Inter-coin is a decentralized exchange for Ethereum tokens, entirely implemented as a smart contract on the blockchain.
SummaryInter-coin is a trustless, fully on-chain, decentralized exchange protocol for all ERC-20 compliant tokens. It uses an interstitial currency called Inter-coin to replace a pairwise barter system with a hub-and-spokes model that increases the effective liquidity for all tokens. The initial supply of Inter-coin provides the original liquidity of the exchange. The value of the supply will be determined by the volume of trade on the exchange. The protocol is designed so that trade may continue uninterrupted by local market corrections in any given ethereum token.
For further information, read the White Paper here
http://inter-coin.io/whitepaper.pdf or the code here
https://github.com/lot-intercoin/intercoin.
AdvantagesInter-coin’s revolutionary design solves several key problems with exchanges:
1) Security. There’s no exchange company that can run away with or lose your money, like Mt Gox, Cryptsy, Silk Road, and so on. Our implementation is maximally simple and transparent, allowing users to easily verify the absence of bugs or loopholes.
2) Reliability. Inter-coin’s protocol isn’t reliant on a foundation for to host it, provide access, or add new markets. It isn’t reliant on any external infrastructure, only on the blockchain itself.
3) Financial. There are no transaction fees aside from gas costs, which have been driven as low as possible. This results in a flat fee, instead of a percentage. There’s also trustworthy matching where you deterministically get the best deal available, with no third parties involved in the matchmaking process
4) Simplicity. Inter-coin is fully open-source and on-chain. Anyone can inspect the codebase, and this transparency results in low gas costs. This also creates a small attack surface, making the system dependable and secure. It’s also easy to build on top of it as a platform; Inter-Coin is Just A Smart Contract. Other smart contracts will have full API access, and the design enables maximal scriptability, and custom interfaces.
LaunchEDIT: As the current token trading market is volatile and subject to chaotic periods, we have decided to expand the window of participation in Inter-coin to account for the diverse needs of our users.
The protocol is already complete and tested; we plan to turn the system on at Midnight, Tuesday, August 15.
We will run our ICO using our own protocol, and will sell off the initial fixed supply of Inter-coin for the top 20 ERC-20 tokens, weighted according to market cap. We’ll place 27 sell orders per currency, placing equally sized blocks for sale at 1x, 2x, 3x, … 9x, 10x, 20x, 30x, … 90x, 100x, 200x, 300x, … 900x, and 1000x the starting price.
Brackets 1–9 will be placed at 00:00 UTC on August 15.
Brackets 10–18 will be placed at 00:00 UTC on August 22.
Brackets 19–27 will be placed at 00:00 UTC on August 29.
UsageBuying and selling using Inter-coin is simple. Send a message to the smart contract to exchange your tokens for Inter-coin. Sell your Inter-coin on the exchange for other tokens. Users can either immediately translate one token into another fluidly at any momentary price of Inter-coin, or hold Inter-coin until a new token they’re interested in enters the exchange or the price of another token has become favorable
Who are you?It doesn’t matter. Spend time with our code, not our personas. We believe in trustlessness, decentralization, and freedom. We work to build infrastructure for a digital economy that will accomplish far more than a merely human economy ever could. You won’t see photos of our smiling faces because you don’t need to; we’re not asking for your trust.
Inter-coin is not and will never be a foundation. This protocol is the gift we give to the future, unencumbered by any clumsy attempts at control. You can trust it to remain as it is, rather than trusting in our stewardship. Our product doesn’t rest on our reputation, but stands on its own merits. Unlike other ICOs, we’re not selling promises to create something, but a created and fully functional product that we ourselves will use. Instead of focusing our long-term energies on Inter-coin, we’ll focus on the next piece of blockchain infrastructure that we can build. As it happens, we built Inter-coin in a month because it was a prerequisite for another project we’re working on, but in order to implement it we needed a fully on-chain exchange, and none had yet launched. We chose to fill that void in the market, to more quickly get on with the development of a truly digital economy.
