MGW is not fully decentralized, but also it is not centralized. Not perfect, but seems safer than alternative.
Soon, I will add an automated "deposit, trade, withdraw" mechanism so the time you are not in control of your funds is limited, but this requires InstantDEX and Tradebots first.
At that point your risk is time limited and if that is too much risk, you can always do it in increments

I also have some ideas to fully decentralize all of this, but need to get to these next steps first.

As far as how it can be instant, it is a time shift by using offchain exchange of signed transaction bytes. So both parties have the signed transaction bytes that they can submit to the blockchain. Like having a signed check, its not in your account yet, but just a matter for the next block. This means you cant retrade what you got instantly till the next block, but you can lock in a trade at a known price, regardless of how long the next block is

James

P.S. these offchain transactions are linked and execute all or none

This is a text based GUI for InstantDEX API that we will use for testing:

https://i.imgur.com/rdbR52W.jpg

https://i.imgur.com/NkjOZ5N.png

nothing fancy, but will allow for realtime order entry and trading. So we are going full speed ahead with the InstantDEX testing and hope to have the low level rock solid for when the graphical user interface is ready

James

This is a text based GUI for InstantDEX API that we will use for testing:

https://i.imgur.com/rdbR52W.jpg

https://i.imgur.com/NkjOZ5N.png

nothing fancy, but will allow for realtime order entry and trading. So we are going full speed ahead with the InstantDEX testing and hope to have the low level rock solid for when the graphical user interface is ready

James

good point! anything less than 1% resolution should work fine

fixed fees coded and spot tested.

now InstantDEX (and therefore SuperNET) has a monetized decentralized service coming soon. just need to get the GUI yunbi.com/markets/nxtbtc to be ported

still many things to get done, but i am pretty sure I will be able to keep up with the GUI side, so another few days and I should get InstantDEX into maintenance mode too (along with ramchains and MGW that are already there)

then it will be onto Tradebots and deploying automated market makers for the 1% spreads on the supported markets

James

I added fixed fees of 2.5 NXT per side for direct exchange. will be another 5 NXT for a hybrid orderbook trade

so this is a 5NXT to 10 NXT per trade and will discourage small orders and also those annoying bots that bid 1 satoshi higher, they wont be able to do that as the fee per trade is too expensive.

but for trades of ~0.2 BTC it is 0.1% fee, for 1 BTC trade it is <0.025%, which is quite a good deal

I added some error handling, but need to debug it as it is rejecting all trade offers. Anyway the basic function of InstantDEX is working via API, net week I hope the GUI team will release something like: yunbi.com/markets/nxtbtc just without all the centralized parts.

So finally we are close to being able to test a decentralized crypto exchange that looks like a centralized one. No charge for making/cancelling bids/asks and just a low fixed fee for trades. Additionally I will be deploying automated market makers for the major issues with a target bid/ask spread of 1%. this will create a lot more liquidity and value for everything involved. And of course BTCD will be the reference currency for the hybrid orderbooks that will bridge the crypto coins with the NXT assets

James

tl:dr it's ok to start getting excited

I am putting in a fee of 0.1% (1 / 1024) for InstantDEX trades. There are no fees for making or canceling bids/asks, but I am really concerned that if InstantDEX trading is becoming very popular it will saturate the NXT blockchain.

at 64 trades per block, we fill up the current blocks. So for spam protection and to preserve the blockchain space we need some sort of fee.

However, I dont want the fee to be too high that it discourages trading. Initially, for trading crypto the MGW has to be used, but for asset <-> asset trading, this can be done directly without any MGW involved (unless you are trading against mgw BTC)

Due to the lack of blockchain space, I am now advising to keep the txfee at 1 NXT. Assuming we fill up the blocks, this is ~250K NXT in fees per day (gladly paid by traders). Now at this pace, NXT forging is paying ~10% per year! I think with that sort of return, the value of NXT will become quite a bit larger.

James

P.S. for those trying to estimate the amount of fees InstantDEX will earn I would imagine it would be a multiple of the 4NXT worth of fees per trade. While most trades will be < 1000 NXT, there will be some larger trades for 1 to 10 BTC


*********
I am also considering a flat fee of ~5NXT. This further discourages small trades and will be a much better deal for the larger trades and it is easier to keep track of without ending up with a zillion different assets

UNITY itself is the SuperNET asset and you dont directly use it, so it is best to just have it in a NXT address that you control. All dividends will automatically be sent to whatever address the SuperNET asset is in. UNITY is just the trading symbol for the SuperNET asset.

you can get a NXT wallet installed from nxt.org
then you will be all ready to withdraw into it. The SuperNET v1 wallet is about to go into a wider coverage beta release, but the NXT portion is compatible, so just make sure you dont lose the passphrase! The passphrase is your wallet and it will work for the NXT standard wallet and with SuperNET wallet

James

The way InstantDEX API works is you ask for an orderbook, it shows all the orders from everyone. If you see an order you want to match, it will have the exact syntax needed for a "makeoffer" API. So copy it and submit it as an API call.

This will in turn generate a processutx API to send to the remote node

Which receives it and send back a respondtx API along with the signedtx bytes that can be pushed to the network.

Node A
curl --data-binary '{"jsonrpc": "1.0", "id":"curltest", "method": "SuperNET", "params": ["{\"requestType\":\"makeoffer\",\"baseid\":\"11060861818140490423\",\"baseamount\":\"101111100\",\"relid\":\"17554243582654188572\",\"relamount\":\"617900\",\"other\":\"8279528579993996036\",\"subscribe\":\"1\"}"]  }' -H 'content-type: text/plain;' http://127.0.0.1:7777/

send.([{"requestType":"processutx","NXT":"12240549928875772593","utx":"0211665557020a00ec7f665fccae39025531b1cb3c48e584916dba00a7034edc60f9e4111f86145 d048b3c6e60cbe672000000000000000000e1f50500000000000000000000000000000000000000 0000000000000000000000000000000000000000000000000000000000000000000000000000000 0000000000000000000000000000000000000000000000000000000000000000000000000000000 000001000000158e05004253a05e77c0de7201b7faf17b381380997f27000000000000016000008 07b22617373657441223a223131303630383631383138313430343930343233222c227174794122 3a223130313131222c22617373657442223a2231373535343234333538323635343138383537322 22c2271747942223a22363137393030227d","sig":"a447c703c03cbf851c15ec3564e3b4c681af187fd42146bb824a57c3e904c116","full":"d724a350527244c127cc4a69d58fb9a69fb38d0e5b31e327260eadc4fe582765","timestamp":1424572325},{"token":"phfmcvvc65ag4edesl43pith02t6r4c4c3e4s0t7gofh3p7patamcn8k1k774l02mbloiquivhhhbhh nkolce88962m7s1bo4v7e6hn2bgcgbbmqbo21tinhddujjtisl0vp1ut1ll7jt7j2vvpslcnihe45qk 86"}]) to NXT.8279528579993996036

Node B
send ({"requestType":"respondtx","NXT":"8279528579993996036","signedtx":"0211575557020a00ac24ff73f21425e9e68936141f8861ac206f72e1cfd18a6a84747c211eb9800 0b1ca129e4e2bdfa9000000000000000000e1f50500000000d724a350527244c127cc4a69d58fb9 a69fb38d0e5b31e327260eadc4fe58276553c7a314591e36e85f9fa704a3dc79b595b868aa9bd0f aef2413a6d33b93e90399b9f4667dac6e484c792231e187bca63488c4f76149c2a8eb733b073f29 bd4a01000000158e05004253a05e77c0de72011c8cc83488339df3ac6d090000000000013000008 07b22617373657441223a223131303630383631383138313430343930343233222c227174794122 3a223130313131227d","timestamp":1424572310}) to 12240549928875772593

Node A
RESPONDTX.(0211575557020a00ac24ff73f21425e9e68936141f8861ac206f72e1cfd18a6a84747c211eb9800 0b1ca129e4e2bdfa9000000000000000000e1f50500000000d724a350527244c127cc4a69d58fb9 a69fb38d0e5b31e327260eadc4fe58276553c7a314591e36e85f9fa704a3dc79b595b868aa9bd0f aef2413a6d33b93e90399b9f4667dac6e484c792231e187bca63488c4f76149c2a8eb733b073f29 bd4a01000000158e05004253a05e77c0de72011c8cc83488339df3ac6d090000000000013000008 07b22617373657441223a223131303630383631383138313430343930343233222c227174794122 3a223130313131227d) from (8279528579993996036)

TRADECOMPLETE.({"result":"tradecompleted","txid":"9945291270561970098","signedtx":"0211675e57020a00ec7f665fccae39025531b1cb3c48e584916dba00a7034edc60f9e4111f86145 d048b3c6e60cbe672000000000000000000e1f50500000000000000000000000000000000000000 000000000000000000000000000000000024e4a6b506cff53e92236a228408d1bfc6850367eae34 3d1aecc5d84409c810d878a5b7e68314df84e0e7227c38a6f4eee674e8ffb93c58df636b124b3c8 8eec010000002b8e050034aa683cca0d112701b7faf17b381380997f27000000000000013100008 07b22617373657442223a223137353534323433353832363534313838353732222c227174794222 3a22363137393030227d","othertxid":"4233802116116130288"})

Now this is without anything fancy and requires fill or kill exact match and still a lot of error handling to put around it, but the basic atomic exchange is working again. depending on how long the NXT takes to generate the tx, the exchange happens very quickly. In fact I saw one trade happen immediately as I pressed enter, but usually there is a few second pause for the NXT to generate the tx.

Also the trade is completed offchain and then pushed to the network and with both sides verifying the signatures and details, it is a matter of time before it will get confirmed(*). but until it is, it cant be re-traded.

You can see the matched transactions on the NXT mainnet: 9945291270561970098 and 4233802116116130288

James

(*) there is a small chance for some funny business by the block generator so if you are trading with that node, some precautions are needed. But this is a detail and just requires a bit of fine tuning to the basic mechanism, along with adding a small fee for matching trades.

The way InstantDEX API works is you ask for an orderbook, it shows all the orders from everyone. If you see an order you want to match, it will have the exact syntax needed for a "makeoffer" API. So copy it and submit it as an API call.

This will in turn generate a processutx API to send to the remote node

Which receives it and send back a respondtx API along with the signedtx bytes that can be pushed to the network.

Node A
curl --data-binary '{"jsonrpc": "1.0", "id":"curltest", "method": "SuperNET", "params": ["{\"requestType\":\"makeoffer\",\"baseid\":\"11060861818140490423\",\"baseamount\":\"101111100\",\"relid\":\"17554243582654188572\",\"relamount\":\"617900\",\"other\":\"8279528579993996036\",\"subscribe\":\"1\"}"]  }' -H 'content-type: text/plain;' http://127.0.0.1:7777/

send.([{"requestType":"processutx","NXT":"12240549928875772593","utx":"0211665557020a00ec7f665fccae39025531b1cb3c48e584916dba00a7034edc60f9e4111f86145 d048b3c6e60cbe672000000000000000000e1f50500000000000000000000000000000000000000 0000000000000000000000000000000000000000000000000000000000000000000000000000000 0000000000000000000000000000000000000000000000000000000000000000000000000000000 000001000000158e05004253a05e77c0de7201b7faf17b381380997f27000000000000016000008 07b22617373657441223a223131303630383631383138313430343930343233222c227174794122 3a223130313131222c22617373657442223a2231373535343234333538323635343138383537322 22c2271747942223a22363137393030227d","sig":"a447c703c03cbf851c15ec3564e3b4c681af187fd42146bb824a57c3e904c116","full":"d724a350527244c127cc4a69d58fb9a69fb38d0e5b31e327260eadc4fe582765","timestamp":1424572325},{"token":"phfmcvvc65ag4edesl43pith02t6r4c4c3e4s0t7gofh3p7patamcn8k1k774l02mbloiquivhhhbhh nkolce88962m7s1bo4v7e6hn2bgcgbbmqbo21tinhddujjtisl0vp1ut1ll7jt7j2vvpslcnihe45qk 86"}]) to NXT.8279528579993996036

Node B
send ({"requestType":"respondtx","NXT":"8279528579993996036","signedtx":"0211575557020a00ac24ff73f21425e9e68936141f8861ac206f72e1cfd18a6a84747c211eb9800 0b1ca129e4e2bdfa9000000000000000000e1f50500000000d724a350527244c127cc4a69d58fb9 a69fb38d0e5b31e327260eadc4fe58276553c7a314591e36e85f9fa704a3dc79b595b868aa9bd0f aef2413a6d33b93e90399b9f4667dac6e484c792231e187bca63488c4f76149c2a8eb733b073f29 bd4a01000000158e05004253a05e77c0de72011c8cc83488339df3ac6d090000000000013000008 07b22617373657441223a223131303630383631383138313430343930343233222c227174794122 3a223130313131227d","timestamp":1424572310}) to 12240549928875772593

Node A
RESPONDTX.(0211575557020a00ac24ff73f21425e9e68936141f8861ac206f72e1cfd18a6a84747c211eb9800 0b1ca129e4e2bdfa9000000000000000000e1f50500000000d724a350527244c127cc4a69d58fb9 a69fb38d0e5b31e327260eadc4fe58276553c7a314591e36e85f9fa704a3dc79b595b868aa9bd0f aef2413a6d33b93e90399b9f4667dac6e484c792231e187bca63488c4f76149c2a8eb733b073f29 bd4a01000000158e05004253a05e77c0de72011c8cc83488339df3ac6d090000000000013000008 07b22617373657441223a223131303630383631383138313430343930343233222c227174794122 3a223130313131227d) from (8279528579993996036)

TRADECOMPLETE.({"result":"tradecompleted","txid":"9945291270561970098","signedtx":"0211675e57020a00ec7f665fccae39025531b1cb3c48e584916dba00a7034edc60f9e4111f86145 d048b3c6e60cbe672000000000000000000e1f50500000000000000000000000000000000000000 000000000000000000000000000000000024e4a6b506cff53e92236a228408d1bfc6850367eae34 3d1aecc5d84409c810d878a5b7e68314df84e0e7227c38a6f4eee674e8ffb93c58df636b124b3c8 8eec010000002b8e050034aa683cca0d112701b7faf17b381380997f27000000000000013100008 07b22617373657442223a223137353534323433353832363534313838353732222c227174794222 3a22363137393030227d","othertxid":"4233802116116130288"})

Now this is without anything fancy and requires fill or kill exact match and still a lot of error handling to put around it, but the basic atomic exchange is working again. depending on how long the NXT takes to generate the tx, the exchange happens very quickly. In fact I saw one trade happen immediately as I pressed enter, but usually there is a few second pause for the NXT to generate the tx.

Also the trade is completed offchain and then pushed to the network and with both sides verifying the signatures and details, it is a matter of time before it will get confirmed(*). but until it is, it cant be re-traded.

You can see the matched transactions on the NXT mainnet: 9945291270561970098 and 4233802116116130288

James

(*) there is a small chance for some funny business by the block generator so if you are trading with that node, some precautions are needed. But this is a detail and just requires a bit of fine tuning to the basic mechanism, along with adding a small fee for matching trades.

finally found the bug for the make offer. much easier to debug freshly written code, remembering all the details from code last summer is taking a bit of time.

but I think I am close to getting a negotiated trade.

Then it is adding things like error checks, bullet proofing and things that wont really be externally visible. The first priority is to get the API to where the GUI can be tested in a full cycle usage

James

now all the reported InstantDEX orderbook bugs are fixed, starting to debug the atomic asset swap.
taking a bit to remember all the details as this is code from last summer

James

any NXT account will work. So it could be a secureae account or one you make local, mynxt.info also has webwallets.

James

The first version will require fill or kill orders, meaning an incoming order has to match exactly a bid (or ask) that was published. I changed the orderbook API to show the exact "makeoffer" API that is needed to fill a specify entry in the orderbook.

So, display orderbook, find one you like, user the premade makeoffer API and send that.

All the above works and the makeoffer in turn issues a processutx command with the appropriate raw tx bytes:

{
        "fullHash":     "fa063515a7f00288bf6e6a538165df70387c1239dfb069aa443fe8887e2c1aab",
        "requestProcessingTime":        3,
        "signatureHash":        "4a3798451193f9ae3b23dd65b87f60bf78f440a9e39d89e38011dcbb1cdd37c0",
        "transactionBytes":     "0211f3665602d002ec7f665fccae39025531b1cb3c48e584916dba00a7034edc60f9e4111f86145 d048b3c6e60cbe672000000000000000000e1f50500000000000000000000000000000000000000 00000000000000000000000000000000004d8d909417f77f8014fe107b53162e8be913c30cbc82a 74468fc35343ee87c0cbb56d34d524ce9b291d50c4ffc850ef559cbe61a6954b676aeb5fbf6616b b53100000000fd8b0500fdeb9de0ca6441be01b7faf17b381380997f27000000000000",
        "transaction":  "9800660339517622010", 
        "transactionJSON":      {
                "fullHash":     "fa063515a7f00288bf6e6a538165df70387c1239dfb069aa443fe8887e2c1aab",
                "signatureHash":        "4a3798451193f9ae3b23dd65b87f60bf78f440a9e39d89e38011dcbb1cdd37c0",
                "transaction":  "9800660339517622010",
                "amountNQT":    "0",
                "ecBlockHeight":        363517,
                "attachment":   {
                        "asset":        "11060861818140490423", 
                        "quantityQNT":  "10111",
                        "version.AssetTransfer":        1
                },
                "recipientRS":  "NXT-T4S6-E3R5-9QQT-9DQT7",
                "type": 2,
                "feeNQT":       "100000000",
                "recipient":    "8279528579993996036",
                "version":      1,
                "sender":       "12240549928875772593",
                "timestamp":    39216883,
                "ecBlockId":    "13709349563207117821",
                "height":       2147483647,
                "subtype":      1, 
                "senderPublicKey":      "ec7f665fccae39025531b1cb3c48e584916dba00a7034edc60f9e4111f86145d",
                "deadline":     720,
                "senderRS":     "NXT-7LPK-BUH3-6SCV-CDTRM",
                "signature":    "4d8d909417f77f8014fe107b53162e8be913c30cbc82a74468fc35343ee87c0cbb56d34d524ce9b 291d50c4ffc850ef559cbe61a6954b676aeb5fbf6616bb531"
        },
        "broadcasted":  false, 
        "unsignedTransactionBytes":     "0211f3665602d002ec7f665fccae39025531b1cb3c48e584916dba00a7034edc60f9e4111f86145 d048b3c6e60cbe672000000000000000000e1f50500000000000000000000000000000000000000 0000000000000000000000000000000000000000000000000000000000000000000000000000000 0000000000000000000000000000000000000000000000000000000000000000000000000000000 000000000000fd8b0500fdeb9de0ca6441be01b7faf17b381380997f27000000000000" 
}


The other node, even gets it!

PARSED OFFER.({"requestProcessingTime":0,"amountNQT":"0","verify":false,"ecBlockHeight":363517,"recipientRS":"NXT-T4S6-E3R5-9QQT-9DQT7","attachment":{"asset":"11060861818140490423","quantityQNT":"10111","version.AssetTransfer":1},"type":2,"feeNQT":"100000000","recipient":"8279528579993996036","version":1,"timestamp":39216883,"sender":"12240549928875772593","ecBlockId":"13709349563207117821","height":2147483647,"subtype":1,"senderPublicKey":"ec7f665fccae39025531b1cb3c48e584916dba00a7034edc60f9e4111f86145d","deadline":720,"senderRS":"NXT-7LPK-BUH3-6SCV-CDTRM"}) full.(fa063515a7f00288bf6e6a538165df70387c1239dfb069aa443fe8887e2c1aab) (fa063515a7f00288bf6e6a538165df70387c1239dfb069aa443fe8887e2c1aab)

But here the process stops. I need to make sure the accounts have the assets they are trading. But i need to also add verification that this is an order we want to do, and also that it is not already in progress. I also see a problem where orders dont expire in 5 minutes like they should.

So progress, but not quite there yet. Once these issues are fixed and the other node responds back, theoretically it will do a swap of the two assets.

James

cryptosleuth found the crashing bug! it was an off by one in memory allocation in a totally separate module. Very nice to get some help for this as the crash was only for floating point numbers, but it turned out to be in a totally different area. just using floating point conversions moved things around in the memory so the overwrite of 0 ended up causing a crash on some computers in some cases.

I also  had to verify orderbooks for remote nodes, I think I got all the bugs fixed, still needs to be verified

James

Finally was able to get back to InstantDEX. Some orderbook confusions fixed.

I want to support display of the orderbook in either direction, eg. NXT/BTC or BTC/NXT based on user preference. Sounds easy, but to do this without any redundant storage is a bit tricky and I had the wrong dataset for while, which just confused me

Now it is rewritten it is much less code and much fewer cases to deal with, so I think it will work pretty well and it is also now setup for virtual orderbooks.

One strange parsing crash, but this has probably been there for a while as not many things are using extensive floating point inputs.

Now to port the atomic swap

James

There will certainly be parts of SuperNET that wont be ready until the summer and I expect that we will continue to come up with new projects, so there will be some things that wont be done until after summer too.

But this is why I wanted to get a release structure so we can release new things as they become ready.

With the recent coordinated attacks on the centralized exchanges I am prioritizing getting InstantDEX fully done ahead of the rest, as the crypto community needs a safe place to trade.

James

A bug has been found with the realtime MGW. So I need to get this fixed. the bug is having many withdraws at once slows/clogs up withdraws for that coin. So wont have much time for progress on InstantDEX today as solving this wont go quickly

James

assuming they have 0 overhead, eg. everyone works for free and servers and rent, etc. all free.

They were doing ~700 BTC per day, at 0.5% trade commission so that is 3.5 BTC per day
-> ~2000 days which is over 5 years.

However, it would be unlikely they return to same volume of trade volume, especially since their customers now have 7000 BTC less to trade, so at most I would expect half the old trading volume. We are up to 10 years.

Now let us be realistic and say that maybe they would need to pay for servers, customer support but we can be optimistic and say it they can run at an 70% profit margin. This puts the estimate at 15 years.

James

The InstantDEX core API is shaping up pretty good:

    static char *allorderbooks[] = { (char *)allorderbooks_func, "allorderbooks", "V", 0 };
    static char *openorders[] = { (char *)openorders_func, "openorders", "V", 0 };
    static char *orderbook[] = { (char *)orderbook_func, "orderbook", "V", "baseid", "relid", "allfields", "oldest", "subscribe", 0 };
    static char *placebid[] = { (char *)placebid_func, "placebid", "V", "baseid", "relid", "volume", "price", 0 };
    static char *placeask[] = { (char *)placeask_func, "placeask", "V", "baseid", "relid", "volume", "price", 0 };
    static char *bid[] = { (char *)bid_func, "bid", "V", "baseid", "relid", "volume", "price", "baseamount", "relamount", "type", 0 };
    static char *ask[] = { (char *)ask_func, "ask", "V", "baseid", "relid", "volume", "price", "baseamount", "relamount", "type", 0 };
    static char *makeoffer[] = { (char *)makeoffer_func, "makeoffer", "V", "baseid", "relid", "baseamount", "relamount", "other", "type", 0 };

All but the last one is tested and appears to work in most cases (got stuck for some hours today to get all permutations correct). Suffice it to say it is a lot more complicated than it looks to handle all permutations of orderbooks while also accepting new orders in either polarity. Everything is looking the same, but a bit different and any mistake is getting the inverse of the price, or the volume of the other coin, so we need to really test all possibilities.

Good news is that there are only around 16 possible cases, so once they are tested it will work for all asset pairs in all polarities.

The last API call, makeoffer is how InstantDEX will allow for instant trading. But before this could work, I needed to know all the open orders a node has, so I made the openorders API call, which uncovered the polarity confusions.

Anyway, I had the makeoffer sequence done last July! so just have to port it into the current codebase and make an improvement to eliminate an obscure security hole. But we can put it into testing without that part done, so I am working toward a nofrills order matching (fill or kill) without much error handling so we can test a full cycle with the GUI.

Then as I am fixing any bugs, I will bulletproof things and add nice things like the ability to query current orderbooks remotely and create some monetization possibilities for MMatrix nodes.

It looks like I should be able to get the InstantDEX core pretty much done in the next day or two, so there will be time to start making some automated market makers and other support things. The GUI team says they are on track, so if all goes well, we will be able to test a decentralized exchange that looks and feels like a centralized one.

I know some of you are not 100% comfortable with MGW's distributed setup, especially with recent events. After I get the basic InstantDEX up and running and into testing, I will make some tradebots that will do the "deposit, trade, withdraw" that we all recommend people to do, but sometimes are forgetting to do, well this will be automated. So your funds will be in MGW just for the duration of the trade.

MGW will do this at its cost to cover txfees and the servers. I dont want there to be reasons for people to not do the "deposit, trade, withdraw" over fees. Safety first! I also have additional methods to boost security which will become a necessity when InstantDEX is reaching 100 trades per minute, as that will pretty much fill up all the NXT blocks!

I also want to make sure that the key trading pairs are liquid and have low spreads. We need a safe place to trade crypto that isnt charging big fees. InstantDEX will be this. At first not so many trading pairs will be supported, but it is structured in a way that adding new ones is pretty easy.

The NXT AE is very nice, but it only trades against NXT, it costs a txfee for each bid/ask and even for cancelling them and of course there is the occasional long time between blocks usually just as you really want to do a trade. InstantDEX solves all of these, there wont be any fees for bids and asks and trading can be against NXT or any asset. During the beta test there wont even be any trading fees other than the txfees and even when we activate the fees it will be 1/1024'th of the trade.

My goal is to make InstantDEX the lowest cost trading platform that is also the safest.

James