bitcoin:federatedmarket
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bitcoin:federatedmarket [2011/08/05 17:39] – donpdonp | bitcoin:federatedmarket [2011/08/08 16:55] – donpdonp | ||
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- | == bid/ask database | + | ===== Bid/Ask Federation ===== |
- | A distributed database(ala gnutella) | + | A distributed database of asks/bids. An ask or bid offer is created, signed, and communicated into a telehash network. |
- | local generation of queries into the db for interesting bid/asks. | + | Clients can subscribe to a telehash channel and receive new offer information. Some service perhaps to catch them up on old information. |
- | con: high latency | + | Another service to take query requests |
+ | basic distinction: | ||
- | == Escrow service == | + | con: High latency for queries. |
- | client A provides BTC. clint B provides USD. | + | ===== Escrow Service (ES) ===== |
- | === Plan A === | + | One party visits ES home page to define a deal. (Deal State: Defining) \\ |
+ | The party provides: BTC amount description, | ||
+ | ES provides: deal ID/url. (Deal State: Confirming) | ||
- | Client | + | Party A communicates |
- | ES provides: | + | |
- | Client | + | Party A visits ES deal url. \\ |
+ | Party A confirms amounts by providing A's dwolla receiving address \\ | ||
+ | ES provides: ES's bitcoin receiving address | ||
- | Client | + | Party B visits ES deal url. \\ |
- | ES provides: | + | Party B confirms amounts by providing B' |
+ | ES provides: | ||
- | ES waits for BTC and waits for USD. | + | ES waits to receive |
- | === Plan B === | + | Client A sends BTC through bitcoin client. \\ |
+ | Client | ||
- | Client A or B creates a deal, provides: BTC amount description, | + | (Deal State: Dispursement) |
- | ES Provides: deal ID | + | ES skims a transaction fee from BTC and/ |
+ | ES sends remaining amount of BTC to client B and USD to client A. | ||
- | Creating client needs to communicate | + | ES deal URL shows history |
- | + | ||
- | + | ||
- | === Finally === | + | |
- | once both arrive, | + | |
- | * send BTC to client B and initiate dwolla transfer to client A. (skim transaction fee) | + | |
- | * notify client A and client B of completed transaction | + | |
bitcoin/federatedmarket.txt · Last modified: 2024/01/31 04:08 by 127.0.0.1