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July 01, 2013, 09:33:20 PM |
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The sole purpose of this coin would be to allow for decentralized trading across the crypocurrencies.
Any transfer of the Ccoin would be conditioned on certain activity happening on another crypto network (bitcoin,litecoin,...) being observed first before the Ccoin can successfuly be sent from address A to address B.
Here an Example as to how this would lead to decentralized trading:
Suppose user B wants to purchase one Ccoin for .1245 BTC.
(1) User B Post's a message on forum/marketplace with his Ccoin Address
(2) User A is willing to transact.
(3) Using the Ccoin client, User A sents 1 Ccoin to User B's Ccoin address, with the following condition: 0.1245 BTC must be observed on bitcoin network being transferred to User A's BTC address.
(4) The conditional statements are all required inputs before coins can be sent. If statement is not met within a certain amount of time (could alse be user input variable), the transaction is invalidated and coins go back to User A's wallet.
(5) User A alerts User B of the pending transaction, which can be observed as verified by the network awaiting conditional statment to be met.
(6) User B sends .1245 BTC to User A's address, network verifies BTC transaction and CCoin network releases coins to User B.
This entire exchange is done with no centralized third party. Ccoins will gain value due to their exchange ability, and as crypocurrencies begin to trade against it. A user could convert litecoin to bitcoin by first exchanging litecoins for Ccoins and then doing another exchange of the Ccoins for bitcoins.
What do you guys think?
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