Hi guys!
I send BTC, EUR, USD, ... to a gateway and get tokens wEUR, wUSD, wBTC ...
I have full controll of the tokens in a decentralised network, so everything is safe (the only weak point is myself --> password, trojans, virus, ...)
Sounds good so far.
But what if the original EUR, USD, BTC get stolen? What if the gateway gets hacked, or goes broke? My tokens are still here, wonderfull. But they aren't backed 1:1 anymore, they are worthless. I can't change my wBTC to BTC anymore.
So whats the advantage over a normal exchange like poloniex??? I don't get it, where is my mistake?
i wait for a good A. aswell.
It require a third party to convert fiat/BTC to Waves tokens. The guarantee depend of the gateway, as the safety of your coins on Polo depend of the service itself.
The advantage is that more gateway should join on the long term (nothing prevent you to create your own gateway service). So if one is compromised, you have all the others.
The eco-system is still building up.
I see no difference between a gateway and a normal exchange.
Only difference i can see is, that for example 2 EUR gateways will be live in short time. If both are used nearly the same and one gets hacked or runs away with our funds, the tokens aren't backed 1:1 anymore but 2:1. So if more than 50% of users wanna change tokens to cash, there'll be a problem. The more gateways the better, but in the long run 1:1 backing won't work.