Topic: [ANN] Coinbend: a functional decentralized cryptocurrency exchange - page 2. (Read 3970 times)

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Thanks for the kind replies so far. I'm in the process of editing an install / how to video since the instructions are a little unclear at this point.

For now: here's a short video of how to submit a mock trade with the demo nodes. I noticed some people were trying that out but you need to also submit an equivalent trade on the other node that matches against your order otherwise the coins won't transfer.

https://www.youtube.com/watch?v=h7maCX8XKbg

Edit: and here's the installation guide - https://www.youtube.com/watch?v=FtPCTpMlcrs. I'll add both videos to the OP.

I'm excited also to see how this all plays out

Woha! It's a very great project!

I'm looking forward to see how it evolves

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Announcing Coinbend

Coinbend is the first functional exchange for trading cryptocurrencies that doesn't require a third party. I've been working hard on this software for a while now and this is the first version that runs so I'm releasing this early for feedback.

Keep in mind this is only a prototype so only use this with testcoins - the software is missing a lot of features and doesn't even have a functional order book - but its fully functioning when it comes to trading coins and you can test it if you connect to traders manually.

Let me know what you think of the project in the comments

Download:

• Windows
• Linux
• Source code

Online demo mode:

• Alice
• Bob

(You must enter the node ID of the other demo node for both sides to trade using demo mode.
Minimum order amounts and trade limits apply to prevent abuse.)

Video tutorial: https://www.youtube.com/watch?v=h7maCX8XKbg

How to install and start the software:

• Download and install any cryptocurrencies you want to trade.
• Open the coin clients and then close them - this will create the required data directories.
• Unzip the Coinbend download.
• Run the install file either called windows_install.bat or linux_install.sh. This will copy the database, UI, and config files so the software works.
• Start the file called coinbend.exe or coinbend on Linux -- it will patch your coins config files. Press enter to exit.
• Restart all the coins you want to use. They should now be running on the test network. Allow the blockchains to download and then run the Coinbend client again.
• When all the debug statements have stopped printing, you should see a URL. Visit http://localhost:7777/ in your browser to trade.

Video tutorial: https://www.youtube.com/watch?v=FtPCTpMlcrs

Placing a test order:
You can either place a trade on the network or trade directly with another person. Network trades currently must match 100% because partial matching isn't implemented yet so I recommend you don't do that. Instead, get a friend to run the client and enter their node ID on the trade confirm page. Both trader's must enter each other's node IDs for direct trading to work and both trades must match 100%.

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Why this matters

Coinbend is the first exchange to offer dynamic multi-currency support (you read that right.) What this means in English is there are no restrictions on what alt-coins can be traded. Instead, the software will simply work with any cryptocurrency based on Bitcoin (even alt-coins that don't yet exist.)

You can also trade coin pairs in arbitrary combinations. Every aspect of the software has been designed to work with standard transactions so there are no special requirements to use this software with your favourite currency on the main network.

And last but not least: this is the first practical, p2p exchange for trading cryptocurrencies. It requires no middle man to operate, no third-party trust, and strictly gives the users control of their funds at all time. This is possible because Coinbend solves the TX malleability problem with smart contracts without depending on a third-party as a fail-safe making this the first truly trustless exchange.

How it works

Coinbend works by breaking down trades into a series of micro-trades which are carried out using micro-payment channels. The trades are placed with a standard fee (0.5%) which simultaneously serves as micro-collateral. If a micro-payment channel is ever broken, any owed micro-amounts can be recovered from the trade fees which are managed by the exchange.

Since micro-transfer amounts are designed to be as small as possible: any potential losses that might occur will be negligible and the impact of a hacked exchange would have minimal effects. In order to further reduce the risk of p2p trading: Coinbend also includes a secure refund feature. Refunds ensure that an owner's coins will eventually return to them in the event of a broken trade and work by using a new cryptographic construct called the timechain instead of traditional malleable refunds.

tl; dr, you can trade directly with complete strangers using this design without relying on a third-party but the software isn't finished yet.

(Also, please let me know if I should keep working on this as I've already put in a huge amount of time with no reward and a lot more is still needed to get this to beta.)

Developer: [email protected]

Website: www.coinbend.com

Twitter: @coinbend

White paper 1: www.coinbend.com/whitepaper.pdf

White paper 2: www.roberts.pm/timechain