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De-centralised exchange?

ilic

ilic

New member
Hi all, not sure if this has been covered/answered before but is there a way to use the Masternode network to create some sort of de-centralised exchange? Would be great to come up with a new way so the Gox/Mintpal type incidences are avoided.

i'm usually over on the Bitcointalk DRK thread but alot trolling and crap that goes on over there!
 
oblox said:
The problem with that is there is no way for the DRK blockchain to talk to the BTC blockchain and as such, the masternode network can't talk lock the BTC.
Click to expand...


maybe they do not have to

Old post:
ok, i talked to somebody (a very clever guy) about this to get an idea where something like this would go
Tungfa translation is : (please bear with me)

- The exchange would work on the QT Wallets (some other coin is doing that already i believe)
- and everything would work secure on the MN Network
- Different Exchanges can compete for customers (voting system, who is best and trusted...
let the exchanges compete on quality of service and user experience)
- Exchanges, rates, volumes feed off one blockchain
- this way if MintGox goes down, everyone is still protected... another Exchange picks up the refugees
no one loses their money
- the money is ether on that exchange or on my wallet, i buy and they send it over
- when you make a trade it is locked in, just like the MN's hold 1000 locked otherwise they get rejected / are invalid !
- the Qt client has be built with these features so trading happens on the Qt client
- you choose the exchange that has the best deal/volumes
but the exchange doesn't really hold the coins
the network locks the trade
like DRK masternodes lock in 1000 DRK
- the trades are held in the blockchain
- it's just a few tweaks to the blockchain and Qt client
and change with the price
- the exchanges then get fees for helping to process the orders
those with the best hardware do that
- if you make a trade it is locked by the network, if no one fulfills the order, you can cancel
it's just an on/off flag
- if the trade happens then it is logged and secured by the entire MasterNode mesh
- so multi sig with a smart contract ?
everyone should compete on customer service, analytics, charts, insights, etc
it's all of that and more
Bitcoin 3.0 technology

You guys still with me ?
Would love to hear Evan's opinion on this !!
To do it over the QT Wallets (based on the MN network is definitely the way!!)
Tx TT for the input
darkchild you might have some input to this ....>
 
tungfa said:
maybe they do not have to

Old post:
ok, i talked to somebody (a very clever guy) about this to get an idea where something like this would go
Tungfa translation is : (please bear with me)

- The exchange would work on the QT Wallets (some other coin is doing that already i believe)
- and everything would work secure on the MN Network
- Different Exchanges can compete for customers (voting system, who is best and trusted...
let the exchanges compete on quality of service and user experience)
- Exchanges, rates, volumes feed off one blockchain
- this way if MintGox goes down, everyone is still protected... another Exchange picks up the refugees
no one loses their money
- the money is ether on that exchange or on my wallet, i buy and they send it over
- when you make a trade it is locked in, just like the MN's hold 1000 locked otherwise they get rejected / are invalid !
- the Qt client has be built with these features so trading happens on the Qt client
- you choose the exchange that has the best deal/volumes
but the exchange doesn't really hold the coins
the network locks the trade
like DRK masternodes lock in 1000 DRK
- the trades are held in the blockchain
- it's just a few tweaks to the blockchain and Qt client
and change with the price
- the exchanges then get fees for helping to process the orders
those with the best hardware do that
- if you make a trade it is locked by the network, if no one fulfills the order, you can cancel
it's just an on/off flag
- if the trade happens then it is logged and secured by the entire MasterNode mesh
- so multi sig with a smart contract ?
everyone should compete on customer service, analytics, charts, insights, etc
it's all of that and more
Bitcoin 3.0 technology

You guys still with me ?
Would love to hear Evan's opinion on this !!
To do it over the QT Wallets (based on the MN network is definitely the way!!)
Tx TT for the input
darkchild you might have some input to this ....>
Click to expand...

Your post says the coins are either in your wallet or on the exchange then later says the exchange doesn't really hold the coins, so what is it? Secondly, that doesn't solve anything because the two blockchains do not talk to each other. The masternode network can't lock coins on the bitcoin network set aside to match up with the locked darkcoins.
 
i need to re-read this a few times, goes over my head a bit! sounds like it is technically possible
 
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