Isn't the traders need to send the money to the exchange? I don't think this is decentralized. Let's say the auction ends, but the buyer didn't send the money to the seller, what would be happen? will the auctions get cancelled just like using P2P sites?
Actually, I have no answers to these questions. Probably, the only way to understand all these things is to wait for the official launch. Or try their alpha version. Right now, they are looking for someone with an active account at Bitmex, who is "interested in running alpha generating MM bots for sidepit MVP" (https://t.me/sidepit/4783). If someone wants to try, it may be possible.
Topic: Sidepit, unusual exchange platform for Bitcoin based assets (Read 46 times)
Isn't the traders need to send the money to the exchange? I don't think this is decentralized. Let's say the auction ends, but the buyer didn't send the money to the seller, what would be happen? will the auctions get cancelled just like using P2P sites?
If there's no waiting time for the buyer or seller to send the money, instead the orders filled instantly, it means the exchange own both the money.
Moreover they asked to submit personal information and complying with laws.
If there's no waiting time for the buyer or seller to send the money, instead the orders filled instantly, it means the exchange own both the money.
Moreover they asked to submit personal information and complying with laws.
Quote from: https://sidepit.com/terms-of-service
User Obligations
Account Registration: Users may be required to register an account and provide accurate and complete information.
Compliance: You agree to comply with all applicable laws and regulations in your use of Sidepit and its services.
Restricted Activities: You are prohibited from engaging in any activity that Sidepit deems to be harmful to its operations, reputation, or other users.
Governing Law
These Terms shall be governed by the laws of the State of California, without regard to its conflict of law provisions.
Account Registration: Users may be required to register an account and provide accurate and complete information.
Compliance: You agree to comply with all applicable laws and regulations in your use of Sidepit and its services.
Restricted Activities: You are prohibited from engaging in any activity that Sidepit deems to be harmful to its operations, reputation, or other users.
Governing Law
These Terms shall be governed by the laws of the State of California, without regard to its conflict of law provisions.
Sidepit is an innovative platform for trading assets based on Bitcoin. The innovative idea is to eliminate front-running by high-frequency traders and miners. This is achieved by conducting trades once per second in the form of an auction of orders received during the previous second.
Sidepit has not yet been launched (it is planned to launch it simultaneously with the halving), and for evaluation, only documentation is available, based on which I have formed such an understanding of the platform's mechanism. (If I have misunderstood anything, please correct me.)
In Sidepit, a distributed "mempool" of orders will be created, where each network node can add its orders, and every second there will be an "auction" of incoming orders.
For example, during one second:
- Alice placed an order to sell 100 units of the asset at a price of 1495 satoshis per unit;
- Bob placed an order to sell 100 units of the asset at 1462 satoshis per unit;
- Carol placed an order to buy 50 units at 1495 satoshis;
- Dave placed an order to buy 100 units at 1472 satoshis.
(I chose prices that roughly correspond to the current dollar rate expressed in satoshis because, as far as I understand, the first asset available for trading should be a perpetual USD/SAT swap contract.)
At the end of the second, orders are first matched for those who offered the best price:
- Carol buys 50 units from Bob (unfortunately, I did not understand the exact price of such a deal).
Then it's the turn for orders with a worse price:
- Dave buys 50 units from Bob (the pricing formula is also unclear).
Alice's order and half of Dave's order remain unfulfilled. They return to the mempool and go to the next auction.
There is very little time left before the platform is launched, and then we will be able to verify at what prices transactions will actually be made at auctions.
In the meantime, you can:
- apply for access on the website https://sidepit.com,
- learn more about the exchange concept on the page https://docs.sidepit.com,
- check what the exchange interface will look like on the page https://frontend.test.sidepit.com/trade. You can find the login and password for access here.
I've looked at it, and everything seemed simple and understandable to me except for the price of each particular trade. Here's a screenshot:
Sidepit has not yet been launched (it is planned to launch it simultaneously with the halving), and for evaluation, only documentation is available, based on which I have formed such an understanding of the platform's mechanism. (If I have misunderstood anything, please correct me.)
In Sidepit, a distributed "mempool" of orders will be created, where each network node can add its orders, and every second there will be an "auction" of incoming orders.
For example, during one second:
- Alice placed an order to sell 100 units of the asset at a price of 1495 satoshis per unit;
- Bob placed an order to sell 100 units of the asset at 1462 satoshis per unit;
- Carol placed an order to buy 50 units at 1495 satoshis;
- Dave placed an order to buy 100 units at 1472 satoshis.
(I chose prices that roughly correspond to the current dollar rate expressed in satoshis because, as far as I understand, the first asset available for trading should be a perpetual USD/SAT swap contract.)
At the end of the second, orders are first matched for those who offered the best price:
- Carol buys 50 units from Bob (unfortunately, I did not understand the exact price of such a deal).
Then it's the turn for orders with a worse price:
- Dave buys 50 units from Bob (the pricing formula is also unclear).
Alice's order and half of Dave's order remain unfulfilled. They return to the mempool and go to the next auction.
There is very little time left before the platform is launched, and then we will be able to verify at what prices transactions will actually be made at auctions.
In the meantime, you can:
- apply for access on the website https://sidepit.com,
- learn more about the exchange concept on the page https://docs.sidepit.com,
- check what the exchange interface will look like on the page https://frontend.test.sidepit.com/trade. You can find the login and password for access here.
I've looked at it, and everything seemed simple and understandable to me except for the price of each particular trade. Here's a screenshot:
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