I'm building a service like Money Button where the user can provice KYC/KYB data, and which then can be used in a limited manner by external services. This service will have identities connected to BSV addresses.
But an exchange could do something different. :-) Two ideas:
An exchange could automatically store to the BSV blockchain their BTC, BCH, ETH etc. wallet addresses, for example once per 10 minutes. Thus anyone could verify the balances and how much on-chain trading volume has occurred.
An exchange probably doesn't do on-chain transactions very much simply because it's too expensive (for example using BTC and ETH). That means when a trade happens, the exchange will change the balances of individual accounts inside their own database. So funds are not actually moved anywhere until the account owner withdraws funds. This of course leads to all kinds of shady practices. An exchange who doesn't want to look shady could do this:
Use BSV for all trading-related bookkeeping -- all trades could be saved to the BSV blockchain for example in batches once every 10 minutes.
What the chain says
- Block
- 838 683
- Time
- 2024-04-04T13:20:10Z
- Signer
- 1AKJrLpJv95rhuts1tHqWtoCi7w1nZBSUk
- App
- twetch
- Type
- post
- Content type
- text/plain
Fields the transaction did not carry are omitted. Open the payload to see the bytes as stored.
1AKJrLpJv95rhuts1tHqWtoCi7w1nZBSUk Verified