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Offline monsterer

[MetaExchange] dev-metaexchange.monsterer development diary
« on: December 15, 2014, 08:37:26 PM »

Hi all,

Shentist and I thought it would be good to set up a development diary for the progress we are making on Metaexchange, which is being funded by our 100% pay delegate, dev-metaexchange.monsterer.

https://github.com/wildbunny/metaexchange

The first task on this project is to produce a daemon to enable anyone to set up a bitcoin on-ramp into bitshares.

The idea is for the daemon to convert bitcoin deposits into bitAssets directly, so users can send bitcoin to a special address which is monitored by the daemon and have the daemon issue the corresponding quantity of bitAssets and send them directly to the depositor, thereby enabling an easy route into (and out of, using the reverse technique) bitshares.

Progress so far has been good, I have the first part of the code for scanning the bitshares blockchain in place, for picking out the public key of the depositor, and converting that into a bitcoin address. I also have unit tests for going to and from bitcoin and bitshares public keys and addresses.

The next step is to work on the bitcoin blockchain scanning portion of the code, which will be easier than the bitshares side, since all the RPC data structures already exist and so I expect that to go smoothly.

If you have any questions, I'd be happy to answer them!

Cheers, Paul.
My opinions do not represent those of metaexchange unless explicitly stated.
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline cass

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Re: [MetaExchange] dev-metaexchange.monsterer development diary
« Reply #1 on: December 15, 2014, 09:03:22 PM »
we should consider to move your first post from GD to BTS Delegates ... then you can update on this post ... instead of creating a 2nd here ...what do you think!?
█║▌║║█  - - -  The quieter you become, the more you are able to hear  - - -  █║▌║║█

Offline Shentist

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Re: [MetaExchange] dev-metaexchange.monsterer development diary
« Reply #2 on: December 15, 2014, 09:30:40 PM »
hi cass,

we are locking the old thread up, so we will use the new one.

Offline BTSdac

Re: [MetaExchange] dev-metaexchange.monsterer development diary
« Reply #3 on: December 23, 2014, 05:40:20 AM »
any new?
github.com :pureland
BTS2.0 API :ws://139.196.37.179:8091
BTS2.0 API 数据源ws://139.196.37.179:8091

Offline monsterer

Re: [MetaExchange] dev-metaexchange.monsterer development diary
« Reply #4 on: December 23, 2014, 10:02:38 AM »
Updating coming today :)
My opinions do not represent those of metaexchange unless explicitly stated.
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline monsterer

Re: [MetaExchange] dev-metaexchange.monsterer development diary
« Reply #5 on: December 23, 2014, 07:18:20 PM »
Hello again!

Just completed the first test of the gateway, going from BTS->bitcoin and bitcoin->BTS!

I've designed the system to be very flexable, so it can support these use cases:

*) IOU->bitcoin / bitcoin->IOU
*) bitBTC->bitcoin / bitcoin->bitBTC
*) bitUSD->bitcoin / bitcoin->bitUSD (as long as there is an exchange rate available and a spread)

This means that not only will this gateway support going from bitcoin to bitBTC, but also going from bitcoin straight to bitUSD or vise verse.

Of course this requires the operator to hold both bitcoin and the relevant bitAsset, but in some ways this is preferable than having the operator issue IOUs, because IOUs inherently have no value, so in the case of catastrophic failure and loss of funds an operator issuing IOUs would lose customer's bitcoins, but in the case where the operator holds and issues bitAssets, such a failure would only result in the operator losing his profits / funds, but importantly not the customers funds, since bitAssets do have an intrinsic value outside this system.

This gateway will also support alternative methods in going from bitcoin to bitAssets. Currently, the design requires you to import your private keys from your bitcoin wallet into your bitshares wallet so that transactions sent from bitcoin can be read by bitshares. This is quite a high friction operation so I am adding some very simple features to allow operators to easily work around the problem.

Stay tuned for more!

https://github.com/wildbunny/metaexchange

Cheers, Paul.
My opinions do not represent those of metaexchange unless explicitly stated.
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline Shentist

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Re: [MetaExchange] dev-metaexchange.monsterer development diary
« Reply #6 on: December 23, 2014, 07:33:17 PM »
Hello again!

Just completed the first test of the gateway, going from BTS->bitcoin and bitcoin->BTS!

I've designed the system to be very flexable, so it can support these use cases:

*) IOU->bitcoin / bitcoin->IOU
*) bitBTC->bitcoin / bitcoin->bitBTC
*) bitUSD->bitcoin / bitcoin->bitUSD (as long as there is an exchange rate available and a spread)

This means that not only will this gateway support going from bitcoin to bitBTC, but also going from bitcoin straight to bitUSD or vise verse.

Of course this requires the operator to hold both bitcoin and the relevant bitAsset, but in some ways this is preferable than having the operator issue IOUs, because IOUs inherently have no value, so in the case of catastrophic failure and loss of funds an operator issuing IOUs would lose customer's bitcoins, but in the case where the operator holds and issues bitAssets, such a failure would only result in the operator losing his profits / funds, but importantly not the customers funds, since bitAssets do have an intrinsic value outside this system.

This gateway will also support alternative methods in going from bitcoin to bitAssets. Currently, the design requires you to import your private keys from your bitcoin wallet into your bitshares wallet so that transactions sent from bitcoin can be read by bitshares. This is quite a high friction operation so I am adding some very simple features to allow operators to easily work around the problem.

Stay tuned for more!

https://github.com/wildbunny/metaexchange

Cheers, Paul.

can't wait to see it in action. Happy chrismas everyone.

lzr1900

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Re: [MetaExchange] dev-metaexchange.monsterer development diary
« Reply #7 on: December 29, 2014, 03:30:06 PM »
Last commit 6 days ago. :-\

Offline robrigo

Re: [MetaExchange] dev-metaexchange.monsterer development diary
« Reply #8 on: December 29, 2014, 03:42:45 PM »
Last commit 6 days ago. :-\

Sounds about right. Last week was a Holiday week for much of the world.

Offline Gentso1

Re: [MetaExchange] dev-metaexchange.monsterer development diary
« Reply #9 on: December 29, 2014, 06:32:17 PM »
So by not useing IOU's the risk falls on the gateway operator and not the customer?

Are you sure this is wise? A gateway operator will surely have a greater sum of money at stake then a single customer. Also this will require a greater amount of start up capital for a gateway operator because they have to keep some of everything on the shelf.


Offline Shentist

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Re: [MetaExchange] dev-metaexchange.monsterer development diary
« Reply #10 on: December 29, 2014, 06:36:53 PM »
So by not useing IOU's the risk falls on the gateway operator and not the customer?

Are you sure this is wise? A gateway operator will surely have a greater sum of money at stake then a single customer. Also this will require a greater amount of start up capital for a gateway operator because they have to keep some of everything on the shelf.



*) IOU->bitcoin / bitcoin->IOU
*) bitBTC->bitcoin / bitcoin->bitBTC
*) bitUSD->bitcoin / bitcoin->bitUSD (as long as there is an exchange rate available and a spread)

Everything will be tried!

Offline kao

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Re: [MetaExchange] dev-metaexchange.monsterer development diary
« Reply #11 on: January 03, 2015, 01:26:52 PM »
 wildbunny authored 11 days ago
 11 days past,no new updates.
 This is a 100% paid delegate,This is how we waste our money and support.
 
 

Offline Gentso1

Re: [MetaExchange] dev-metaexchange.monsterer development diary
« Reply #12 on: January 03, 2015, 06:48:35 PM »
How about a update?

Offline Shentist

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Re: [MetaExchange] dev-metaexchange.monsterer development diary
« Reply #13 on: January 03, 2015, 06:54:21 PM »
he updated before christmas and is on vacation.

what do you guys expect? to work on holiday day as well?

sumantso

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Re: [MetaExchange] dev-metaexchange.monsterer development diary
« Reply #14 on: January 03, 2015, 09:17:46 PM »
Hello again!

Just completed the first test of the gateway, going from BTS->bitcoin and bitcoin->BTS!

I've designed the system to be very flexable, so it can support these use cases:

*) IOU->bitcoin / bitcoin->IOU
*) bitBTC->bitcoin / bitcoin->bitBTC
*) bitUSD->bitcoin / bitcoin->bitUSD (as long as there is an exchange rate available and a spread)

This means that not only will this gateway support going from bitcoin to bitBTC, but also going from bitcoin straight to bitUSD or vise verse.

Of course this requires the operator to hold both bitcoin and the relevant bitAsset, but in some ways this is preferable than having the operator issue IOUs, because IOUs inherently have no value, so in the case of catastrophic failure and loss of funds an operator issuing IOUs would lose customer's bitcoins, but in the case where the operator holds and issues bitAssets, such a failure would only result in the operator losing his profits / funds, but importantly not the customers funds, since bitAssets do have an intrinsic value outside this system.

This gateway will also support alternative methods in going from bitcoin to bitAssets. Currently, the design requires you to import your private keys from your bitcoin wallet into your bitshares wallet so that transactions sent from bitcoin can be read by bitshares. This is quite a high friction operation so I am adding some very simple features to allow operators to easily work around the problem.

Stay tuned for more!

https://github.com/wildbunny/metaexchange

Cheers, Paul.

To a non-techie like me, does this mean we can have a wallet which allows me to go BTC<->BitBTC with a single click (with a small fee if necessary)?

 

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