Random Token Exchange. An idea.

[Bitcoinmeetups.org]

Random Token Exchange. An idea.

Hi,

I'm BM, a very nice and polite guy.

I've had an idea for a long, long time about a service where people exchange random tokens with each other. This could be done with ERC-20 tokens.

So we should design a smart contract which does this:

1. User A sends any random token to the smart contract.
2. The contract hold on to the tokens.
3. When user B sends any random tokens to the smart contract then user A will receive those tokens.
4. When user C sends any random tokens to the smart contract then user B will receive those tokens.

And so on. Every user also have to send a little bit of ETH to the contract to cover the transaction fees when they receive tokens from the contract.

So where I was stuck for a long time was how to solve the liquidity problem and profitability problem.
I. e. all these new tokens would have very low liquidity and it is not always clear where profitability would come from.

But now with uniswap 2 they will solve exactly that problem.

So users can just exchange tokens merrily and then send all their new tokens to the liquidity pools. They never know which tokens will become profitable, it's a numbers game. But statistically some tokens will have trades and profits will be made.

Actually this is a huge, huge idea. I predict a) that a system like this will eventually create billions of dollars of value (equivalent, dollar is hopefully gone soon) and b) this is how the world's first real non-tax funded UBI will be created.

This is the most important and fundamental idea in crypto space right now and in the world of finance.

Who's with me? Who wants to start coding, networking and building this?

BM

Update: I have received more than the average amount of feedback on this post, which was also cross-posted on Reddit and some encouragement too so I think this idea is resonating with the community. Let's build it. Who wants to be a billionaire : )?

Update 2: In its basic form, anyone can send any token and you never know what you receive back. That is a good starting point because it's simple to implement and easy to understand. But after that it's also possible to make all kinds of variations and finetuning the parameters. I would just like to get something out there as quickly as possible and I estimate that it wouldn't take more than a few hours to write and deploy a contract like this, possibly a day or two.

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[Vod]

Random Token Exchange. An idea.
...people exchange random tokens with each other.

Hey BM,

1) Can you clarify the sentence containing random?   Do people not control the tokens they send? 

2) How will you choose which tokens to include in this random selection?  It would have to be automated, or else you would face constant accusations.

I have more questions, but I need those answered first. 

[eckmar]

I agree with Vod's questions.
2 might be an even greater problem. Without a pre-existing whitelist or something like that, whats stopping me from creating a random erc-20 token and include it in a smart contract. In the end, I might receive something that is not useless?

[webtricks]

Will there be any parity in the total supply of tokens allowed for swap? I don't want to have 100 X tokens for my 100 Y tokens when the supply of X tokens is 10M and of Y tokens is 1B, right?

Will there be any minimum trading volume constraint for the tokens allowed? I don't want to have 100 freshly created X tokens for my 100 Y tokens which are into existence from 3 years and have $100K volume on other exchanges, right?

I can sense an interesting venture into your idea but it still needs so much refining to develop into something tangible.

[Grizman25]

I would send all the tokens on my wallet, I’ve collected a lot of crap for the whole time.

[Bitcoinmeetups.org]

Will there be any parity in the total supply of tokens allowed for swap? I don't want to have 100 X tokens for my 100 Y tokens when the supply of X tokens is 10M and of Y tokens is 1B, right?

Will there be any minimum trading volume constraint for the tokens allowed? I don't want to have 100 freshly created X tokens for my 100 Y tokens which are into existence from 3 years and have $100K volume on other exchanges, right?

I can sense an interesting venture into your idea but it still needs so much refining to develop into something tangible.

In its basic form, anyone can send any token and you never know what you receive back. That is a good starting point because it's simple to implement and easy to understand. But after that it's also possible to make all kinds of variations and finetuning the parameters. I would just like to get something out there as quickly as possible and I estimate that it wouldn't take more than a few hours to write and deploy a contract like this, possibly a day or two.

No, you are slightly wrong. This is easy to develop into something tangible but it's true that the basic idea could be refined and altered in many ways afterwards.

[Bitcoinmeetups.org]

Random Token Exchange. An idea.
...people exchange random tokens with each other.

Hey BM,

1) Can you clarify the sentence containing random?   Do people not control the tokens they send? 

2) How will you choose which tokens to include in this random selection?  It would have to be automated, or else you would face constant accusations.

I have more questions, but I need those answered first. 

1. By random I mean anyone can send any token in any amount, even if they have been recently minted and still are unlisted.

2. All tokens are accepted. Every single one.

[Bitcoinmeetups.org]

I would send all the tokens on my wallet, I’ve collected a lot of crap for the whole time.

Yes, I would also be happy to have someone to exchange tokens with in an easy way.

[Bitcoinmeetups.org]

I agree with Vod's questions.
2 might be an even greater problem. Without a pre-existing whitelist or something like that, whats stopping me from creating a random erc-20 token and include it in a smart contract. In the end, I might receive something that is not useless?

2. Nothing is stopping you from creating a random ERC-20 token, sending it to the contract and then receiving a random ERC-20 token back. That's the way it works.

Yes, in the end maybe you receive something valuable.

Look at publish0x. Even when people make only a miniscule amount of money from tips it still really invigorates and encourages the community.

Fun fact: I contacted Ivan, the owner of publish0x and suggested that they should allow anyone to distribute any tokens on their playform but he isn't ready for that yet. The thing is I think the first guys who do this correctly could benefit immensly from it.

(Ideally my idea should be implemented into a social media platform natively but it's far easier to just write a smart contract and promote it online than starting a whole new social media platform).

This will happen. Question is only who builds it first.

[Vod]

Yes, in the end maybe you receive something valuable.

I doubt it.  Who would list a token of any value there?  All you'll be doing is processing zero value token changes, using up resources better used elsewhere.

Edited:  I joined your Telegram group.