Hi, after off-chain settlement was introduced last year the changes since then are not reflected for trading wallets for example, even more so after Lykke migrated to a centralized model. Deposits, Withdrawals, Private Wallets and similar transactions are still settled there though.
Hi Mtnsaa,
thanks for your explanation. However, can I read about this move to the centralized model?
So my LKK tokens are no longer BTC colored coins? They exist only on your servers in a type of blockchain there?
Also. If I want to divest. So I sell my LKK and get CHF or USD. Then.. HOW? do I transfer into a normal Bank account. I do not find this in the app or on the site.
Sorry that I bring that up in this thread.. but I did not find another forum to post questions..
M
Hi maidenvoyage, sure, you can read more at the following links:
https://www.lykke.com/company/news/Lykke-Changes-Operational-Modehttps://www.lykke.com/city/blog/geeky-lykke-7 (technical!)
Colored coins still exists of course, the difference is the trading wallets (before they were decentralized (with a multisignature implementation where both the user and the exchange held one key and a refund address in case of a hack). Now they are managed by Lykke just like other centralized exchange. However private wallets provided by Lykke are still available and in fact you can still use CoinPrism if you prefer an external solution. However colored coins will be abandoned soon AFAIK, I can't confirm anything since I actually don't have more information about the subject but I can speculate that LKK would become an ERC20 token in the Ethereum network (actually LKK2Y recent forward contract is in fact an ERC20 token). Two years ago, Bitcoin was (still is for many) the most secured platform so colored coins made more sense but it's not the case anymore.
You can certainly sell your LKK for CHF and USD at any time inside the app/exchange, tap on the asset and select "Trade" or just tap on the bottom right button to access all available pairs. Just the same you can deposit or withdraw, in the case of CHF/USD, available option would be SWIFT transfer more likely to your local bank.
You can join either Reddit or Telegram channels where there is more activity! Don't hesitate to ask any other questions.