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Offline monsterer

The technology behind metaexchange.info
« on: March 02, 2015, 09:15:49 AM »

Hi all,

I've been so busy working on metaexchange that I've not had a chance to write a little bit about the technology behind it until now. You guys might find it interesting because it's got more in common with the design of ripple than shapeshift.io.

Metaexchange operation is divided up into two distinct parts:

*) API server
*) Market daemons

The API server provides the route between the customers and each market. The daemons are responsible for processing orders.

In itself this isn't that interesting, but what separates us from the norm is that metaexchange is designed to run multiple market daemons, and these daemons can be (and are) located anywhere in the world.

Each daemon directly holds funds necessary to serve the number of individual markets hosted within it. So, there is no one central point of failure, because we have multiple daemons in different locations.

This is great for our liquidity providers, who are essentially market makers, because it frees them from the counter-party risk associated with running their operations on a centralised exchange. By running a metaexchange daemon, they keep complete control over how their funds are stored, which gives them extra peace of mind. We supply them with orders via our API, they make a profit on the spread they offer and we charge a 0.3% fee per transaction to cover our own costs.

So, we're not decentralised, but we are distributed. Each daemon is essentially like a ripple gateway, except that instead of handing out IOU's they hand out bitAssets which have no counter-party risk associated with them.

If you like the idea of becoming a metaexchange node, please shoot me a PM - we are always looking to open up new markets :)

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: The technology behind metaexchange.info
« Reply #1 on: March 02, 2015, 11:01:41 AM »
Thank you for explanations :)  +5%

Ps. let me know when you'll have logo ready so i can update depost page on org!

thnks
cass
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Offline joele

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Re: The technology behind metaexchange.info
« Reply #2 on: March 02, 2015, 01:46:19 PM »
What are the requirements to run metaexchange node?

Offline xeroc

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Re: The technology behind metaexchange.info
« Reply #3 on: March 02, 2015, 01:49:00 PM »
Thanks for the info .. is there anything open sourced?

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Offline spartako

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Re: The technology behind metaexchange.info
« Reply #4 on: March 02, 2015, 02:26:03 PM »
 +5% Really interesting...I will PM you
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Offline Riverhead

Re: The technology behind metaexchange.info
« Reply #5 on: March 02, 2015, 02:50:16 PM »

Working with Metaexchange over the last couple weeks, specifically Monsterer with whom I had the most interaction, was a first rate experience. We were able to setup the liquidity pool quickly and in a manor that didn't compromise security.

The high level steps were:

1) Get a VPS with enough resources to run MySQL, Apache, BTS full node, BTC full node.
2) Lock the server down (remove password authentication and only accept public key auth, close all ports, reject root login attempts, fail2ban, etc.)
3) Have the wallets and Metaexchange daemon on two separate accounts. This allows Metaexchange to login and setup their daemon without having access to either sudo, the wallets, or any system configuration.

So the wallets sit on a locked down server with limited communication to the outside world. The daemon resides on the same sever on a different account and communicates with the mother ship. Cryptohedge has developed a "bot" that updates the exchange rate of BTC/USD every 10 seconds.

Once we've completed this proof of concept, and received funds back from Bter, I look forward to growing the liquidity pools as well as pairs offered.

Offline monsterer

Re: The technology behind metaexchange.info
« Reply #6 on: March 02, 2015, 03:59:13 PM »
Thanks for the info .. is there anything open sourced?

+5%

Yes, the entire project is open source :)

https://github.com/wildbunny/metaexchange

Quote
Working with Metaexchange over the last couple weeks, specifically Monsterer with whom I had the most interaction, was a first rate experience. We were able to setup the liquidity pool quickly and in a manor that didn't compromise security.

I'm glad it went smoothly - It was likewise a pleasure to work with you guys on this :)
My opinions do not represent those of metaexchange unless explicitly stated.
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline joele

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Re: The technology behind metaexchange.info
« Reply #7 on: March 03, 2015, 01:58:19 AM »

Working with Metaexchange over the last couple weeks, specifically Monsterer with whom I had the most interaction, was a first rate experience. We were able to setup the liquidity pool quickly and in a manor that didn't compromise security.

The high level steps were:

1) Get a VPS with enough resources to run MySQL, Apache, BTS full node, BTC full node.
2) Lock the server down (remove password authentication and only accept public key auth, close all ports, reject root login attempts, fail2ban, etc.)
3) Have the wallets and Metaexchange daemon on two separate accounts. This allows Metaexchange to login and setup their daemon without having access to either sudo, the wallets, or any system configuration.

So the wallets sit on a locked down server with limited communication to the outside world. The daemon resides on the same sever on a different account and communicates with the mother ship. Cryptohedge has developed a "bot" that updates the exchange rate of BTC/USD every 10 seconds.

Once we've completed this proof of concept, and received funds back from Bter, I look forward to growing the liquidity pools as well as pairs offered.

Thanks for the info.
Do you have any plans to make a step by step instructions? so more users will join in.

Offline monsterer

Re: The technology behind metaexchange.info
« Reply #8 on: March 03, 2015, 08:07:13 AM »
Thanks for the info.
Do you have any plans to make a step by step instructions? so more users will join in.

At the moment, this arrangement is for our business partners rather than end users. We do have plans to enable end users to operate as market makers as well, but this is something for the future :)
My opinions do not represent those of metaexchange unless explicitly stated.
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

 

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