Bitcoin Forum
October 19, 2018, 12:33:56 PM *
News: Make sure you are not using versions of Bitcoin Core other than 0.17.0 [Torrent], 0.16.3, 0.15.2, or 0.14.3. More info.
 
   Home   Help Search Donate Login Register  
Pages: « 1 [2]  All
  Print  
Author Topic: How to integrate a global exchange into the blockchain itself  (Read 790 times)
d5000
Legendary
*
Offline Offline

Activity: 1890
Merit: 1224



View Profile
December 18, 2017, 04:08:19 AM
 #21

@ir.hn: You should take a look at the following concept: Atomic Cross Chain Trading. (That is basically what @Jet Cash wrote).

The concept has already proven to work (it is used in some small altcoins, mainly Burst and Qora), and there are now also tools for Bitcoin and similar coins. It can be seen as the "holy grail" in decentralized exchanges. And it's almost trustless (the only way to game it is via an expensive attack). So it's much better than a simple "Localbitcoins clone on the blockchain without escrow".

There are also other altcoin groups that are trying similar concepts, like Komodo and Blocknet. And even the Lightning Network allows similar trades.

Your concept, if I understand it the right way, is very similar to concepts that have been implemented in a variety of altcoins like BitShares (OpenLedger) or NXT (NXT exchange), only that in these cases there are "IOU's" used that are interchanged for the real coins, not "promises" to pay (an IOU is, however, almost like a "promise"). If you want to see such a system in practice, go to http://mynxt.info for NXT, or look how Ripple does it (Ripple includes also a web of trust).

Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1539952436
Hero Member
*
Offline Offline

Posts: 1539952436

View Profile Personal Message (Offline)

Ignore
1539952436
Reply with quote  #2

1539952436
Report to moderator
1539952436
Hero Member
*
Offline Offline

Posts: 1539952436

View Profile Personal Message (Offline)

Ignore
1539952436
Reply with quote  #2

1539952436
Report to moderator
ir.hn
Member
**
Offline Offline

Activity: 168
Merit: 20

Blockchain is a Digital Constitution


View Profile
December 18, 2017, 04:25:46 AM
 #22

I am well studied on the IOU concept, and have an even better idea than any currently out there (the hint is my name), but that is the realm of digital assets, but what I am trying to do here is make cryptocurrencies themselves not just a unit of account but a decentralized ecommerce platform.  If bitcoin users are too burnt out by their blockchain bieng bogged down then a more nimble blockchain will reap the rewards of turning their coin into the worlds first decentralized uncensorable ecommerce platform and bitcoin will fall from grace.

d5000
Legendary
*
Offline Offline

Activity: 1890
Merit: 1224



View Profile
December 18, 2017, 05:20:43 AM
 #23

I am well studied on the IOU concept, and have an even better idea than any currently out there (the hint is my name), but that is the realm of digital assets, but what I am trying to do here is make cryptocurrencies themselves not just a unit of account but a decentralized ecommerce platform.
Yes, that's a good goal, I share it. You have to accept however that the concept you present here is not new. You could also look at NXT's "Marketplace" which also allows to sell physical or digital goods via messages on the blockchain - without escrow or other "complicated" techniques. It's for now the most similar concept to your idea I found.

Quote
If bitcoin users are too burnt out by their blockchain bieng bogged down then a more nimble blockchain will reap the rewards of turning their coin into the worlds first decentralized uncensorable ecommerce platform and bitcoin will fall from grace.
Nobody can stop you from coding your ideas and offering the software to the general public. The problem is - would anybody use it? I think you know what I mean: transaction fees are a big hurdle for such a service. Counterparty suffered much because of that.

Maybe you find a way to use a sidechain (Rootstock/RSK?) or even the Lightning Network? Then I see more chances for your project to succeed.

pinkflower
Sr. Member
****
Offline Offline

Activity: 728
Merit: 259


Burst - Proof of Capacity


View Profile
December 19, 2017, 02:16:42 AM
 #24

Or why not use the Burst platform for what he's trying to do? Once the Dymaxion upgrade is released, you might see that its easier to build on Burst than on Nxt. I dont want to put down another project, but I Burst might be more stable than NXT after all the PoCC's work.

Atomic Cross Chain Trading is the road forward.
ir.hn
Member
**
Offline Offline

Activity: 168
Merit: 20

Blockchain is a Digital Constitution


View Profile
December 19, 2017, 03:55:30 AM
 #25

Thanks for seconding the Atomic cross chain transactions, it looks pretty promising.  Also that marketplace for NXT looks interesting, if it in fact is doing what it seems to be doing.

The thing about my idea is it doesn't require anything or any coding.  People could just start doing it right now.  I kind of gave a method of how people could do it.  The only thing that would require coding is leveraging it.  The wallet is where the leverage would come from.  The wallet would be like an html editor, like when we are posting here; instead of adding in html tags we can click gui buttons to bold and italicize our text.  The wallet would do that sort of thing for your blockchain ecommerce posts.

I wish I could just code it up and try it.  But I am an engineer, scientist, and inventor, unfortunately not a programmer.  i have tried to learn programming quite a bit but I have the same problem with it as I do with foreign languages, they just don't stick.  So I need help in that regard.

The best implementation would be on a small altcoin for now where it can be tested and proven and used for free basically.  But the thing that motivates me for this idea is China and other countries that crack down on crypto.  The motivation for a dev of an alt coin could be a unique feature that generates buzz around his coin.

All these fancy features and promises of side chains and atomic swaps etc. adds complexity and looking through the lens of the mainstream, it won't add any mainstream appeal.  But a craigslist/ebay built into the wallet, now that would be something that adds mainstream appeal.  And the ability to link your paypal account to your wallet, mine with your wallet and the coins get converted into dollars and into your paypal account automatically, that would have mainstream appeal.

Ucy
Sr. Member
****
Offline Offline

Activity: 644
Merit: 267



View Profile
December 19, 2017, 04:38:35 PM
 #26

I have seen some discussion on making Blockchains compatible with one another (there is a technical words for this,  I can't remember)... So why not build a separate Blockchain for your project and find a way to link it up with other Blockchains instead of filling up Bitcoin Blockchain. This could even mean more cryptos on decentralized exchange than Centralized ones


       █
      ██
     ██
   ██ ██
 █ ██ ██
██ ██ ██
██ ██ ██
██ ██ ██
██ ██ ██
██ ██ ██
   
       █
      ██
     ██
   ██ ██
 █ ██ ██
██ ██ ██
██ ██ ██
██ ██ ██
██ ██ ██
██ ██ ██
  B

          ▄▄▄▄▄▄
     ▄▄████████████▄▄
   ▄█████▀▀    ▀▀█████▄
  ████▀            ▀████
 ████                ████
▐███                  ███▌
███▌                  ▐███
▐███           ▄▄     ███▌
 ████         ▀███▄  ▐███
  ████▄         ▀███▄███
   ▀█████▄▄     ▄█████▀
     ▀▀████████████▀▀
          ▀▀▀▀▀▀
T 
Better. Quick.

Transparent.






             ▄████▄▄   ▄
█▄          ██████████▀▄
███        ███████████▀
▐████▄     ██████████▌
▄▄██████▄▄▄▄█████████▌
▀████████████████████
  ▀█████████████████
  ▄▄███████████████
   ▀█████████████▀
    ▄▄█████████▀
▀▀██████████▀
    ▀▀▀▀▀






▄█████████████████████████▄
███████████████████████████
███████████████▀       ████
██████████████      ▄▄▄████
██████████████    ▐████████
██████████████    ▐████████
██████████            ▐████
██████████            █████
██████████████    ▐████████
██████████████    ▐████████
██████████████    ▐████████
▀█████████████    ▐███████▀






                   ▄▄████
              ▄▄████████▌
         ▄▄█████████▀███
    ▄▄██████████▀▀ ▄███▌
▄████████████▀▀  ▄█████
▀▀▀███████▀   ▄███████▌
      ██    ▄█████████
       █  ▄██████████▌
       █  ███████████
       █ ██▀ ▀██████▌
       ██▀     ▀████
                 ▀█▌
Pages: « 1 [2]  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!