Author [EN] [ZH] [ES] [PT] [IT] [DE] [FR] [NL] [TR] [SR] [AR] [RU] [EN] [ZH] [ES] [PT] [IT] [DE] [FR] [NL] [TR] [SR] [AR] [RU] [EN] [ZH] [ES] [PT] [IT] [DE] [FR] [NL] [TR] [SR] [AR] [RU] Topic: Decentralized exchange idea (Possible?)  (Read 529 times)

0 Members and 1 Guest are viewing this topic.

Offline smokim11

  • Sr. Member
  • ****
  • Posts: 217
    • View Profile
Decentralized exchange idea (Possible?)
« on: December 20, 2013, 09:54:43 AM »

I was thinking about the purpose to why bitcoin and every other cryptocoin were created, simply to create a decentralized currency. Correct?
Basically a currency that has no central bank, no one entity in control of the currency, and completely anonymous.

I have no idea if someone already thought of this but it would sure be a good topic to discuss.

Being that cryptocurrency's main purpose is decentralization doesn't exchanges like mtgox, btc-e, cryptsy...etc defeat the purpose of decentralization?

So would it even be possible to create a decentralized exchange by taking lets say bitcoin and protoshare for example and, creating a single wallet that holds both coins. Then create a whole exchange system implemented into the wallet and people looking to buy/sell PTS for bitcoin would basically send their coins to their wallet. A buyer/seller would then set a asking/bidding price per PTS or bitcoin they are selling (they must have the required amount already in their wallet) and simply post it.

Would it be possible to kind of add the offers into the blockchain or something similar that way when someone downloads the wallet it would download the blockchain and the list of offers from other buyers/sellers. Basically creating a decentralized exchange that is not controlled by any single person or group. When someone decides to buy PTS with bitcoin they would simply click buy and a 2 way transaction would occur (the seller's coins are sent while the buyers coins are sent at the same time).  There's much more points to cover but just a rough idea on what I was thinking of.

What do you guys think? Would this be doable?


Sorry for the mistypes and any other errors.
If I helped you and want to show your appreciation donate any amount:
Pjem2V2FDPGZa6yAvpL2fN5yZKXYUNLSv5

Offline JustHayden

  • Full Member
  • ***
  • Posts: 103
    • View Profile
Re: Decentralized exchange idea (Possible?)
« Reply #1 on: December 20, 2013, 11:19:29 AM »
This is what I thought Keyhotee could eventually become, on top of the messaging and ID systems, a decentralized bank and exchange. When Keyhotee is launched and thousands of people start using it, I was going to try and set up a Keyhotee exchange but I would have to advertise and run it through a forum since there`s no application for a service like that as of yet. Maybe that could be a future feature added to Keyhotee?
PTS: PjUAPsLu76Yi9516zFgHqtFYs2sBbAMwUx
Keyhotee: 7hQmwpf8ujy6h9jRkR7MPFqKNij3DrLifoDaemUUjaHLiUsy4g

Offline xeroc

  • Board Moderator
  • Hero Member
  • *****
  • Posts: 12336
  • ChainSquad GmbH
    • View Profile
    • ChainSquad GmbH
  • BTS: xeroc
  • GitHub: xeroc
Re: Decentralized exchange idea (Possible?)
« Reply #2 on: December 20, 2013, 11:20:47 AM »
This is what I thought Keyhotee could eventually become, on top of the messaging and ID systems, a decentralized bank and exchange. When Keyhotee is launched and thousands of people start using it, I was going to try and set up a Keyhotee exchange but I would have to advertise and run it through a forum since there`s no application for a service like that as of yet. Maybe that could be a future feature added to Keyhotee?
keyhotee is just for messaging .. I thought it BitShares (built-into keyhotee) that want to accomplish this
Give BitShares a try! Use the http://testnet.bitshares.eu provided by http://bitshares.eu powered by ChainSquad GmbH

Offline JustHayden

  • Full Member
  • ***
  • Posts: 103
    • View Profile
Re: Decentralized exchange idea (Possible?)
« Reply #3 on: December 20, 2013, 11:38:51 AM »
This is what I thought Keyhotee could eventually become, on top of the messaging and ID systems, a decentralized bank and exchange. When Keyhotee is launched and thousands of people start using it, I was going to try and set up a Keyhotee exchange but I would have to advertise and run it through a forum since there`s no application for a service like that as of yet. Maybe that could be a future feature added to Keyhotee?
keyhotee is just for messaging .. I thought it BitShares (built-into keyhotee) that want to accomplish this

Keyhotee isn't just for messaging, it's also for your identity and your money.. lol That's been made very clear
PTS: PjUAPsLu76Yi9516zFgHqtFYs2sBbAMwUx
Keyhotee: 7hQmwpf8ujy6h9jRkR7MPFqKNij3DrLifoDaemUUjaHLiUsy4g

Offline phoenix

  • Sr. Member
  • ****
  • Posts: 275
    • View Profile
Re: Decentralized exchange idea (Possible?)
« Reply #4 on: December 20, 2013, 08:33:34 PM »
I believe this is essentially what Bitshares will become. In the original white-paper it mentioned using cross-chain trading to allow people to directly trade BitBTC for actual BTC
Protoshares: Pg5EhSZEXHFjdFUzpxJbm91UtA54iUuDvt
Bitmessage: BM-NBrGi2V3BZ8REnJM7FPxUjjkQp7V5D28

 

Google+