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wegfox

This is Normal?

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Hello,

 

Taking a look at the volume of the new gateway here in Brazil, I noticed that the gateway places a trustline for each new user on the network, is this a normal procedure? would it be for some automated script or do you have any advantage?

 

 

byebnk.jpg

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no the customers trust the exchange to accept the IOU's from them. To become an exchange you need a large portion of people to trust you. 

In your screenshot the exchange owe's 19,911 BRL to users. Notice the negative. 

If they are a properly run exchange they have 19,911 in reserves to redeem the IOU's.

Another way of saying this is the exchange has issued 19,911 BRL IOU's

Edited by jargoman

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Is the trustline towards the users? Doesn't look like it, otherwise the gateway would have to lock 5 XRP per user...

If they did it that way, the advantage would be that the user(s) wouldn't have to do extra steps like creating trust lines after signing up. It might become more complicated UI wise though.

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I found it strange, because my address is there in the middle of these trustlines,  My idea would be to run a gateway with 0% fee in the future, only with a withdraw rate from some IOU's, but I still have a lot to learn.

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1 hour ago, wegfox said:

@Wandering_Dog The amount of IOUs in circulation among users.

You're looking for 'issued value'. Either through data api v2, or get the account lines for a gateway address and sum up all the '-amoun' of issued value. 

Rippleok does it automatically. 

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