Walltime Zero defines itself as a "Blockchain observer" that validates public transactions and performs certain actions if they occur. This document proposes a model for trading crypto assets (such as Bitcoin and Litecoin) involving fiat currency (such as Real and Dollar) without the need for centralized custody of crypto assets through the concept of "Outbound Oracle", completely eliminating all the risks related to custody for both users of the service and the custodian. Not outsourcing crypto custody has numerous advantages for all parties involved and for the entire ecosystem. Unlike a traditional exchange, instead of receiving cryptocurrencies and fiat currencies from the interested parties and keeping them until the trade process is complete (which can take months or years), this intermediary receives fiat currencies from only one of the parties. The party willing to trade cryptocurrencies for fiat currencies ("selling" party) sends the cryptos directly to the other party interested in exchanging fiat currency ("buying" party). After that, it is checked whether the transfer actually occurred on the Blockchain and, once it is confirmed, fiat money is transferred from the buying party's bank account to the selling party's account.
Download the whitepaper:
https://zero.walltime.info/
Topic: Walltime Zero™ (a proposal): crypto assets negotiation without crypto custody. (Read 128 times)
April 03, 2020, 10:14:15 AM
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