Launched in 2015, the peer-to-peer bitcoin trading site Roolo features multisig wallet technology, with instant transfers and fees of 0.5% on one side of the trade only.
Roolo’s transactions are “on the block chain”. Thus, bitcoins are never mixed and always transparent upon the block chain.
Roolo is operated by Anthony Culligan and Nicholas Pennington, both of whom have considerable experience prior to starting Roolo. Crypto Coins News recently discussed Roolo and Bitcoin with Anthony Culligan, Roolo CEO, who has worked for JP Morgan and other major financial firms.
What interests him the most about the potential of Bitcoin is the peer-to-peer nature of the technology.
“The most interesting aspects of bitcoin is that it is p2p,” Culligan told CCN. It defines ownership as control of the private key or keys. Centralised exchanges, while they can provide apparent quick changes in ownership, do not transfer ownership until the user withdraws their coins or their cash.”
This is inconvenient, Culligan acknowledges.
“In reality this can take days! Centralised exchanges also disintermediate bitcoin owners so that they do not have to address p2p trust and identity,” Culligan told the online technology website.
“We found this to be a compelling and interesting problem to work with and one which has a much bigger and broader reward in the long term.”
There were practical reasons for Culligan to take this route, as well.
“Finally, as a business a centralised exchange currently has a single point of failure – ie its payment provider,” he says. “We did not want to take that business risk.”
The entrepreneur believes Roolo has a superior process to solve the peer-to-peer exchange question.
“We provide each user with two keys, we keep two keys and block.io has one,” he explains, block.io being the San Francisco based firm with whom Roolo has partnered. “The ‘shared’ multisig wallet requires 3 of 5 to move coins.”
He assures the users of the project.
“In the event that either Roolo or Block.io failed, there would be sufficient keys to move the coins to an alternative wallet.”
Culligan and Roolo pledge their support in the interview with CCN to the Bitcoin community.
“We are ardent supporters of the bitcoin ecosystem and spend a lot of time looking at what other people are doing,” he says. “We tweet and support other companies when we like what they are doing.”
Among the companies Culligan mentioned to the website were “Bitrated, purse.io, Bitreserve, Changetip.”
“It is our view that the more innovation there is, the more embedded bitcoin becomes and the stronger its future will be for all of us.”