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universelabs / universe

Decentralized private key recovery
https://universe.engineering
MIT License
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Researching Cosmos #50

Closed guylepage3 closed 4 years ago

guylepage3 commented 4 years ago

Description As a result of deciding to go with Cosmos for our recovery app, @faddat will need to research some unknown unknowns.

Tasks

faddat commented 4 years ago

"Buying atoms"

guylepage3 commented 4 years ago

@faddat i'll fill out the issue for you. :)

guylepage3 commented 4 years ago

Add the the following issue description and tasks for @faddat

Description As a result of deciding to go with Cosmos for our recovery app, @faddat will need to research some unknown unknowns.

Tasks

guylepage3 commented 4 years ago

From Slack for reference.

Guy Lepage 8:00 AM @faddat good morning sir.. how did that purchase of $atoms go?

seems to be quite difficult to purchase $atoms.

that’s a bit of an issue to discuss when talking about building on cosmos. can you put a pin on this?

faddat commented 4 years ago

Atoms and NYS / bitlicense

Impossible at this point.

Buying Atoms

Buying $atom went like this:

1)

https://openmarketcap.com/cryptocurrency/atom-usd

vs

https://coinmarketcap.com/currencies/cosmos/#markets

2) Due to OMC exchanges not operating in NYS, use hotbit from CMC, a KYC-free (ish) exchange (supposedly) based in mainland china.

3) On Hotbit, exchange BTC for $atom at market rate

4) Once done on Hotbit, coins can (maybe) be stored on an Android cosmostation wallet or a ledger nano S. Our coins aren't stored just yet.

5) On Hotbit, users must wait 24 hours to withdraw coins. This puts them at various types of risk, so I wouldn't recommend using hotbit.

Screen Shot 2019-10-07 at 10 26 05 AM

Conclusion

We can't expose our users to this process. We have got to hide the entire $atom thing from them, ux-wise. Of course if we were using Bitcoin or another system, we would want to hide the blockchainey bits from them, too.

This seems to support the idea of having our own blockchain-- however, I should do some real txns today to get a sense of fees and what have you before we jump to any conclusions.