Topic: AT and CLTV - Truly disruptive technology! - page 2. (Read 6425 times)

Well despite not being convinced that this is going to be a case of "build it and they will come" here are some screenshots of the prototype Trade application (this part will initially be hosted on ciyam.org and would not contain any sensitive information other than addresses and secret hashes).

Firstly "user1" has created a Trade Offer:



and we can see the details of that here:



assuming that they clicked the "Open Offer" button and assuming "user2" had done similar then if we were logged in as "guest" and were wanting to sell some LTC for BTC we would check the list of Open Offers:



Although the offer from "user2" is higher the minimum amount is perhaps more than "guest" has to trade so he clicks on the offer from "user1":



And assuming he clicks the "Create Transaction" button he might create a potential ACCT like this:

Although I think decentralised crypto trading is an important technical achievement the question is whether people are really going to use it.

As time stamps in Bitcoin (and its clones) are not very accurate (two hours variance is allowed) then at a minimum you would want the automatic refund to be at least more than two hours.

Once the P2SH address has been worked out and funds sent to it then the party that is going to reveal the secret isn't going to do so until they see at least one confirmation (and you'd probably be best advised to wait for more than one confirmation in case of a possible re-org) so I can't see a single trade happening much faster than around half an hour (if we are talking about Bitcoin).

My guess is that having to wait half an hour to do a single trade is going to be simply too unattractive to the average Joe who can trust a (unfortunately likely to eventually get hacked and go bankrupt) website with their coins in order to do near instant trading.

Also no matter how much the UI is simplified it will at least require a secret to be provided by one party and then entered by the other which is going to be an extra step for at least the second party (assuming the secret was able to be automatically generated for the first party).

So as much as people are screaming out that they need a decentralised exchange I would have to say that I am not very optimistic that they will actually use what CLTV ACCT will provide.

Implementing Nxt should be possible by using "phased transactions":
https://nxtforum.org/general/2-phased-transactions-post-implementation-specification/

What about other pairs? BTC/NXT, QORA/NXT?

Always good to see CIYAM is still hammering at it

Looking forward to the future, hope more people will come on board this time round.

The design is going to actually go a lot further than just the trading of crypto-currencies (although that will be the initial application).

We are working on two new ATs (Escrow and Reputation) which in combination will actually provide a framework for a completely decentralised marketplace (details about this will be released after we have tested code and extended the current AT API).

And a decentralized exchange can't get hacked, robbed or shut down with losing everyone's funds!

Without exaggeration: This is true innovation solving a REAL problem.

As it stands it is neither - it is an open source project that can be a service or a coin (I guess).

The point of the project is to further decenstralisation rather than to make a profit from anything.

CIYAM is coin or service?

Where I think that we are headed is towards a new decentralised infrastructure that simply doesn't need "middle-men".

This is a true revolution that will connect providers with consumers without the layers in between that not only are a "friction impediment" but also a "denial of service" problem.

Yeah! I'm very excited as well. They have great things planned and we don't even know half of it! I'm always pretty happy with the updates.

I'm super excited to see where the development and progress goes. I will be eagerly following and would love to know the updates. 

I love the ideia and would support it as well.

Exceptional.  Glad to see this taking shape.  I've always had a good feeling about Qora and Burst, as if they were destined to do great things, so thank you for all your efforts in creating this bridge to Bitcoin's blockchain and truly taking things to the next level.  Decentralised exchange has been something the crypto community has been aspiring to for some time now, so people should stop waffling about the halving and take note that this is the reason 2016 will be a fantastic year for Bitcoin.

I'm following this for a while, awesome to see the progress ... keep up the good work!
The BURST community wants to support this ... http://forum.burst-team.us:4567/topic/8/decentralized-exchange-btc-burst-qora

As CIYAM are the ones i would trust (after the stolen funds last time) ... you guys should start a crowdfunding via BURST to help finance the PR/development.
I really want to support a decentralized exchange ... and sure others would, too!

After having played with the new CLTV Bitcoin (and soon to be Litecoin) op code (https://bitcointalksearch.org/topic/m.13435766) CIYAM is now busy working on a decentralised crypto to crypto exchange.

We had already somewhat achieved that goal with the ACCT AT between Qora and Burst but unfortunately the PR didn't go well (apparently the funds that were meant to be used for PR were stolen) and of course it didn't involve Bitcoin (so wasn't noticed by most Bitcoin followers either).

But now I think we have something much more exciting about to happen. It will allow people to trade QORA/BURST with BTC/LTC without the need for any centralised exchange.

Unlike others trying to do similar things we are not going to be setting up a centralised website for order matching (nor taking a commission) - both Qora and Burst will be able to work as exchanges themselves (due to their AT support) and we will consider creating either a CIYAM application (which will be decentralised and free of charge) or an addition for Bitcoin/Litecoin (also free of charge) to work in a similar fashion.

Basically what we are talking about is "true disruption" (so even the new businesses that are making money out of crypto to crypto trades will be put out of business with this model).

(a note to mods - although Qora and Burst are alts this topic is about using OP_CHECKLOCKTIMEVERIFY to trade between them and Bitcoin so this is relevant to Bitcoin - I hope this isn't confusing the boundaries too much to work out whether this topic is in the right place or not)