Hard question, how do third party money transmitters get paid? If there is no up-front cost, and it's all backend. What connects the two ? How do money transmitter connect the fiat funds that were paid to the waves platform or end-user? Where or how is it digitized to the block chain to go around swift ? For instance, I'm starting a business and need funding. I create a token on the waves exchange and sell it, so your money transmitters take fiat and release said token. Now the money taken by the transmitter is still fiat ? How is it moved, stored and released back again as fiat to the end token seller ? And how is the transmitter paid for their role ? If anything the exchange would have to have bank account, that's on swift ? I'm confused maybe someone can help explain .. Thanks
Gateways are issuing fiat assets on the platform by themselves, while depositing fiat it is being converted to corresponding fiat asset on the platform, you are creating asset and doing crowdfunding next with fiat or BTC assets, while withdrawing fiat your fiat asset is being converted the same by gateway to fiat.
Okay.. Help please? Gateways are issuing fiat assets ? Please walk me through a real world example. I'm totally confused. I'm a gateway I have 10k in fiat, how do I put that asset on to the platform?
ok.. another question? I guess the biggest part, where is this fiat being kept ? and how is it being accounted for in relation to created assets ?
Btw thanks in advance
You're not a gateway you are a user. A gateway is an exchange or a financial institution that agrees to be an issuer of any asset in the Waves platform that is backed by the asset you have. For example you have bitcoins that you want to trade in Waves. All you have to do is deposit your bitcoins to a gateway then from there transfer your bitcoins to your Waves wallet.
The bitcoins in your wallet are not actual bitcoins. They are merely a token that represents your bitcoins. Your real bitcoins are still held by the gateway where you deposited your bitcoins.
To find a working example look at Ripple. They are using a gateway system also which I think where Waves copied their system. Even the name is almost the same. Get it? Waves, Ripple.
Yeah, I was using the "I'm a gateway" as a hypothetical example. I understand the BTC relationship. Maybe I'm over thinking this. I will check out Ripple.. After watching the last ICO video I was under the impression, Waves was going to somehow subvert the banking system when dealing with fiat. I see that's not the case. Users and gateways will convert fiat before entering the waves platform by using already established on ramps. The off ramps ? I guess I need to look at Ripple.
