Theres a lot of talk recently about P2P exchanges and I was wondering what the problems were with using namecoin as a base to build a P2P exchange?
Sort of like a unified Bitcoin payment ledger, (Fiat currency IOU's for each BTC amount), written in the namecoin blockchain, possibly built around an open source cloud based escrow. The obvious flaw in this here would be the bottleneck of still requiring a physical bank account address to get fiat in and out of the system. Thats where I ran out of ideas??? could bitinstant or similar provide a clearing pool?
https://bitcointalk.org/index.php?topic=123271Within the NMC chain it would be possible to create a truly decentralized exchange:
https://bitcointalk.org/index.php?topic=112007.0You would still need a trusted party to sell and buy back usd/euro/etc. bonds.
The trusted third party issue is largely redundant as there are many services out there already that could offer this service such as bitinstant
I've been following another thread
https://bitcointalk.org/index.php?topic=172705.0, that seems to be gaining some momentum on the ideas for a distributed p2p exchange. I believe there is at least scope for this idea to be integrated around the namecoin protocol, as the merged mining already offers some considerable protection to a 51% attack.
The bonus being it would breath some new life into namecoin, something I see as very under utilised for the strengths it has to offer.
If anyone here has the time and experience necessary to lend a hand, I think the crowd sourcing potential for a project like this built around namecoin could be huge !
