ShapeShift Introduces Prism Exchange Platform
Digital currency company ShapeShift has announced the release of a trustless asset portfolio platform dubbed “Prism”.
Built entirely on Ethereum smart contract technology, Prism intends to be a platform where “humans and machines can acquire exposure to portfolios of digital assets without trusting a counterparty”. The company also plans to bring their exchange to the main bitcoin blockchain through the Rootstock network.
One of the most interesting features of the Prism exchange platform, is the ability for investors to avoid leaving funds on the exchange. Instead, Prism utilizes a smart contract which exclusively restricts the withdrawal of funds to a predetermined Ethereum account.
The company states that the technology is still in its infancy and smart contract bugs are indeed possible. An “escape hatch” is currently built into the code which, the company claims, will be removed when they become comfortable with the security of the platform.
A formal security audit was conducted on the Prism Exchange by an independent computer security consultant. Two other independent audits will be conducted prior to Prism leaving beta.
ShapeShift has expressed interest in creating a financial paradigm built upon open source, non-discretionary code.
ShapeShift is currently offering a closed beta invite to their Prism Exchange.
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