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Author Topic: connect 2 escrow modules of 2 currencies for trustless trading  (Read 981 times)
drakoin
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January 08, 2014, 10:26:15 PM
Last edit: January 09, 2014, 01:21:45 AM by drakoin
 #1

Imagine there is a multi currency wallet:

MULTI-ALTCOIN-MULTI-WALLET
Something like multibit, but for altcoins.
Modular, functional, brandable per coin.

which has an escrow module

module ideas, not essential, but nice-to-have
  • an escrow module, where always two three or four people have access to the same wallet, but each according to her role in the escrow protocol

Now here comes an idea, perhaps I am wrong, but perhaps this is a very good idea.


If in two coin currencies
two such escrow modules of the
three people escrow protocol

are linked by taking the same "third person" in both escrow protocols,
(and then replace her by software of course)...

... then we could have trustless trading inside our multicurrency wallets.

Or am I wrong?

In other words:
Currency-1 transfer is agreed upon only if currency-2 transfer is agreed upon.
And currency-2 transfer is agreed upon only if currency-1 transfer is agreed upon.

Both transfers are locked until both transfers are unlocked at the same time.
Of course, that involves waiting for the slower confirmation currency, but hey that's we do anyway, don't we?


How can these two escrow transactions be reliably linked?




---
three ideas today: crowdbounty, escrow wallet plugin for trustless exchangemulti currency wallet Today was a good day, thank you, CoinYeCoin :-)

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January 08, 2014, 10:33:53 PM
 #2

Do you need solution for P2P alt coin trading?

drakoin
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January 14, 2014, 09:13:43 PM
 #3

yes.
You have?

Idea was to even implement it into a wallet software.


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January 15, 2014, 03:44:45 AM
 #4

I think it is possible with hedged trust. 2 roles in the system: the exchanger (could be automatic) and guarantor. The first deposits money with guarantor and this defines the max amount he can exchange at one time.
The P2P system automatically collects the bid and ask and then sends to random exchanger. If the clients are not happy they can escalate with guarantor.

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January 15, 2014, 05:18:30 AM
 #5

There is already a trustless intercurrency trading method. https://en.bitcoin.it/wiki/Atomic_cross-chain_trading

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