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    Custom trust line and custom market

    • Updated

    The XRP Ledger is home to its native currency XRP. Any wallet can receive and send XRP without limits if it holds a sufficient XRP reserve.

     

    The XRPL also lets users create new currencies easily. This is enabled by issuing and trust lines where issuing lets an address create new tokens and send them to other addresses as long as they have a trust line enabled for said token.

     

    Gateways like GateHub are businesses that can create new tokens that act as representations of actual currencies on the XRPL. For example, GateHub issues the GateHub BTC, but this is not actual BTC and is also not perfectly equivalent to Bitstamp BTC. Their value is similar because they are redeemable for actual BTC with their respective issuers.

     

    Some projects like Casinocoin, issue and run their project natively on the XRPL. In this particular case, CSC tokens on the XRPL are actual tokens and not just representations of CSC somewhere else.

     

    Lastly, issuing is available to anyone and anything is possible in theory. There are projects emerging with tokenization, NFTs, learning tools, specific industries and so much more in mind.

     

    GateHub does not endorse any project on the XRPL. However, anyone is free to interact with any of the projects at their own discretion as the XRPL is a completely free and unrestricted blockchain.

    How to set a custom trust line:

    A custom trust line allows you to receive crypto assets from issuers other than GateHub and GateHub Fifth.

    1. Go to "Wallet".
    2. Click "Advanced".

    NEW_advanced_settings.png

    1. Under "XRPL Settings" click "TRUST LINES".

    NEW_XRP_wallet_advanced.png

    1. Click "Add custom trust line".

    NEW_Add_custom_trustline.png

    1. Enter your GateHub password and 2FA if prompted.
    2. Enter the issuing XRP Ledger address.
    3. Enter the 3 letter currency code (standard currency code) or 40 character hexadecimal string for non-standard currency code.

    NEW_Custom_trust_line_HEX.png

    1. OPTIONAL: set limit in advanced options.
    2. Click "Submit".

    If your custom trust line is not immediately visible please refresh (Ctrl+R or Cmd+R).

     

    Standard and non-standard currency codes

    Standard currency codes are the most frequently used type of currency code. These are used for most currencies that exist on the XRPL like GateHub USD, EUR, GBP, BTC, and so on.

     

    These are the rules:

    • Currency codes must be exactly 3 ASCII characters in length. The following characters are permitted: all uppercase and lowercase letters, digits, as well as the symbols ?, !, @, #, $, %, ^, &, *, <, >, (, ), {, }, [, ], and |.
    • Currency codes are case sensitive, which means that BTC, BTc and btc are all different currencies on the ledger. For this reason, users need to specify exactly which currency they want to trust when creating a new trust line.
    • The currency code XRP (all-uppercase) is disallowed. Real XRP typically does not use a currency code in the XRP Ledger protocol.

    All GateHub trust lines are created automatically with just a few clicks. The correct currency code and the issuer will be set for you without your input. For third-party currencies, you will need to double-check the case of the currency code.

     

    Non-standard currency codes allow projects and businesses to issue currencies with longer currency codes like (potentially) USDT, DOGE, LUNA, LINK, MATIC, etc.

     

    In this case, a 160-bit/40 character hexadecimal string is used to specify the currency code. This string is decoded into a human-readable format. To prevent this from being treated as a "standard" currency code, the first 8 bits MUST NOT be 0x00.

     

    How to make a custom market:

    A custom market allows you to trade crypto assets issued by Gateways other than Gatehub and Gatehub Fifth.

    1. Go to "TRADE".
    2. Click on the market pair next to the wallet drop-down menu to open the market menu.

    NEW_Trade_pair.png

    1. At the bottom of the screen click on the empty icon named "Custom”.

    NEW_custom_market2.png

    1. Click "Custom currency".

    NEW_Custom_currency.png

    1. Enter issuer name (a custom name for the new market).
    2. Enter the issuing XRP Ledger address.
    3. Enter the 3 letter currency code (standard currency code) or 40 character hexadecimal string for non-standard currency code
    4. Click “Add currency”.
    5. Now that you have added the currency you can set a custom market pair.

    NEW_Add_market_pair.png

    1. Click "Confirm" to finish.

     

    Before using the trade feature for custom market pairs, please read and tick the box if you agree with the disclaimer.

    NEW_Custom_Market_Disclaimer.png