Create your own portfolio asset with Prism.exchange
Trading and investing in cryptocurrency is still a really hard and complex pursuit for the average person. Most of the complexity comes in the form of having to maintain multiple trading accounts, wallets, passwords and private keys for each digital asset one seeks to own.
Prism.exchange created by CEO of ShapeShift Erik Voorhees, simplifies things a lot. Using just Ethereum you can create a smart contract to form a Prism portfolio. Inside of this portfolio you can pick and choose multiple cryptocurrency assets as well as the percentage they hold in the prism.
Below is an example of what the prism creation page looks like:
The total value of the prism is affected by the market movements of each asset that makes up the total portfolio. The maximum amount of ether a prism can be created with is 10 ETH.
Here is a page displaying all prism portfolios which is ranked by total value gained, this introduces a nice bit of gamification fun to the platform.
Prism.exchange is currently in closed beta and I was able to get in by sending them a tweet @Prism_Exchange.
The Gaban Fund Prism
I gathered a pool of funds from several friends and family and created my own prism based on the assets below:
The fund was created on October 4th with 10 ETH and at time of creation we were ranked 413th.
In the following days however as their calculations updated we quickly jumped into the 200s and the past few weeks made it to the front page and finally the top 10 ending at 2nd place with the rise in the price of Lisk.
Following the recent Nov 22nd Berlin meetup held by LiskHQ and the news that their relaunch date is slated for Feb 20th 2018, Lisk took a huge hit and that knocked the Gaban fund out of the top 10 and at time of writing we’re sitting in 11th place.
As we enter the new year, I expect BTC, ETH and LTC continue to rise, as well as Lisk, leading up to their February 20th relaunch which should place our little fund back into the top 10 😉.
So far my overall experience with prism has been quick enjoyable, their smart contract was simple to setup. If you wish to close out your prism all you have to do is send a transaction containing 0 ETH from the same address you used to create the prism (I recommend MyEtherWallet). You can also rebalance your prism portfolio for a small fee.
If you wish to try them out I recommend contacting them to get into closed beta now since there are no monthly fees during beta. They have many cool upcoming features planned for the future.
Here is a great interview with Erik Voorhees explaining Prism.exchange to Amanda B Johnson aka Dash girl.
Last note about fees, currently in there beta there are no fees, however once the platform is live there will be a 1% monthly fee paid to sellers. ShapeShift mentions that eventually this % will be allowed to float and be set by the market. For further explanation on how their fee structure and design works check out this article here: https://info.shapeshift.io/blog/2017/06/01/prism-fee-update
If you like my articles you can tip in ETH, LSK and now DCR :)
ETH: 0xC11f8E7C1dc8B69575661aF1b175803B5f775f5f
LSK: 16811843780664295310L
DCR: DsdZdk7svAesPyQZttQ6vckNQYS1J6nuYmL
