Safex random comments and speculation thread

github.com/safex
safe.exchange

Crowd Sale is on Safe Exchange Crowd Sale - Safex.io/sale Development set to be in Beta test March 2016

contributions at github.com/dallyshalla/safe_exchange

Client Overview
auto: generate unique client_ID
1. buy
2. sell
3. inventory
4. create_Item
5. rescind_inventory
6. BTC_SC



buy(item_id, buy_quantity, offer_unit, offer_quantity)
sell(item_id, quantity, counter_unit, ratio(quantity:counter_unit))
inventory(list(clientId_items)
create_item(Client_ID, name, quantity, time, nonce)
a = unique_itemID;
b = quantity;
rescind_item(created_item.Inventory[a,b])
{
 created_item.remove(Inventory[a,b]);
}

Example:
create_item(Client1A, Apples, 100, 12:01:11, 3787)
inventory[a,b];

inventory(Client1A)
out << inventory[0, 100] = d3b7aApples

sell(inventory[0], 100, SafeCoin, ratio(100:100))

Client2A:
buy(d3b7aApples, 10, SafeCoin, 10)

inventory(Client2A)
out << inventory[0, 0] = SafeCoin
out << inventory[1, 10] = d3b7aApples

updated Client1A:
inventory(Client1A)
out << inventory[0, 90] = d3b7aApples
out << inventory[1, 10] = SafeCoin
get_balance() > 0;
8 Likes

The basis for Safecoin/Bitcoin transactions without a 3rd party.

6. BTC_SC
 a. BTC //bitcoin
 b. SC //safecoin
 c. BTC_SC Orders

BTC.import_privatekey("privatekey");
BTC.get_balance();
BTC.sell(quantity_btc, quantity_sc)
SC.import_privatekey("privatekey");
SC.get_balance();
SC.sell(quantity_sc, quantity_btc)
{
 query_clients();
 if (clients_orders.contains(BTC_SC_Orders("SC.sell()") == true)
 {
   foreach (available_sell in all SC.sells)
   if (BTC.sell(.1, 10) >= available_sell)
    {
       Deduct the quantity, fill the order.
    }
 }
}
7 Likes

Decentralized Reward Mechanism

reward_The_People(client_ID, total_reward, last_time_block)
{

  If client_ID.hasUsed(last_time_block)
  {
        A_Persons_Reward = total_reward/get_all_people();
  }

  return A_Persons_Reward;
}

get_all_people()
{
  get total_people_in_previous_block;

  return people_in_previous_block;
}
4 Likes

@dallyshalla

To equilibrate the value between BTC & SC will/do you use an 3party price ticker?

Maybe this might also be worth checking out, [Shapeshift][1].

[You can read more about it on Coindesk][2].

You might also like [Bitsquare.io][3]. But this was set up with a Bitcoin to fiat setup. Maybe later they might have crypto2crypto

It would be neat, if we just had an exchange builtin our wallets
[1]: http://www.shapeshift.io/
[2]: http://www.coindesk.com/inside-shapeshifts-cryptocurrency-exchange-login-required/
[3]: http://www.bitsquare.io/

1 Like

@19eddyjohn75 thanks for those decent examples;
Regarding your question

There will not be a need for a thrid party ticker in order for this exchange to function.
Each action taken by a person through this exchange will trigger a query to each exchange until the best price is found.

Regarding bitcoin safecoin transactions:
Since the bitcoin network regards a confirmed trasaction over time and the safecoin transactions are instantaneous;
Therefore in order to reliably handle a bitcoin safecoin transaction one must be able to freeze a safecoin transfer at least for as long as it takes to reliably confirm a bitcoin transaction in the blockchain;

consider this: https://github.com/bit-c/bitc

3 Likes

My bad I forgot to mention this Bitcoin exchange that does exactly that. You can read on Coindesk about them here.

If you intentions are to make money with this exchange, going for the best/lowest price might not really be profitable.

2 Likes

SafeCoins rewarded to the app are equally distributed to each person who used the app in between each and every reward time.

Just a small percentage of the coins actually need to go to the developers since this app is to be capable of shifting the paradigm in exchange mechanisms using SafeCoin; Milliseconds transactions, without fees. Therefore, no exchange has any room to be centralized. Therefore, a client that runs ontop of the MaidSafe Technology on the SAFE Network will most securely transmit SafeCoins in exchange for any item established by any person; Any person can exchange any item created by any person for any other item including a SafeCoin and a Bitcoin. Thus, there is not a concept of “make money with this exchange”;

Since the app gets compensated directly through the network; This app being usually used due to its superiority to all other software that exist today due to primitive technologies in data transmission on fundamental levels; including traditional internets do not afford any person due privacy. The payment systems of Bitcoin are far inferior in achieving consensus and the latest reports of alt coin technologies demonstrate obvious limitations in transaction confirmation. SafeCoin is light speed; and everything else is just breaking the sound barrier.

Considering the cost to network in Bitcoin; SafeCoin does not have such attributes as fees for network transactions.

Nor is this project for sale lol;

7 Likes

SF-OX seems good, but it requires you to register, so you have to ID yourself.

How small? Because there are free Bitcoin 2.0 (and similar altcoin) platforms out there, one just needs to pay the transaction fee.

Bitcoin transactions are still very cheap, IMHO. If charge is leveled on users this platform would probably be more expensive than free platforms based on the bitcoin blockchain.
Also, don’t forget that you’d have to run more than one market on it (that is, you’d have to have servers that would have access to the bitcoin and other blockchains if you want to trade more than BTC/MAID.
Another thing to consider is if BTC/MAID (or SAFE) is the only pair traded, normally people would have to move BTC in and out all the time because unless they were logged on to the SAFE network all the time, their wallet would not be usable so they’d probably have to have another “main” bitcoin wallet somewhere else.

It’s going to be a lot of work and I think the exchange or broker market is quite saturated and the little liquidity that’s out there is spread over way too many venues, but I hope it’ll work out for you.

1 Like

http://maidsafe.net/safecoin

@janitor; you miss understand where the small percentage comes from.
The SAFE Network automatically rewards builders based on how often those apps are used. Therefore this app does not charge any fees; And neither does SAFE Network for any SafeCoin transaction. Thus, no person who uses this app will ever need to pay a fee within the SafeCoin network. The coins awarded to the app based on the apps usage naturally would go to the builder; However. I am proposing that even this reward could be too great, especially on such apps that are so often used. So this exchange project in completion will reward the users from the coins that would have been going to the Builder of this app.

Only a small percentage of the Builder rewarded SafeCoins would go toward the Builder. The actual amounts will be confirmed in TestNet 3.

5 Likes

Thanks for correcting me.

So the fee would be only tx fee for bitcoin (when transfer needs to be made) like with the free Bitcoin 2.0 platforms.

3 Likes

SAFEcraft

2 Likes

Demo prototype written in June
Sorry for low res :outbox_tray:

11 Likes

Heeee that looked nice, it basically means you can sell everything.

In the real world not everything is exactly the asking price, so will the exchange still show the land and give the option to bid on it? It would also be nice if you could add more info to the product your selling/buying. For instance land, in New York. Heck maybe even Google maps.

If the exchange could some how show the seller/buyer, similiar products and prices. Yeah I know it’s just the beginning and it’s a good start.

Keep Up the good work sir
:stuck_out_tongue:

2 Likes

There’s not too many live examples out there…

Here’s an example with Reggie Middleton smart contracts with Ultra Coin/ Blockchain

idk if I should include this deviation stuff;

Some ideas about allowing to query the common name so for example from the example:
d3b7aApples

Serious or not really?

+This is how exchange should have been made in the bitcoin arena 4 years ago…
+wall st is not cool.

1 Like

I’m not aware of other systems that are live for digital contracts, especially with demos. Maybe bitshares or Open Transactions

Do you know of any, I would be interested to see some demos.

The point of starting this project is exactly that fact that there are so few live digital contract systems that are even decentralized. Additionally I know that any other decentralized digital contracts systems are bringing people to a disadvantage because those ones are clearly not running with MaidSafe;

4 Likes

https://github.com/CounterpartyXCP/Counterparty

Here is a good read on a sincere decentralized tokens system and exchange.

I see the whole counterparty Dev team have now joined Overstock to build decentralized stock market…ambitious.

small step, huge break through;

what to do with a new linux server
how to make ssh keys for github
how to clone a repository and compile a c++ program
run it afterwards
4 Likes