non-custodial crypto exchange ShapeShift integrates with Portis wallet

11/18/2019
Keepkeysegwit
Wallets

SegWit enabled on ShapeShift bitcoin hardware wallet KeepKey

08/08/2019
Load More
Leave Comment

Where to Exchange

Bit2MeLeading Spanish Bitcoin ExchangeVisit
BL3P
European Bitcoin ExchangeVisit
ChangellyExchange & Buy 150+ CryptocurrenciesVisit
itBitAmerica's First Regulated Bitcoin ExchangeVisit
  • Trending
  • Latest
CasinoCoin to migrate to XRP Ledger amidst rebranding

CasinoCoin to migrate to XRP Ledger amidst rebranding

03/01/2021
Horizen to integrate IOTA Oracles on its sidechain protocol Zendoo

Horizen to integrate IOTA Oracles on its sidechain protocol Zendoo

03/01/2021
Canadian bitcoin exchange CoinSmart raises $3.5M to expand into Europe

Canadian bitcoin exchange CoinSmart raises $3.5M to expand into Europe

03/01/2021
ZelaaPayAE deploys Pundi X's merchant crypto payment solutions for UAE

ZelaaPayAE deploys Pundi X’s merchant crypto payment solutions for UAE

02/24/2021
Glow programming language brings smart contract simplicity to Cardano

Glow programming language brings smart contract simplicity to Cardano

02/26/2021
Crypto services firm BCB Group raises $4.5M led by North Island Ventures and Blockchain.com Ventures

Crypto services firm BCB Group raises $4.5M led by North Island Ventures and Blockchain.com Ventures

03/02/2021
DEX aggregator 1inch integrates Bitquery's API-powered crypto trading data

DEX aggregator 1inch integrates Bitquery’s API-powered crypto trading data

03/02/2021
Crypto exchange BiKi cooperates with Hacken on security test

Crypto exchange BiKi cooperates with Hacken on security test

03/02/2021
Binance makes strategic investment in crypto hedge fund Multicoin Capital

Binance makes strategic investment in crypto hedge fund Multicoin Capital

03/02/2021
Crypto investment platform Unchained Capital closes $5.5M funding round

Crypto investment platform Unchained Capital closes $5.5M funding round

03/02/2021
  • Home
  • Directory
  • Data
  • About
  • Contact
SUBSCRIBE

© 2016 - 2021 CryptoNinjas Disclosures | Privacy Policy

  • Home
  • Crypto Links
  • Market Data
  • Blockchain Tech
  • Exchanges
  • Capital Raising
  • Vendor Technology
  • Token Offerings/Listings
  • Payments
  • Wallets
  • Bitcoin ATM Map
  • Conferences & Events
  • About
  • Contact

© 2016 - 2021 CryptoNinjas Disclosures | Privacy Policy


Go to mobile version