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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)
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)
Party A communicates deal ID/url to party B. (ok if this happens later on)
Party A visits ES deal url.
Party A confirms amounts by providing A's dwolla receiving address
ES provides: ES's bitcoin receiving address
Party B visits ES deal url.
Party B confirms amounts by providing B's bitcoin receiving address.
ES provides: ES's dwolla receiving address.
ES waits to receive BTC and USD. (Deal State: Collection)
Client A sends BTC through bitcoin client.
Client B sends USD through dwolla.
(Deal State: Dispursement)
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.