bitcoin:federatedmarket
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bitcoin:federatedmarket [2011/08/05 18:57] – 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 |
- | con: High latency | + | Another service to take query requests |
- | ===== Escrow Service | + | basic distinction: |
- | ==== plan A ==== | ||
- | Client A visits ES home page. \\ | ||
- | Client A provides: BTC amount description, | ||
- | ES provides: deal ID/url, ES's bitcoin receiving address. | ||
- | Client A communicates deal ID/url to client B. | + | ===== Escrow Service (ES) ===== |
- | + | ||
- | Client B visits | + | |
- | Client B provides: BTC amount description confirmation, | + | |
- | ES provides: ES's dwolla receiving address. | + | |
- | + | ||
- | ES waits to receive BTC and USD. | + | |
- | + | ||
- | 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. | + | |
- | + | ||
- | ES deal URL shows history of the deal. | + | |
- | ==== Plan B ==== | + | One party visits ES home page to define a deal. (Deal State: Defining) |
- | One party visits ES home page to define a deal. \\ | + | |
The party provides: BTC amount description, | The party provides: BTC amount description, | ||
- | ES provides: deal ID/url. | + | ES provides: deal ID/ |
Party A communicates deal ID/url to party B. (ok if this happens later on) | Party A communicates deal ID/url to party B. (ok if this happens later on) | ||
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ES provides: ES's dwolla receiving address. | ES provides: ES's 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. |
bitcoin/federatedmarket.1312570668.txt.gz · Last modified: 2024/01/31 04:08 (external edit)