In a previous blogpost we talked about self-custodial settlement paths in 10101. In this blogpost we explore how the 10101 app will enable you to stay self-sovereign in your self-custodial trade setup.
Without a certain level of self-sovereignty, your self-custodial setup might not be as protective as you think. If you depend on a single service provider too much, then you might not be able to act in a worst case scenario.
At 10101, we are dedicated to developing a cutting-edge self-custodial synthetic stablecoin powered by Discreet Log Contracts (DLCs).
What sets our stablecoin apart is its complete absence of issuers and the eradication of counterparty risk.
In our previous blogpost we wrote about the motivation for self-custodial trading and when it matters. In this blogpost we explore how the self-custodial setup works and what happens when you click the button to close a position.
When you trade in 10101 there are three phases:
Discovery: Finding a trading partner through the 10101 orderbook
Execution: Opening the position by setting a P2P smart contract on Bitcoin
Settlement: Closing the position by resolving the contract
This is the first in a series of blogposts that explores self-custodial trading with 10101 - why and when self-custody really matters, and how it works.
Bitcoin is objectively the best ledger out there. But, as great as Bitcoin is at solving the problem of self-custodial ownership, when it comes to using your coins you depend on centralized platforms. On an exchange you deposit your funds giving up custody - you rely on the exchange to be honest and return your funds once you want to exit. What if there could be a financial system where nobody can lie of cheat?
With 10101 you never give up custody. The app empowers you to trade self-custodial, eliminating the need for a centralized custodian, and enabling autonomy. You stay in charge at all times: Your keys, your coins.
Midjourney: crypto exchange app, white background, minimalistic, 8k, clean
Drum-roll, please... 🥁 Today marks the beginning of an incredible journey as we proudly commence rolling out the much-awaited 10101 beta to the lucky few from our ever-growing wait list! We truly appreciate your enthusiasm and are grateful for your participation.
As much as we'd love to include everyone at once, we're staggering the access to make sure each one of you enjoys the smoothest experience with no hiccups.
In case you were not contacted as part of the first batch just yet- don't worry! We'll be continually adding more delighted users while we iron out any issues and power up our infrastructure further. So hold tight, your turn is just around the corner! 🎢
Did you miss signing up for our beta program? 😳 Don't fret! Time is still on your side - sign up right away! 🕐
👉 Follow this link to join the party:
Once again, thank you for being part of bringing self-custodial trading to the world - the future is here! Let's enjoy the ride together! 🎉
Team 10101
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