There is no middle man in barterdex.
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Topic: Completely decentralized exchange (Read 249 times)
Just like barterdex by Supernet then that is up and running
All the "decentralised" exchanges which I have seen require registration and logging in. Is barterdex different?No pre registration required
When someone talks about a truly decentralised peer-to-peer exchange method one would assume there is no middleman and noone would be able to say "our exchange".
What we are proposing is that a user can announce from their computer "I want to sell LTC for DOGE". This message is coded as a very small financial transaction and goes onto another open blockchain just like any transfer. There is no middleman.
I may be misunderstanding barterdex, but it certainly sounds like they are the middleman.
In our proposal there is however an owner of the recipient address for announcements. We propose that this be a specific non-profit organisation. They have no task in the project so they are not your usual middleman. As explained in the proposal one does need to attach some minimal costs to the announcements, just to avoid spam. We could just burn the money but instead we propose using it to support education in low-income regions.
To do it, you need other coins to support smart contracts. Otherways, there is no RELIABLE way of exchanging coins with no escrow
Well, if you look at the above decred link (https://blog.decred.org/2017/09/20/On-Chain-Atomic-Swaps/) ... then you find the following:Quote
Both chains must support:
branched transaction scripts
the same hash algorithm in both chains’ transaction scripts
signature checks in transaction scripts
CheckLockTimeVerify or CheckSequenceVerify (“CLTV” and “CSV” for short) in transaction scripts
I'm not sure how you define a smart contract, but this has been supported in BTC, LTC and several others. So it's not just ETH and coins which allow similarly complex smart contracts.branched transaction scripts
the same hash algorithm in both chains’ transaction scripts
signature checks in transaction scripts
CheckLockTimeVerify or CheckSequenceVerify (“CLTV” and “CSV” for short) in transaction scripts
Barterdex just keeps getting better imo.
Just like barterdex by Supernet then that is up and running
All the "decentralised" exchanges which I have seen require registration and logging in. Is barterdex different?No pre registration required
To do it, you need other coins to support smart contracts. Otherways, there is no RELIABLE way of exchanging coins with no escrow
Well barterdex has now completed a few thousand trouble free atomic swaps with no escrow involved.
To do it, you need other coins to support smart contracts. Otherways, there is no RELIABLE way of exchanging coins with no escrow
Just like barterdex by Supernet then that is up and running
All the "decentralised" exchanges which I have seen require registration and logging in. Is barterdex different?
Just like barterdex by Supernet then that is up and running
This is a proposal to set up a mechanism for a completely decentralised cryptocurrency exchange. Consider it work in progress please 
The goal:
Owner of coin A who wants B can advertise "I want to sell x of A for y of B"
Owner of coin B can respond "I want to participate"
A and B owners can then trade without an exchange, without knowing each other and without trusting each other
There will be no administration, no vetting of trades and no arbitrators of dispute.
All responsibility will be with the traders themselves.
Trading will (initially) only be atomic.
Participation will (initially) only be technically accessible to users who run full nodes of all the coins in question.
This OP will (slowly) accumulate (links to) all the information needed to participate.
The thread itself will be the main discussion thread for the ideas - and corrections to this OP.
Feel free to stay anonymous: The whole point of the exercise is that this is open and free and the responsibility lies with the user, not the developers!
The basics: Recently Charlie Lee and others demonstrated trustless cross-chain atomic swaps. Proposals have been made to move these onto a Lightning network but other proposals involve using messaging on a third blockchain to announce a desire to make a swap. The point of this thread is to provide a complete description of how to make this work.
Nitty-gritty stuff coming:
The background lies in the swaps tested by Charlie Lee and others: https://twitter.com/SatoshiLite/status/911328252928643072
Initially a pair of users (here @SatoshiLite and @JStefanop1) decide to swap a specific amount of one coin for another. Here, they swapped 10 LTC for 0.1137 BTC. There have been a number of other swaps. Considerable was put into this by the @decreproject team who also did a swap with @SatoshiLite, this time a swap between DCR and LTC https://twitter.com/decredproject/status/910224860625780736.
Software is available at https://github.com/decred/atomicswap/ along with reading material on atomic swaps https://blog.decred.org/2017/09/20/On-Chain-Atomic-Swaps/, courtesy of the Decred team.
Atomic swaps are elementary swaps between two coins holders, e.g. user A sells 1 BTC for 100 LTC from user B. Exchanges will allow partial sales but an atomic swap is a complete swap. In the proposal here, only atomic swaps will be used (initially), based on users first agreeing to do a swap. The agreement is fairly formal, based on paid announcements, but not binding until the swap is done.
Announcements will be done on a blockchain. A preliminary proposal has been made to use the SMLY blockchain for this purpose at https://tutor-web.info/news-1/announcing-intent-cross-chain-atomic-swap/ and we will use/modify this to begin with. Check out the link for the logic behind using this coin and not a better-known (higher-value) coin.
The goal:
Owner of coin A who wants B can advertise "I want to sell x of A for y of B"
Owner of coin B can respond "I want to participate"
A and B owners can then trade without an exchange, without knowing each other and without trusting each other
There will be no administration, no vetting of trades and no arbitrators of dispute.
All responsibility will be with the traders themselves.
Trading will (initially) only be atomic.
Participation will (initially) only be technically accessible to users who run full nodes of all the coins in question.
This OP will (slowly) accumulate (links to) all the information needed to participate.
The thread itself will be the main discussion thread for the ideas - and corrections to this OP.
Feel free to stay anonymous: The whole point of the exercise is that this is open and free and the responsibility lies with the user, not the developers!
The basics: Recently Charlie Lee and others demonstrated trustless cross-chain atomic swaps. Proposals have been made to move these onto a Lightning network but other proposals involve using messaging on a third blockchain to announce a desire to make a swap. The point of this thread is to provide a complete description of how to make this work.
Nitty-gritty stuff coming:
The background lies in the swaps tested by Charlie Lee and others: https://twitter.com/SatoshiLite/status/911328252928643072
Initially a pair of users (here @SatoshiLite and @JStefanop1) decide to swap a specific amount of one coin for another. Here, they swapped 10 LTC for 0.1137 BTC. There have been a number of other swaps. Considerable was put into this by the @decreproject team who also did a swap with @SatoshiLite, this time a swap between DCR and LTC https://twitter.com/decredproject/status/910224860625780736.
Software is available at https://github.com/decred/atomicswap/ along with reading material on atomic swaps https://blog.decred.org/2017/09/20/On-Chain-Atomic-Swaps/, courtesy of the Decred team.
Atomic swaps are elementary swaps between two coins holders, e.g. user A sells 1 BTC for 100 LTC from user B. Exchanges will allow partial sales but an atomic swap is a complete swap. In the proposal here, only atomic swaps will be used (initially), based on users first agreeing to do a swap. The agreement is fairly formal, based on paid announcements, but not binding until the swap is done.
Announcements will be done on a blockchain. A preliminary proposal has been made to use the SMLY blockchain for this purpose at https://tutor-web.info/news-1/announcing-intent-cross-chain-atomic-swap/ and we will use/modify this to begin with. Check out the link for the logic behind using this coin and not a better-known (higher-value) coin.
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