I have thought some about how todays exchanges can facilitate trading for SAFEcoin once it goes live. I have been thinking of that what the current exchanges needs to facilitate trading with SAFEcoin is SAFE-accounts, some algorithm for sending and recieving SAFEcoin from/to users, from a multiple account structure within a SAFE-account, also maybe some multi signature step and maybe also some API’s.
Would it be possible for Maidsafe to provide some kind of trading structures for todays trading platforms like Poloniex and Bittrex, in the purpose of making it easy for current exchanges to adapt and convert to trading between todays internet and the future SAFE-network. Could there even be some kind of partnership in the future or similar between Maidsafe and exchanges where a solution is worked on to ease transition when the future of SAFEcoin and SAFE-network comes.
Disclaimer, as some here probably know by now I’am not a developer and I also don’t know if this has been discussed before. I just thought my thoughts where kind of interesting.
Pretty much the same as they do for any blockchain.
They run a safe client
they create a ID for each user to receive their safecoins
when safecoins sent to one of those IDs (which has a “wallet” behind it) the exchange credits the users trading account with an equivalent entry in their exchange account.
when a withdrawal is made the echange simply sends the coin to the users supplied wallet ID
I find it unlikely simply because the exchange is centralised by nature and also requires a VERY fast platform accessing a fast local database. SAFE DB access simply cannot keep up. Mind you nor could any other non-local database keep up
Now for a distributed exchange that is more about exchanging coins/goods then ultra fast speeds is not so important as utility is. In this case SAFE maybe a perfect platform since you don’t need every trader to have their machine ON to perform trades.
I doubt centralised exchanges would want this. Anything on SAFE is using consensus and that is not going to give sub milli-second response. Also not sure what API or algo would be needed in SAFE. Rather it would be APPs running on each person’s PC and storing/retrieving data, messaging, etc with the APIs needed for that (which are already in SAFE)
Again I suspect that exchanges like poloniex and bittrex which are centralised by nature will not use SAFE for anything more than non-trading platform data. E.G. profile information, historical information etc.
Now the age of distributed exchanges is here where they will exchange anything from coins to goods to services and they will love SAFE and again they really would not need anything more than SAFE already supplies. The one feature that would really help is smart contracts (ie compute) where the network runs a small script to handle the tricky aspect of transferring goods without either party aborting midstream.
The question maybe should be, is there anything Maidsafe can do to get as many of todays exchanges onboard for the future launch of SAFEcoin, so they can start trading SAFEcoin as soon as it goes live? This question maybe more relevant as the network progresses closer to alpha 4 and beta.
When i think of for example todays bitcoin trading on exchanges, they have one reciving adress for every customer and uses a few adresses to send bitcoinfunds to multiple customer at once, could there be wanted need for setting up such a structure or is it maybe not a problem and cost for them to adapt, like a push on button and it is up and running?
It’ll be the job of Maidsafe to work with exchanges to show then the client and whats needed to set up IDs for receiving safecoin from the users.
The exchange trading platform doesn’t need any change since the platform is only using balances stored in their trading database. All they need to do is either add safecoin or migrate MAID to safecoin (rename only)
This is simply creating an ID using the client, one for each user who wants to send SAFEcoin. And then monitoring the ID for any coins sent to it. Similar for sending safecoin back to users. Issue a send coin to the client. I would expect they also would then move the coins sent to the exchange into a cold &/or hot “wallet” (ID)
The most needed is to have an APP to automate this receiving and sending of SAFEcoin. A simple subroutine in their trading software. For every coin type they have a subroutine to handle the wallet functions.
So I expect the need is to learn the API calls of the client so they can tailor a subroutine for SAFEcoin wallet operations.