This article briefly explains the background of transactions to and from an XRP Ledger wallet on GateHub.
Each cryptocurrency (BTC, ETH, ETC, REP, DASH) deposit or withdrawal on GateHub consists of
- One or more transactions on the native currency blockchain (i.e. Ethereum or Bitcoin) and
- One on the XRP Ledger (formerly known as Ripple Consensus Ledger)
Each of the two transactions has a distinct hash (depending on the network) and different sending and receiving addresses.
Some additional steps are required by GateHub to connect and match these transactions.
A deposit from a Bitcoin wallet or another service to a user XRP Ledger wallet includes the following transactions:
- The user sends BTCs to a BTC deposit address (unique for every wallet at GateHub).
- BTC deposit addresses should always be empty. Transactions are forwarded to a GateHub owned wallet on the BTC network.
- When the deposit is detected on the BTC network, a corresponding amount of GateHub Fifth BTCs are sent from a GateHub XRP Ledger wallet to the user’s XRP Ledger wallet address.
Deposit tutorial available here.
A withdrawal from an XRP Ledger wallet to a Bitcoin address generally includes the following transactions:
- GateHub Fifth BTCs are sent from the user’s XRP Ledger wallet to a GateHub XRP Ledger wallet (issuing address) on the XRP Ledger (formerly known as Ripple Consensus Ledger).
- When the withdrawal is detected on the XRP Ledger, a corresponding amount of BTCs is sent from a GateHub owned Bitcoin wallet address to the user’s specified BTC address.
Withdrawal tutorial available here.
Other cryptocurrency deposits and withdrawals work analogously.
Deposits of unsupported tokens
DO NOT SENDunsupported currencies or tokens to your deposit addresses and make sure to only send currencies to their corresponding addresses.
Cross Chain deposits will be subject to our Cross-Chain Recovery Policy.
Ownership of deposit accounts
The deposit addresses (for cryptocurrencies other than XRP) generated by GateHub do not belong to the user. They are transitional addresses used to link deposits to specific users.
Unsupported token deposits (ICO), airdrops or blockchain forks will not be credited to your GateHub hosted or XRP Ledger wallet and will not be recovered as per our Cross-Chain Recovery Policy.
All supported currencies blockchain forks or airdrops will be publicly announced beforehand.
Investing in ICOs with your GateHub account is not advisable as the funds on the native network are sent out from a GateHub owned address. Unsupported tokens received in return to GateHub owned addresses will not be credited to users.