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bitcoin:federatedmarket

Bid/Ask Federation

A distributed database of asks/bids. An ask or bid offer is created, signed, and communicated into a telehash network.

Clients can subscribe to a telehash channel and receive new offer information. Some service perhaps to catch them up on old information.

Another service to take query requests for those who dont want to run a client that receives offer information.

basic distinction: are the offer records(DNS) distributed or the search requests(gnutella)? far less traffic in distributing the offer records than distributing the search queries.

Escrow Service (ES)

One party visits ES home page to define a deal. (Deal State: Defining)
The party provides: BTC amount description, USD amount description, Time limit.
ES provides: deal ID/url. (Deal State: Confirming)

Party A communicates deal ID/url to party B. (ok if this happens later on)

Party A visits ES deal url.
Party A confirms amounts by providing A's dwolla receiving address
ES provides: ES's bitcoin receiving address

Party B visits ES deal url.
Party B confirms amounts by providing B's bitcoin receiving address.
ES provides: ES's dwolla receiving address.

ES waits to receive BTC and USD. (Deal State: Collection)

Client A sends BTC through bitcoin client.
Client B sends USD through dwolla.

(Deal State: Dispursement) ES skims a transaction fee from BTC and/or USD.
ES sends remaining amount of BTC to client B and USD to client A.

ES deal URL shows history of the deal.

bitcoin/federatedmarket.txt · Last modified: 2016/06/25 11:25 (external edit)