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−Table of Contents
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
Client A sends BTC through bitcoin client.
Client B sends USD through dwolla.
ES skims a transaction fee from BTC and/or USD.
ES sends remaining amount of BTC to client B and USD to client A.