Many crypto enthusiasts and businesses have resigned to the notion that Bitcoin has reached its maximum use and potential. However, P2P exchange platform Hodl Hodl has not.
Contrary to new startups devising their own blockchains, Hodl Hodl, which debuted only in March, utilizes complex transactions through the Bitcoin blockchain, debunking the popular opinion that the prime cryptocurrency is only good for storing value.
The P2P exchange platform never touches Bitcoin deposits nor traditional fiat payments. Instead, it merely acts as a platform which creates listings for people to connect, as well as an interface aimed at helping users apply smart contracts to Bitcoin.
The platform, which uses a multi-signature smart contract, seems to be thriving, for it has attracted at least 5,300 users in over 30 countries merely weeks since the start of its operation. These contracts depend on multisig wallets, wherein one key belongs to the seller, while the other to the exchange. Additionally, the seller’s keys are generated on their end and are never stored on the platform’s server or database. That way, potential hackers would only be able to access one key, with the other key unknown to him, thereby ensuring that the funds will remain safe.
Come July, the same company will launch its own real estate platform named Househodl, utilizing similar multisig contracts in consideration of banks and lawyers who usually hold funds in Escrow. As mentioned above, this is poised to cater to transactions involving real estate properties, but with a very tightened security.