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bitcoin:federatedmarket

**This is an old revision of the document!**

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, dwolla receiving address
ES provides: deal ID, bitcoin receiving 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, bitcoin receiving address.
ES provides: a dwolla address.

ES waits for BTC and waits for USD.

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.

bitcoin/federatedmarket.1312567323.txt.gz · Last modified: 2024/01/31 04:08 (external edit)