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--- bitcoin:federatedmarket [2011/08/05 17:39] – donpdonp
+++ bitcoin:federatedmarket [2011/08/08 17:16] – donpdonp
@@ Line 1: / Line 1: @@
-== bid/ask database ==
+===== Bid/Ask Federation =====
-A distributed database(ala gnutella) of asks/bids
+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 for queries
+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 ==
-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, USD amount description, Time limit. \\
+ES provides: deal ID/url. (Deal State: Confirming)
-Client A provides: BTC amount description, USD amount description, Time limit, indicates BTC will be provided
+Party A communicates deal ID/url to party B. (ok if this happens later on)
-ES provides: deal ID, receiving BTC address
-Client A communicates deal ID/url to client B.
+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 B provides: deal ID (received from client A) and a USD amount description, receiving bitcoin address.
+Party B visits ES deal url. \\
-ES provides: a dwolla address.
+Party B confirms amounts by providing B's bitcoin receiving address. \\
+ES provides: ES's dwolla receiving address.
-ES waits for BTC and waits for USD.
+ES waits to receive BTC and USD. (Deal State: Collection)
-=== Plan B ===
+Client A sends BTC through bitcoin client. \\
+Client B sends USD through dwolla.
-Client A or B creates a deal, provides: BTC amount description, USD amount description, Time limit
+(Deal State: Dispursement)
-ES Provides: deal ID
+ES skims a transaction fee from BTC and/or USD. \\
+ES sends remaining amount of BTC to client B and USD to client A.
-Creating client needs to communicate deal ID to other client.
+ES deal URL shows history of the deal.
-=== 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