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bitcoin:federatedmarket [2011/08/05 18:14] donpdonpbitcoin: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) 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.  
 + 
 +Another service to take query requests for those who dont want to run a client that receives offer information. 
 + 
 +basic distinction: are the offer records(DNS) distributed or the search requests(gnutella)? far less traffic in distributing the offer records than distributing the search queries
  
-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, USD amount description, Time limit. \\
 +ES provides: deal ID/url. (Deal State: Confirming)
  
-Client visits ES home page. \\ +Party communicates deal ID/url to party B(ok if this happens later on)
-Client A provides: BTC amount description, USD amount description, Time limit, dwolla receiving address. \\ +
-ES provides: deal ID/url, bitcoin receiving address.+
  
-Client communicates deal ID/url to client B.+Party visits ES deal url. \\ 
 +Party A confirms amounts by providing A's dwolla receiving address \\ 
 +ES provides: ES's bitcoin receiving address
  
-Client B visits ES deal url. \\ +Party B visits ES deal url. \\ 
-Client provides: BTC amount description confirmation, USD amount description confirmation, bitcoin receiving address. \\ +Party confirms amounts by providing B'bitcoin receiving address. \\ 
-ES provides: dwolla receiving address.+ES provides: ES'dwolla receiving address.
  
-ES waits to receive BTC and USD.+ES waits to receive BTC and USD. (Deal State: Collection)
  
 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.
  
 +(Deal State: Dispursement)
 ES skims a transaction fee from BTC and/or USD. \\ ES skims a transaction fee from BTC and/or USD. \\
 ES sends remaining amount of BTC to client B and USD to client A. ES sends remaining amount of BTC to client B and USD to client A.
  
 ES deal URL shows history of the deal. ES deal URL shows history of the deal.
- 
  
bitcoin/federatedmarket.1312568040.txt.gz · Last modified: 2024/01/31 04:08 (external edit)