[NXT] Decentralized Asset Exchange Discussion Thread

[swartzfeger]

So, to all the brainiacs and big idea people out there --

How can aliases work in tandem with AE?

Let's say you've reserved a desirable alias 'foo'.

You issue 'foo' asset on AE.

Now what?

[allwelder]

Is there a wiki (or just a webpage) that covers the basic functionality (that might be helpful to newcomers)?

Well, newcoming programmers could read http://wiki.nxtcrypto.org/wiki/Nxt_API#Asset_exchange_operations, should be enough for them...

very good and useful.

[Vannicke]

So, to all the brainiacs and big idea people out there --

How can aliases work in tandem with AE?

Let's say you've reserved a desirable alias 'foo'.

You issue 'foo' asset on AE.

Now what?

One could theoretically use an alias to point to the AssetID of the asset they sell.

[Zahlen]

Any plan to add some of the core functionality of crowd funding? Ill give an example of what i mean.
...

Crowdfunding solves this by having a central authority collect promises to pay and refrains from charge anyone anything UNLESS the total amount of funding required to fund the project is raised.

The importance of this sort of functionality can not be overstated and it could definitely be built in to the protocol if it isnt already.

I'm very interested in this too, as well as other funding models. But I don't think it needs to be built into the protocol, could be done through service providers who can explore and tweak different models.

EDIT: And e.g. Kickstarter helps folks see who contributed to which tier, how many of each tier rewards are left, so that they know who to send which rewards too. Stuff like this should be handled outside the protocol.

[Zahlen]

18011833952203456566

can I have some? thx

20k sent, spread the testLove.

[xyzzyx]

So, to all the brainiacs and big idea people out there --

How can aliases work in tandem with AE?

Let's say you've reserved a desirable alias 'foo'.

You issue 'foo' asset on AE.

Now what?

It's not currently possible to transfer an alias, if I understand your question.

Alias transfer could be added in the future.

[btc2nxt]

here is a workable scenario:

1. bter,dgex,cryptsy, issue asset like :BTC, LTC, Dogecoin etc
   bter 10,000 btc
   dgex 10,000 ltc
   cryptsy 20,000,000 Dogecoin
( but nobody knows they have how many coin,if these coin can be  backed by Nxt, then no problem
    if issue 1BTC(token) , 20,000 nxt have been locked.

2. someone wants to sell nxt for btc etc
   place bit order, if match the ask order, then btc(token) is transfered to receiver account,nxt to seller account
3. more and more can place ask order with btc, etc.

1. because bter,dgex,btc-e are reputable, so you can trust them
  you can deposit your btc,ltc for btc token.
  or can withdrawl them.

[BrianNowhere]

In my mind I have another approach for trust, not using any rating system, using some "permanent account" to act like escrow.

1. Jon wants to sell "asset" for Sue for 100NXT
2. Jon push "sell", asset goes to "permanent account"
3. Sue push "buy", 100 NXT goes to "permanent account"
4. If both things arrived to "permanent account" then this account sends 100 NXT to Joe and "asset" to Sue.

"Permanent account" is only for naming, can't find better description for now Does it sound stupid?

Yes, but how would you implement this for real world items.  When Jon pushes "Sell" he can't send 10 ounces of bullion through the internet, for example.  This could be a decent way to send/recieve other cryptocurrecies, but who has the access to the escrow account in order to send the received BTC when Sue pushes "Buy", for example?  It could be done for some things like other cryptos, but how do you make it p2p and secure?  Real world commodity trade may be difficult with this approach.

OK, this questions are for devs That was only conception.

Just to be certain, I did not mean "yes" in my post "Does this sound stupid?"  >_<

Its a decent idea, but there is an issue in who controls the asset accounts.  Unless I'm missing something, the only way we can send from the "permanent account" is if the account is controlled by a trusted escrow.  It's doable, but makes it less decentralized.

What might be interesting is to implement escrow right into the asset exchange, so that anyone can have a rated escrow account as well.  For example:

1. Jon wants to sell "asset" for Sue for 100NXT but has little or no rating.
2. Jon push "sell", and sends the asset to a linked and highly rated escrow account
3. Sue pushes "buy", 100 NXT goes to the linked and highly rated escrows account
4. If both things arrived to account then this account sends the 100 NXT to Joe and asset to Sue.
5. Upon successful transaction, the escrow, Jon and Sue all +1 each other for a good trade, thus developing rep for Jon, Sue, and the escrow.

Just an idea, still hard to implement the real world commodity part of the escrow, and maybe that would complicate it too much, but just an idea.  Still, I think ratings of some sort could establish trust.  As far as commodities go though, I think a system to easily implement dividends may prove useful, but I wonder the legal implications of such a thing.  But a full peer-to-peer trading platform would be excellent.


Edit: pardon me, I've derailed the thread to suggestions ... back to asset exchange testing.

This is a pretty amazing idea. Combining the ratings/alias concept with the idea of escrow makes for sort of a decentralized escrow service ability. Any NXT user could decide to become an escrow agent for both ratings and small transaction fees perhaps. Those with higher ratings could charge slighly higher fees and handle bigger ticket transactions. You could also create decentralized insurance in this way as well. Someone with a lot of NXT (or whatever) could insure assets, even crypto-coins and charge a fee for the service.

Powerful stuff.

[mcjavar]

18011833952203456566

can I have some? thx

20k sent, spread the testLove.

thanks!

[mcjavar]

I´ve created a new asset without error message, but it still doesn´t show up in the list (Asset name: HODL)
Any ideas?

[Come-from-Beyond]

I´ve created a new asset without error message, but it still doesn´t show up in the list (Asset name: HODL)
Any ideas?

Incorrect time?

[mcjavar]

I´ve created a new asset without error message, but it still doesn´t show up in the list (Asset name: HODL)
Any ideas?

Incorrect time?

In terms of..? Where to check? What to check?
Does a user really have to check the system time (if I am right) before issueing an asset? For me, this is a bug. am I wrong?

[Come-from-Beyond]

I´ve created a new asset without error message, but it still doesn´t show up in the list (Asset name: HODL)
Any ideas?

Incorrect time?

In terms of..? Where to check? What to check?
Does a user really have to check the system time (if I am right) before issueing an asset? For me, this is a bug. am I wrong?

Make sure that ur time is synced. It's not a bug, it's a countermuasure against time-travel attacks.

[mcjavar]

I´ve created a new asset without error message, but it still doesn´t show up in the list (Asset name: HODL)
Any ideas?

Incorrect time?

In terms of..? Where to check? What to check?
Does a user really have to check the system time (if I am right) before issueing an asset? For me, this is a bug. am I wrong?

Make sure that ur time is synced. It's not a bug, it's a countermuasure against time-travel attacks.

Ok. Where should I check it? Do I need to check my System Time? If it´s so, the time is correct.

The 1000Nxt wasn´t deducted from my testaccount, but I didn´t receive an error message neither (I did receive one before as I tried to issue an asset with a name longer than 10 chars)

[Come-from-Beyond]

Ok. Where should I check it? Do I need to check my System Time? If it´s so, the time is correct.

The 1000Nxt wasn´t deducted from my testaccount, but I didn´t receive an error message neither (I did receive one before as I tried to issue an asset with a name longer than 10 chars)

Adjust ur time by minus 2 hours and try again to make sure that issue is related to incorrect time.

[CIYAM]

Adjust ur time by minus 2 hours and try again to make sure that issue is related to incorrect time.

Or better yet - set your timezone to UTC and sync your clock using NNTP then put your timezone back to whatever you want (but do *not* change the time manually - if it isn't showing what you want then you've selected the *wrong* timezone - again whatever you do DO NOT CHANGE THE TIME MANUALLY or you will have fucked up).

[bitcoinpaul]

Adjust ur time by minus 2 hours and try again to make sure that issue is related to incorrect time.

Or better yet - set your timezone to UTC and sync your clock using NNTP then put your timezone back to whatever you want (but do *not* change the time - if it isn't showing what you want then you've selected the *wrong* timezone - whatever you do DO NOT CHANGE THE TIME MANUALLY or you will have fucked up).

He should issue again using a wrong time "to make sure that issue is related to incorrect time". Right?

[Snail2]

Can I have some TestNXT for 4610941295751720515, please?

[CIYAM]

He should issue again using a wrong time "to make sure that issue is related to incorrect time". Right?

Probably so - I was just trying to correct the poor advice about time changing (why don't Nxt users understand UTC and timezones?).

[bitcoinpaul]

why don't Nxt users understand UTC and timezones?

Good old time problem