I wanted to add that swap process does require some initial ETH to be used as collateral from the buyer. However, since the collateral is returned after each swap, a person can repeat the swap to buy as much ETH as they want.
For example, let's say I want $1000 worth of ETH but only have $150 worth of ETH. I would use the $150 worth of ETH as collateral and buy $100 worth of ETH several separate times and eventually I will have a $1000 worth of ETH from only having the initial $150 worth of ETH.
Topic: [ANN][DEX][BETA] Meet FiatDex: A New Trustless Fiat Gateway. Trade Fiat for ETH (Read 169 times)
August 09, 2019, 10:15:58 AM
August 07, 2019, 01:25:59 PM
Good write up. I can see how DEXes can integrate this into their existing interfaces. I guess the only downside is that both parties must already have ETH.
August 07, 2019, 08:58:56 AM
Moved thread to Altcoin Marketplace
August 06, 2019, 06:16:08 PM
FiatDex Protocol
A novel decentralized fiat to crypto trustless swap process to finally trade fiat for ETH without a third party.
Status: Public Beta on ETH Mainnet Running. Feedback Welcomed.
Please read the whitepaper to learn more about the swap process:
https://happypsyduck.github.io/fiatdex-gateway/whitepaper.pdf
TL;DR: FiatDex uses traders' ETH collateral to motivate participants to complete the trade. Compliance is rewarded and non-compliance is punished.
GitHub Source:
https://github.com/happypsyduck/fiatdex-gateway
Ethereum Contract:
https://etherscan.io/address/0x2c110867ca90e43d372c1c2e92990b00ea32818b
Basic Web Client:
https://happypsyduck.github.io/fiatdex-gateway
Telegram Trade Group:
https://t.me/joinchat/LKOC7hNpttszh22G6lEfyg
Please share your thoughts here as this is Beta software that is open to improvement and suggestions. The basic protocol is designed to be integrated into ETH Dapps. A simple web client is included to show how to integrate the protocol and can be used for trading. The FiatDex protocol itself doesn't perform any order matching or have any order books. It is up to the traders to coordinate the details of the trade prior to use.
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