Folks,
I am the founder of Crypto Financial Operating System (CFOS) and Asset Backed Coin (ABC), here I proposed my solution to our P2P Trading in real world, please let me know if you have any comments:
First of all, let me introduce some background of CFOS, we implemented CFOS based on Bitcoin Source code, and it can host thousands types of altcoins on the single one blcokchain: please refer to icoinhost.com.
Here is a pure decentralized example P2P trading in CFOS:
Crypto XYZ coin to crypto TEND coin P2P trading requires an escrow service, in current banking world, due to the nature of the banking system, this escrow cannot be automated. Funds will have to be held by an intermediary individual or business acting as an escrow service, like clearing house.
“The key innovation with our system is, because it’s fully decentralized, and multiple types of coins are hosting on ONE block chain, we could achieve decentralized P2P trading our automated mediator Btcft.com." (Btcft.com is far from fully implemented.) The below is how possibility might work…
Bob is looking to sell his XYZ for TEND and enters a sell order (ask) via the BTCFT which is a marketplace for people to post buy sell information, like localbitcoin.com.
Alice is looking to buy XYZ for her TEND and enters a buy order (bid) via the BTCFT.com marketplace..
The below is the detail steps by using 2-of-3 MultiSig to achieve P2P trading efficiently
BTCFT.com acts like a mediator and release the fund automatically based on predefined graceful time between Bob and Alice, please see the detail steps by the below link:
http://abcoin.info/t/p2p-trading-in-crypto-financial-operating-system/51Notice: cancel here means he sign a tx before future multisig expires on the same from address.
Btcft.com will leave regulatory compliance as a decision for the users of the network and they do not expect to deal with any financial regulation themselves as the business is not an exchange. because at any given time, Btcft.com could not get the fund, In the same way that Satoshi has provided Bitcoin we’re providing the decentralized exchange mechanism.
Dear Folks, let me know if you find any design flaws please, if you are interested, please drop me a line.
by the way, all services in above will be free .
Thanks!
