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bitcoin:federatedmarket

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bid/ask database

A distributed database(ala gnutella) of asks/bids

local generation of queries into the db for interesting bid/asks.

con: high latency for queries

Escrow service

Plan A

Client A visits ES home page. Client A provides: BTC amount description, USD amount description, Time limit, indicates BTC will be provided ES provides: deal ID, receiving BTC address

Client A communicates deal ID/url to client B.

Client B visits ES deal url Client B provides: BTC amount description confirmation, USD amount description confirmation, receiving bitcoin address. ES provides: a dwolla address.

ES waits for BTC and waits for USD.

Plan B

Client A or B creates a deal, provides: BTC amount description, USD amount description, Time limit ES Provides: deal ID

Creating client needs to communicate deal ID to other client.

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.1312566171.txt.gz · Last modified: 2024/01/31 04:08 (external edit)