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bitcoin:federatedmarket [2011/08/05 17:39] donpdonpbitcoin:federatedmarket [2024/01/31 04:08] (current) – external edit 127.0.0.1
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-== 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 provides: BTC amount description, USD amount description, Time limit, indicates BTC will be provided +Party communicates deal ID/url to party B. (ok if this happens later on)
-ES provides: deal ID, receiving BTC address+
  
-Client communicates deal ID/url to client B.+Party visits ES deal url. \\ 
 +Party A confirms amounts by providing A's dwolla receiving address \\ 
 +ES provides: ES's bitcoin receiving address
  
-Client provides: deal ID (received from client A) and a USD amount description, receiving bitcoin address.  +Party visits ES deal url. \\ 
-ES provides: dwolla address.+Party B confirms amounts by providing B'bitcoin receiving address. \\ 
 +ES provides: ES'dwolla receiving address.
  
-ES waits for BTC and waits for USD. +ES waits to receive BTC and USD. (Deal State: Collection)
  
-=== Plan ===+Client A sends BTC through bitcoin client. \\ 
 +Client sends USD through dwolla.
  
-Client A or B creates a deal, provides: BTC amount description, USD amount description, Time limit +(Deal StateDispursement) 
-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+
  
bitcoin/federatedmarket.1312565987.txt.gz · Last modified: 2024/01/31 04:08 (external edit)