User Tools

Site Tools


bitcoin:federatedmarket

Differences

This shows you the differences between two versions of the page.

Link to this comparison view

Both sides previous revisionPrevious revision
Next revision
Previous revision
bitcoin:federatedmarket [2011/08/05 17:44] donpdonpbitcoin:federatedmarket [2024/01/31 04:08] (current) – external edit 127.0.0.1
Line 1: Line 1:
 ===== Bid/Ask Federation ===== ===== 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 neworkmatching asks/bids are sent to the query origin.+Clients can subscribe to a telehash channel and receive new offer informationSome 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(DNSdistributed 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, indicates BTC will be provided +
-ES provides: deal ID, receiving BTC 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 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+Party A visits ES deal url\\ 
 +Party A confirms amounts by providing A's dwolla receiving address \\ 
 +ES provides: ES's bitcoin receiving address
  
-==== Plan ====+Party visits ES deal url. \\ 
 +Party B confirms amounts by providing B's bitcoin receiving address. \\ 
 +ES provides: ES's dwolla receiving address.
  
-Client A or B creates a deal, provides: BTC amount description, USD amount description, Time limit +ES waits to receive BTC and USD. (Deal StateCollection)
-ES Providesdeal ID+
  
-Creating client needs to communicate deal ID to other client.+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.
  
-==== Finally ==== +ES deal URL shows history of the deal.
-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.1312566272.txt.gz · Last modified: 2024/01/31 04:08 (external edit)