NXT asset exchange to be released!

[williamevanl]

I just noticed the countdown clock on NXT.org that shows the decentralized asset exchange ETA! Did this just happen, surprised I didn't see anything about it yet.

I contacted coindesk about doing a writeup. I hope there were some additional promotional ideas in the works. Great work guys!

[Galahad]

I saw that myself but they don't bother to explain what it is.  The launch of nxt as a currency exchange

EDITED
I found these useful links:

• http://wiki.nxtcrypto.org/wiki/Asset_Exchange
• https://nxtforum.org/asset-exchange/what-is-asset-exchange/

[griffinriz]

I saw that myself but they don't bother to explain what it is.  The launch of nxt as a currency exchange

here is the explanation:
The Nxt Asset Exchange is a peer-peer exchange built into the software allowing decentralized trading and eliminate trading fees. The Nxt Asset Exchange will allow trading for almost any currency and for almost any commodity.

This feature is based on the "colored coins" concept. Since the blockchain provides a trustworthy record of transactions, it can be leveraged to provide a record of trade of items other than Nxt. To do this, Nxt allows the designation or "coloring" of a particular coin, which builds a bridge from the virtual crypto-currency world to the physical world. The "colored coin" can represent property, stocks/bonds, commodites, or even concepts. As a result, the Nxt Asset Exchange could be used to trade almost anything.

[jabo38]

This is going to be a game changer!  18 days and counting.  I am so excited to click on the link and see the clock ticking down 18 days.  

[Raxe.io]

Seems like a truly worlds first technology, NXT has always had extremely good development. The community development is very passionate and strong. This is pretty much an anything to anything exchange which is a ridiculous technological development for the modern day world, a few years ago I didn't even believe this sort of stuff was possible. I really hope it's everything I imagine it to be.

[JohnnyBTCSeed]

I saw that myself but they don't bother to explain what it is.  The launch of nxt as a currency exchange

here is the explanation:
The Nxt Asset Exchange is a peer-peer exchange built into the software allowing decentralized trading and eliminate trading fees. The Nxt Asset Exchange will allow trading for almost any currency and for almost any commodity.

This feature is based on the "colored coins" concept. Since the blockchain provides a trustworthy record of transactions, it can be leveraged to provide a record of trade of items other than Nxt. To do this, Nxt allows the designation or "coloring" of a particular coin, which builds a bridge from the virtual crypto-currency world to the physical world. The "colored coin" can represent property, stocks/bonds, commodites, or even concepts. As a result, the Nxt Asset Exchange could be used to trade almost anything.

Thanks for the explanation.

Can you or anyone enlighten me on the mechanics of how an actual trade will work?

case1 commodities
Lets say that I grow the best apples. I want to sell out of area, so I must ship my apples. I make a post of 100 apples for $100. A buyer contacts me. I don't know the buyer.
What happens next? How does the escrow work? How do I the buyer or seller protect myself from fraud?

case2 property
I have 100 shitcoins that I want to trade for 100 scamcoins. How does an escrow work in this scenario? If the coins are represented by tokens then what prevents a double spend? How can I obtain my coins if they are represented by a token? Does there need to be some type of gateway wallet on a server somewhere? What happens to this gateway when there are 10,000 coins?

[Shivalein]

I love it

[griffinriz]

I saw that myself but they don't bother to explain what it is.  The launch of nxt as a currency exchange

here is the explanation:
The Nxt Asset Exchange is a peer-peer exchange built into the software allowing decentralized trading and eliminate trading fees. The Nxt Asset Exchange will allow trading for almost any currency and for almost any commodity.

This feature is based on the "colored coins" concept. Since the blockchain provides a trustworthy record of transactions, it can be leveraged to provide a record of trade of items other than Nxt. To do this, Nxt allows the designation or "coloring" of a particular coin, which builds a bridge from the virtual crypto-currency world to the physical world. The "colored coin" can represent property, stocks/bonds, commodites, or even concepts. As a result, the Nxt Asset Exchange could be used to trade almost anything.

Thanks for the explanation.

Can you or anyone enlighten me on the mechanics of how an actual trade will work?

case1 commodities
Lets say that I grow the best apples. I want to sell out of area, so I must ship my apples. I make a post of 100 apples for $100. A buyer contacts me. I don't know the buyer.
What happens next? How does the escrow work? How do I the buyer or seller protect myself from fraud?

case2 property
I have 100 shitcoins that I want to trade for 100 scamcoins. How does an escrow work in this scenario? If the coins are represented by tokens then what prevents a double spend? How can I obtain my coins if they are represented by a token? Does there need to be some type of gateway wallet on a server somewhere? What happens to this gateway when there are 10,000 coins?

nxtforum is the best place for these questions, here you can find some answers https://nxtforum.org/asset-exchange/

[zhanlang13]

This is going to be a game changer!  18 days and counting.  I am so excited to click on the link and see the clock ticking down 18 days.  

amazing feature,I believe it will change Encryption currency situation

[JohnnyBTCSeed]

Answering my own questions here.




There is no way to have a decentralized physical goods marketplace without trusting the other party to hold up their end of the bargain.

Edit: the same goes for fiat gateways. A BitstampUSD asset is only as good as the trust that you have in Bitstamp to honor their IOUs.

https://nxtforum.org/asset-exchange/what-is-asset-exchange/


and

The Judgement System is a Reputation System but it also includes a mechanism for Judges to make decisions on the conduct of users. Users will form Agreements (written in plain English and encrypted). If one of the parties violates an agreement, then the judges can be asked to judge. Users can choose the Judges they trust and the reputation of users' accounts will depend on decisions made by these judges.

https://nxtforum.org/judgement-system/what-is-judgement-system-423/