On what blockchain is Nitrogen network built?
Nitrogen smart contract operates on ethereum blockchain. All orders and loan transactions are recorded in the smart contract.
How does the Nitrogen network interact with the blockchain?
All Nitrogen in-platform calculations, user order matching and post trade management are performed in the ethereum blockchain. Nitrogen web application is an user interface wrapper around blockchain smart contract methods.
Can I interact directly with ethereum smart contrcats?
Yes you can! But your Ethereum address still needs to be whitelisted and you have to be a registered user of our services.
Users can interact with smart contracts directly via Parity, MyEtherWallet or any other blockchain interface. But you should be aware it is a cumbersome and complicated process even for advanced blockchain users, this is why we’ve developed a web application https://platfrom.nitrogen.network for our clients to have a nice and simple user experience when submitting loan orders or participating in loan transactions.
What if the software fails? Does Nitrogen have multiple servers?
Our web application uses global server redundancy to protect the system from possible fails. Moreover, the blockchain part of our system is a stand-alone architecture which relies in its operation entirely on the effectiveness and operability of Ethereum mainnet. You can always interact with the smart contracts of Nitrogen through any blockchain interface to perform business critical functions.
Can I borrow and lend Bitcoin or other currencies outside Ethereum?
Current version of Nitrogen is rolled out within Ethereum ecosystem and supports Ether & ERC20 tokens. We are working hard on our first cross chain solution built with the use of atomic swaps. It will allow to embrace BTC, EOS and other assets based on other blockchains which support scripting.
What address do I send my collateral asset to?
You will send your collateral asset to a unique smart-contract address within the ethereum blockchain. All the current contracts may be viewed via this page
How can I be sure that my collateral is safe?
Your collateral is securely stored within the smart contract in Ethereum blockchain. The logic which governs all the collateral movement, be that return to the borrower or default/margin call entirely relies on smart contracts internal methods, which cannot be accessed by outsiders and non-whitelisted users. Moreover, our smart-contracts have been audited by a third party security audit company and were proven to be bug and malware free.
Do I still own my collateral?
Yes. You still own your asset but your lender has a security interest and loen against the collateral until your loan matures and is paid back in full.
Does Nitrogen use my collateral for anything?
No. We do not use your collateral in any way. Moreover we have no access to users assets and collateral is always securely stored within the smart contract until loan agreement termination.