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Offline luckybit

Atomic cross chain transfer of shares from between DACs?
« on: July 28, 2014, 08:06:16 PM »

Suppose I have Bitshares XI, market pegged BitAssets are working, and someone offers an IOU for Bitshares Music (say it's offered by the company).

How could we set it up so I could buy shares of the BitAsset from within Bitshares XI and then have it transfer to the shares invisibly to my Bitshares Music account? From DAC to DAC?

If we can do that then user assets would be perfect for DACs to do IPOs. If the process can be automated then you'd buy the shares in the IPO on the Bitshares X client and within the Bitshares X client set your receiver address so that it withdraws the value to the DAC of your choice. The magic should take place behind the scenes without you having to necessarily trust anyone.

Bytemaster mentioned something like this for bitBTC IOU. In that case we would have to rely on a trusted person? If we could automate it then maybe we could only have to rely on a trusted process where one DAC somehow transfers value to the other such as atomic cross chain transaction? In Mastercoin I was able to buy Bitcoins using Mastercoins in a decentralized manner without any trust involved and I believe the same process is possible with Counterparty.

I believe it would bring unbelievable utility. The less excuses people have to leave the Bitshares X platform the better.
« Last Edit: July 28, 2014, 08:23:34 PM by luckybit »
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Offline santaclause102

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Re: Atomic cross chain transfer of shares from between DACs?
« Reply #1 on: July 28, 2014, 08:47:16 PM »
There are two terms used: Cross chain transfers (https://bitcointalk.org/index.php?topic=193281.0;all) and cross chain trading. It seems like cross chain trading is relatively easy to implement if both chains allow for it. Correct?

Atomic (why "atomic"?!) cross chain trading would be using the cross chain transfers feature to enable automated order matching. This is just a guess. And what are the prospects for this?

Offline bytemaster

Re: Atomic cross chain transfer of shares from between DACs?
« Reply #2 on: July 28, 2014, 09:29:53 PM »
Atomic refers to "all or nothing" or "indivisible" which means that either both parties get what they wanted or neither gets it.

It requires both users to be online at once.
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charleshoskinson

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Re: Atomic cross chain transfer of shares from between DACs?
« Reply #3 on: July 29, 2014, 02:35:34 AM »
Quote
Atomic refers to "all or nothing" or "indivisible" which means that either both parties get what they wanted or neither gets it.

It requires both users to be online at once.

Atomic transactions actually have a deep history dating back to the notion of ACID compliance with databases (See Principles of Transaction-Oriented Database Recovery [Haerder and Reuter]). Atomicity in databases is usually necessary because problems can occur if a transaction is partially approved.

An example that is typically used is a sales system for event tickets. Generally you'd have at least two fields for a seat where one corresponds to reserved and the other involves payment received. When a customer is offered tickets and attempts to purchase them, then a single atomic transaction ought to occur where the seats are both reserved and the payment received flag switches. If the payment is declined (say the credit card is declined), then you want the whole transaction to fail or else you might at the very least remove some seats from the sales queue if not give the customer free tickets.

Non-atomic transactions between chains could result in a similar concern where one party gets paid and the other doesn't.

Dan I assume you are referring to bitcoin when you say both parties have to be online concurrently? If ownership is settled at the blockchain level, then isn't it sufficient to have a smart contract that triggers based upon data from a trusted feed? I think Dr. Back has some magic planned with sidechains to permit these kinds of transactions on the bitcoin network; however, Austin and Adam have been a bit mum on the details.

Offline santaclause102

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Re: Atomic cross chain transfer of shares from between DACs?
« Reply #4 on: July 29, 2014, 08:55:07 AM »
any comments on trading vs. tranfers?

 

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