Hey all,
Having lost my scamginity (only lost a few LTC thankfully) there's obviously a clear need for some kind of reliable and automated escrow.
I'm considering putting something together, and I'd like to get feedback before I get started.
In a nutshell the process would be:
* One of the parties visits automated service to 'setup' the trade - entering currencies, both destination wallets and amounts
* Said person then receives a unique transaction ID within a URL which can be PM'd to the other party
* Both parties can use that URL to 'view' the trade and verify the details. Viewing the trade would also show deposit wallet addresses.
* If both parties deposit the correct amount to the deposit wallet addresses, the trade is released and the funds flipped over to the destination wallets
* If only one of the parties deposits before expiry (fix expiry at say 60mins or user configurable?) then trade is cancelled and funds returned to original sender
There would be no usernames or passwords and no storing of funds outside of an active trade (to minimize risk & security pressures). Every use would be a one time thing - hit up the service, configure the trade and fund it - or don't fund it and the other party will get their funds back.
This is intended to be as simplistic as possible, which should facilitate the integration of new currencies fairly quickly.
Full disclosure I'm going to be looking at charging a 1% fee - not only do I have to code this thing from scratch there's server costs and so on.
And in the interests of managing expectations - no promises on whether this even goes ahead - I may decide this is too much coding, not feasible, or just plain uninteresting. At the moment I'd just like to get some feedback on the model and whether it would get much usage.
Please feel free to post your feedback
Update: In light of this type of service already being in development, I'm putting this on hold (there isn't enough trading frequency in these forums to effectively sustain two services). Good luck to Redream and if it doesn't pan out for you perhaps I'll take another look at this then.
