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bitcoin:federatedmarket

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Bid/Ask Federation

A distributed database(ala gnutella) of asks/bids

Queries are generated locally and communicated into the nework. matching asks/bids are sent to the query origin.

con: High latency for queries.

Escrow Service (ES)

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.1312566344.txt.gz · Last modified: 2024/01/31 04:08 (external edit)