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--- bitcoin:federatedmarket [2011/08/05 18:06] – donpdonp
+++ bitcoin:federatedmarket [2011/08/08 17:16] – donpdonp
@@ Line 1: / Line 1: @@
 ===== 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.
-Queries are generated locally and communicated into the nework. matching asks/bids are sent to the query origin.
+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.
-===== Escrow Service (ES) =====
+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.
-==== Plan A ====
+===== Escrow Service (ES) =====
-Client A visits ES home page. \\
-Client A provides: BTC amount description, USD amount description, Time limit, dwolla receiving address \\
-ES provides: deal ID, bitcoin receiving address
-Client A communicates deal ID/url to client B.
+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 B visits ES deal url \\
+Party A communicates deal ID/url to party B. (ok if this happens later on)
-Client B provides: BTC amount description confirmation, USD amount description confirmation, bitcoin receiving address. \\
-ES provides: a dwolla receiving address.
-ES waits to receive BTC and USD.
+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.
-==== Finally ====
+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.