OpenLedger, a BitShares-based startup launched by the CCEDK, has announced its own cryptocurrency OBITS that will be backed by the profits of the company. The launch is scheduled on 1 December.

“Holding OBITS… enables you to have access to a part of the profits issued by the organization. Similar to a real life business, you will also be enabled to cast votes on the decisions of the organizations. Buying OBITS is the equivalent of buying stakes into a ground breaking revolutionary technology early on,” says the official press release.

Since the whole system is totally decentralised, the shares will be protected by being distributed across the world, so “no single hacker will be able to break into or cause damage to the exchange.”

OpenLedger’s profits come from charging fees on the services it provides. The profit from each and every transaction will be distributed among OBITS shareholders.

OpenLedger encourages its retail consumers to swap their fiat money for cryptocurrencies and gain “a small cut on each transfer, deposit, withdrawal or exchange.” Thus, unlike bitcoin digital currency, which depends on market conditions, OBITS is based on the organisation’s profit splits and thus is claimed to be less vulnerable.

The key decisions on profit splits are digitally pre-coded, making them more transparent and not dependent on human factor:

“As humans we are all susceptible to greed and emotions, however when key decisions such as profit splits are pre-encoded into the system via code, it leads to complete delivery on promises and increased trust in the system.”

For the time being, OpenLedger specialises in converting bitcoin digital currency to fiat-pegged smartcoins and turning them into cash with the help of PayPal, Ripple, NanoCard, etc.

Maria Rudina