Topic: [NXT] Decentralized Asset Exchange Discussion Thread - page 20. (Read 31325 times)

Glad to see that the asset exchange feature is coming along. I have a proposal for the asset exchange feature. It can truly make decentralized peer to peer transactions/exchanges legitimate. I have been developing this idea ever since the asset exchange feature was first mentioned in NXT. Here it is.

Obviously there are dangers inherent within p2p transactions. The main issue here is the lack of trust, and the trust that is lost by not utilizing a third party. When transactions are non reversible, especially with no intervening regulatory figure, the willingness to exchange goods, services, or currencies becomes an issue. My idea to bypass these issues involves an escrow service, a rating system (similar to those on Ebay and Amazon) and the aliasing feature.

Lets say..

"Joe" wants to exchange something of value with "Sue" but Joe and Sue don't know each other. How can Joe trust Sue in receiving the item in question after Joe pays Sue? Well of course, they can utilize a third party escrow service, which will insure Joe will receive the item in question by transferring money to the escrow service.

But,

you may be asking, doesn't the escrow service defeat the purpose of a true p2p exchange? Yes it does. But it doesn't have to be permanent. This is where NXT can implement a rating based system attached to accounts or the alias' of an account. Think of it as someones credit score attached to a social security number. But within the NXT ecosystem, the credit score is a star based rating, and the social security # is the users NXT account.

Now revisiting Joe and Sue's transaction, they "must" now rate each other based on how well they serviced each other after the transaction has taken place. When Joe and Sue continue to build their "trust" rating with everyday users of NXT, they have the choice of opting out of the escrow service and they can start trading and exchanging with other users that have trustworthy reputable ratings. After people have built trustworthy ratings within the NXT ecosystem, users will now have a much better understanding of whom they are doing business with, and will establish the most efficient p2p exchange mechanism which no other
crypto-currency utilizes.  

I hope you developers see the potential of this system, especially in a p2p environment that exchanges things of value.

NXT:   5464489754473015994

sent

can anyone confirm receiving my RandomBux?

Also can anyone tell me an asset they have for sale. Ill buy some and you can confirm receiving my nxt.

Hmm, might I have some testNXT at 10356543424426272552

Edit: hmmm, is there a testnet explorer out there?

sent, let me know when/if you see them show up on your end.

there is a link to where you download the client in the op. once you get it set up tell me your address and ill send you some text nxt. i have 68k atm so thats plenty to go around

Lol, I haven't had my morning coffee yet, apologies --

testNXT: 11369639962571180006

2!? what are you trying to do here? build a space station? no mortal man requires that sort of wealth

*edit* when you say order placed do you mean through the client? cuz im not seeing how to fill it.

NxtFreerider has a bot module built in....can;t wait to push the possibilities.

i know. i want to know your address SO i can test the functionality. randomBux are not actually the most valuable thing in the universe.

+1 That would be awesome.

Yes. ETFs, Indexes, basket currencies, Spiders... WE WANT IT ALL

I think it would be possible to Peg one Asset against the full Exchange price....almost like an Exchange Traded Fund....I think this is where DAC's could come in handy.

- give me 2 !  (order placed)

Thanks...

10k sent.

Can I have some here NXT 4136941322087455927

Nowhere. Donation. We need you testing, not monkeys like me.

how to get a testNXT account???

17567379695603145590 and where do i send the RandomBux?

What's your test address, Anon? I still have over 100k left.