Author Topic: BitUSD atomic cross chain trading  (Read 7614 times)

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Offline teenagecheese

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How easy would it be to implement this in BitShares? TLDR; Payments are locked for nBlocks and refunded unless a secret from receiver is revealed.

https://bitcointalk.org/index.php?topic=628547.0
http://upcoder.com/11/atomic-cross-chain-exchange/

I would love to be able to trade BitUSD for Bitcoin or other alts directly and not have to deal with going though BTS everytime.

I would love to see this. Ant not even have bitBTC at all, just real BTC on the internal exchange. Wow can you imagine how useful this would be, a real decentralized exchange you can send bitcoin to directly. This would raise the value of bitshares tremendously. People would love this. I know this is possible, I hope it gets implemented.

Offline vikram

As for CrossChain trading a "password" is shared it should be possible to test transactions without a second chain ..
basically it is just a "redeem with password"-kind of transaction .. those have to be enabled in devshares ..
@vikram : any chance to have withdraw_by_password_type transactions enabled in devshares so that people can finally test the implementation?

No plans to enable it at the moment; every small thing we add will further delay 1.0. If the community thinks it is necessary though we can work on it.
IMHO an easy to use BTC<->bitBTC would be forth it ..

How much work is left to get those transactions to work?

There is no code for them other than a basic definition of what the condition for withdrawal should look like.

Offline xeroc

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As for CrossChain trading a "password" is shared it should be possible to test transactions without a second chain ..
basically it is just a "redeem with password"-kind of transaction .. those have to be enabled in devshares ..
@vikram : any chance to have withdraw_by_password_type transactions enabled in devshares so that people can finally test the implementation?

No plans to enable it at the moment; every small thing we add will further delay 1.0. If the community thinks it is necessary though we can work on it.
IMHO an easy to use BTC<->bitBTC would be forth it ..

How much work is left to get those transactions to work?
« Last Edit: January 26, 2015, 09:41:47 pm by xeroc »

Offline vikram

As for CrossChain trading a "password" is shared it should be possible to test transactions without a second chain ..
basically it is just a "redeem with password"-kind of transaction .. those have to be enabled in devshares ..
@vikram : any chance to have withdraw_by_password_type transactions enabled in devshares so that people can finally test the implementation?

No plans to enable it at the moment; every small thing we add will further delay 1.0. If the community thinks it is necessary though we can work on it.

Offline xeroc

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As for CrossChain trading a "password" is shared it should be possible to test transactions without a second chain ..
basically it is just a "redeem with password"-kind of transaction .. those have to be enabled in devshares ..
@vikram : any chance to have withdraw_by_password_type transactions enabled in devshares so that people can finally test the implementation?

Offline ronpaulmoneyman

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So this means this isn't about to happen anytime soon?  It would need to be enabled in devshares but there is no secondary chain to trade with. However Monsterer suggested I use this as it would be better but I'm not seeing it.

Is the code in toolkit branch to be enabled?

So how about I enable it in RPM then get it released and you guys enable it in Devshares? Then Devshares can have their price valued in RPMs! Katie bar the door! 

Or should i go back to running a gateway. <grin>  It seems preferable to exchanges at this point.


Offline xeroc

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"disabled in BitShares" equals disabled on blockchain/protocol level? or just client-side?
no withdraw_by_password anymore?

when did this happen.. that's (unfortunate) news to me :(

Offline vikram

Already supported at protocol level

Not sure what that means.. I guess technically Bitcoin supports this at a protocol level as long as someone changes the client to create and accept these two new tx types (PayOnSecretReveal & SecretReveal).

So i'm assuming it also needs to be implemented in Bitshares? How much work would it be? Is anyone interested in implementing it?  I think it would increase demand for BitUSD if people can swap it for their own prefered coin.

What can I do to help make this happen? A couple of new API calls would be a good start perhaps?

We don't have a scripting engine like BTC so "supported a protocol level" is slight more significant - there had to be deliberate effort to add that feature and it is there. But yes, someone has to change the wallet to craft the proper transaction.

This is wrong--support for this along with all other untested operations are completely disabled in BitShares. Combine this with the fact that such functionality has never seen testing, and the only accurate thing to say is that we have NO support whatsoever for such a feature.

Offline Akado

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it seems something similar to this is already being done? https://bitcointalk.org/index.php?topic=904374.0
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Offline xeroc

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Already supported at protocol level

Maybe this is something to implement before 1.0. I could see it being very useful once Peertracks and other DACs are running.
Totally agree! Even though the devs see escrow more as important (iirc)

Offline luckybit

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Already supported at protocol level

Maybe this is something to implement before 1.0. I could see it being very useful once Peertracks and other DACs are running.
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Offline xeroc

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Search the forums for a thread opened by me that has crosschain in tge titel .. that post describes how xct works under the hood

Offline bernard

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Thanks Toast, that sounds promising.

If we can get a few coins to support this we can start a truly trust free cross chain trading.. how can I raise the profile of this change? i'd love to see it implemented in an upcoming release.

Offline toast

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Already supported at protocol level

Not sure what that means.. I guess technically Bitcoin supports this at a protocol level as long as someone changes the client to create and accept these two new tx types (PayOnSecretReveal & SecretReveal).

So i'm assuming it also needs to be implemented in Bitshares? How much work would it be? Is anyone interested in implementing it?  I think it would increase demand for BitUSD if people can swap it for their own prefered coin.

What can I do to help make this happen? A couple of new API calls would be a good start perhaps?

We don't have a scripting engine like BTC so "supported a protocol level" is slight more significant - there had to be deliberate effort to add that feature and it is there. But yes, someone has to change the wallet to craft the proper transaction.
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