This looks promising.
This sounds risky to me, as it’s only Eth collateral backing everything (unless I’ve understood it wrongly).
If Eth falls back relative to other popular crypto assets, it’s possible that Prism’s liabilities may become larger than its assets, which is OK until enough people decide they want to close their Prisms, potentially getting to a point where people can’t realise the gains they thought they’d made.
Also, if it becomes very popular, as people sell their crypto assets to buy Eth to move into Prisms, they will push down the price of crypto assets & pump the price of Eth (again, unless I’ve not understood it properly).
Will be interesting to see how it’s used, how widely, and what impact it has.
Something similar, but actually holding the assets, plus offline signing would be a big win for me. Jaxx seems to be moving closer to this, but they don’t yet have good security (2FA, offline signing etc).
Agree with you on the Jaxx (Anthony Di Iorio) will do well with this Prism soon enough. He and Erik Voorhees are close. I think the ETH story is not completly written but the tech seems to be stable enough.
We’ll see. Let’s see if Safenet can bring some value add to this type of project. Voorhees has megamoney backing him and it looks like he may have the midas touch.
I’m sure Safe will have a lot to offer. This kind of thing but without centralised servers would be awesome - fast, flexibile, and very secure.
If someone can figure out how to hold other assets within Safe, proxy tokens that are fully redeemable would be awesome on the Safe network!
Maid may not be in the top 10 crypto currencies at the moment… but if it works well, the top ten crypto currencies may end up being within the Safe network.
(Maybe assets could be held on Safe by encrypted multigsig keys being held on safe that can be sent to specialised Safe-connected and controlled blockchain nodes to run partial transactions that they only temporarily have keys for etc?)
If i have maidsafecoin in my prism portfolio would i be able to claim safecoin with it?
You should as long as it allows you access to your private keys. Just make sure that is possible.
I don’t think that’s how it works. I think you are just betting on MAID. You deposit ETH collateral, design your ‘prism’ and when the position is closed you settle back to ETH. RSK will also be supported later.
See the example in their blog post: