bitcoin:federatedmarket
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bitcoin:federatedmarket [2011/08/05 17:47] – [Plan A] donpdonp | bitcoin:federatedmarket [2024/01/31 04:08] (current) – external edit 127.0.0.1 | ||
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===== Bid/Ask Federation ===== | ===== Bid/Ask Federation ===== | ||
- | A distributed database(ala gnutella) | + | A distributed database of asks/bids. An ask or bid offer is created, signed, and communicated into a telehash network. |
- | Queries are generated locally | + | Clients can subscribe to a telehash channel |
+ | |||
+ | Another service to take query requests for those who dont want to run a client that receives offer information. | ||
+ | |||
+ | basic distinction: | ||
- | con: High latency for queries. | ||
===== Escrow Service (ES) ===== | ===== Escrow Service (ES) ===== | ||
+ | One party visits ES home page to define a deal. (Deal State: Defining) \\ | ||
+ | The party provides: BTC amount description, | ||
+ | ES provides: deal ID/url. (Deal State: Confirming) | ||
- | ==== Plan A ==== | + | Party A communicates deal ID/url to party B. (ok if this happens later on) |
- | Client | + | Party A visits ES deal url. \\ |
- | Client | + | Party A confirms amounts by providing A's dwolla receiving address |
- | ES provides: | + | ES provides: |
- | Client A communicates | + | Party B visits ES deal url. \\ |
+ | Party B confirms amounts by providing | ||
+ | ES provides: ES's dwolla receiving address. | ||
- | Client B visits | + | ES waits to receive |
- | Client B provides: | + | |
- | ES provides: a dwolla address. | + | |
- | ES waits for BTC and waits for USD. \\ | ||
Client A sends BTC through bitcoin client. \\ | Client A sends BTC through bitcoin client. \\ | ||
Client B sends USD through dwolla. | Client B sends USD through dwolla. | ||
- | ==== Plan B ==== | + | (Deal State: Dispursement) |
- | + | ES skims a transaction fee from BTC and/ | |
- | Client A or B creates | + | ES sends remaining amount of BTC to client |
- | ES Provides: deal ID | + | |
- | + | ||
- | Creating | + | |
- | ==== Finally ==== | + | ES deal URL shows history |
- | 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.1312566461.txt.gz · Last modified: 2024/01/31 04:08 (external edit)