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Author Topic: [ANN] Coinbend: a functional decentralized cryptocurrency exchange  (Read 3866 times)
Uptrenda
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December 30, 2015, 12:29:14 PM
 #21

I found this thread by doing a google search for "p2p coin exchange"
I've just begun to read some of your resources.
How are you making out with this?

I've stopped working on it due to a complete lack of interest so the project is dead at this point.

If anyone wants to pick things up again the code is currently working but there's a few things left to do:
* Add thin-clients for the coins so full blockchains don't need to be downloaded (maybe using a consensus algorithm on top of the blockchains)
* Make the UI easier to use
* Improve the trading algorithm to use a network-wide, ripple style consensus algorithm (to avoid front running and do proper p2p matching, current algorithm is crappy and may have problems)
* Timechains could also be removed but I honestly wouldn't recommend this if you give a damn about security. No timechains = trust and trust is a disaster waiting to happen when it comes to p2p finance and digital asset security.

In short: it's still a lot of work to get this usable and since the community doesn't actually care about security there's literally no incentive for anyone to work on this. Not even purely because its a good idea.
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December 30, 2015, 04:10:29 PM
 #22

Some opinions and things that i've been mulling over...

It is my intention to provoke thought and possibly start a conversation as well as to help me (and possibly others) understand a few things. That is all Smiley

Quote
* Add thin-clients for the coins so full blockchains don't need to be downloaded (maybe using a consensus algorithm on top of the blockchains)
This isn't that important at an early stage of the software.

Quote
* Make the UI easier to use
I watched your video. I'm sure it could be more intuitive but it's a good start.

Quote
* Improve the trading algorithm to use a network-wide, ripple style consensus algorithm (to avoid front running and do proper p2p matching, current algorithm is crappy and may have problems)
This is probably the most important part and should get most of the attention.

Quote
* Timechains could also be removed but I honestly wouldn't recommend this if you give a damn about security. No timechains = trust and trust is a disaster waiting to happen when it comes to p2p finance and digital asset security.
I agree with you that security is important. But there are also other important features that an exchange must have and it seems to me that a timechain may inhibit one important feature and that is speed. Now maybe I am reading/understanding timechains incorrectly...and I apologize if I am. But when I see a "5 minute interval" I'm understanding that transactions (trades) can take up to 10 minutes ... Am I correct in this thinking? If that is the case then I don't recommend taking this route as the software will be lacking an all too important feature.

In short: IMHO, If this is to work, Coinbend needs to have all the features of a centralized exchange + p2p + security

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December 30, 2015, 10:32:25 PM
 #23

Are you excepting new coins?
Uptrenda
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January 17, 2016, 04:05:12 PM
 #24

Quote
This isn't that important at an early stage of the software.

It's important if you want people to use it. One of the main reasons why people keep putting their coins into centralized exchanges is because its easy. Who wants to install a bunch of clients manually and then wait days for their blockchains to download? Nobody.

Quote
This is probably the most important part and should get most of the attention.

Agreed, but easier said then done. I would also add a better way to test the software with simulated blockchains. Could work as a fake JSON-RPC API for the coins to simulate transactions being confirmed as that's mostly what the software uses for validation.

Quote
I agree with you that security is important. But there are also other important features that an exchange must have and it seems to me that a timechain may inhibit one important feature and that is speed. Now maybe I am reading/understanding timechains incorrectly...and I apologize if I am. But when I see a "5 minute interval" I'm understanding that transactions (trades) can take up to 10 minutes ... Am I correct in this thinking? If that is the case then I don't recommend taking this route as the software will be lacking an all too important feature.p

The main benefit that a p2p exchange can provide is security and the current model is largely flawed without a solution for the trust problem. Timechains are that solution as they allow two unrelated systems to be linked with standard smart contracts without relying on a human for fail-safe refunds. Especially important given that cryptocurrency exchanges are still getting hacked.

Quote
In short: IMHO, If this is to work, Coinbend needs to have all the features of a centralized exchange + p2p + security

It's possible but in my opinion: not without significant funding. Nobody has the time or money to educate every potential user on a completely new way to transact + write the thousands of lines of code needed to make that easy. My expectation is that software like this will eventually emerge but it probably won't be trustless or user-friendly causing it to be niche and largely useless. The true challenges to solve for a project like this are actually immense because assuming you write all the code and the software works flawlessly: you still have to contend with the network effect which basically states that for certain applications the usefulness of the service is defined by the square of the number of users. So take Coinbase: why are they so popular? They have a huge number of users and thus a high liquidity; thus a higher potential to gather new users which just keeps on going and going. But how did they start initially and break through the noise of the online world? They had significant VC backing to the tune of millions. So you see, this project is much more difficult than producing the correct algorithms, and all of these problems add up to it not being worth it.
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January 19, 2016, 07:49:54 PM
 #25

I found this thread by doing a google search for "p2p coin exchange"
I've just begun to read some of your resources.
How are you making out with this?

I've stopped working on it due to a complete lack of interest so the project is dead at this point.


wow unbelievable this lack of interest from the community. this project looks like what crypto needs atm, esp after the drama with cryptsy now. sending the link to this thread to some friends who might be able to help with some stuff. best of luck with the project!


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January 28, 2016, 02:05:14 AM
 #26

Everybody love the concept but all of the similar porjects never go anywhere. I think that this is going to end up being a niche field for doing very large transfers between to parties.
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