Enabling cross market asset exchanges.

[tonyk]

"You can care about the multitudes of decentralized exchanges that are yet to possess volume OR stability. Or you can depend on the n number of centralized solutions already  in existence. This was solely a discussion of possibilities and you may or may not shoot them down with your "kind" words.  Fact is, there isn't really a cross currency asset exchange in existence as of now and this is solely my attempt at pointing that out"

So if  I  myself have to put it in  kinder words for you, it will sound like:

"Here is our  solution to your poor folks problems. We can have a centralized, hub where all 3? IOU exchanges meat"

For reference on our work, see our bot working 20% of the time, but yet we consider it about finished?

And then again, what was the question? - "Do we like it" Just a guess.

[Xypher]

what is the question?

Cause if it is not a question I have a few of my own?

Why did you decide to write a personalized messaged to the NXT community but not for the BTS one?

Don't you think you should finish the spamming bot first before going BIGGER?

Tell us why we should care about a (any) centralized exchange of yours?

1. Nxt's secureae.com is an existing large-scale project that just went down. The thread spoke about the opportunities involved in combining multiple currencies in a single asset exchange. Does BTS have a large-scale asset exchange with the volumes Nxt has ? No. There's been all of 5-7 BTS assets that have been prominent in the last year. Nxt has had much more. I shared the same thread because the same ideas were to be shared. As mentioned in the thread, the idea was to bring together communities. If I have to rewrite everythng for seperate communities - in order to convey the same message, its basically.. adding to the divide.

2. The spamming bot is largely finished.  I think a better question to ask would be "shouldn't you rather focus on gamebet.gg" . Yes, we should Noone said we're jumping into building this over night and dropping whatever we are working on. This is a concept representation, which is to be backed by an early stage demo - whic his then to be further iterated and improvised. Welcome to product development 101.

3. You shouldn't. You can care about the multitudes of decentralized exchanges that are yet to possess volume OR stability. Or you can depend on the n number of centralized solutions already  in existence. This was solely a discussion of possibilities and you may or may not shoot them down with your "kind" words.  Fact is, there isn't really a cross currency asset exchange in existence as of now and this is solely my attempt at pointing that out. If anything..I've represented one of BTS's own most successful asset in the example for a reason.

Have a good day.

[tonyk]

what is the question?

Cause if it is not a question I have a few of my own?

Why did you decide to write a personalized messaged to the NXT community but not for the BTS one?

Don't you think you should finish the spamming bot first before going BIGGER?

Tell us why we should care about a (any) centralized exchange of yours?

[Xypher]

Hey guys,

I've been reaching out to some community leaders here in regards to rebuilding the SAE.
I believe what we have ahead of us is an incredible opportunity to unite Bts, ETH and NXT under one roof - and if a single platform can be built to bring trades across the three currencies together, it'd help both investors and businesses within the ecosystem. Here is a proposal for what I believe the SAE can evolve into, in its second iteration


The first version of the SAE was a simple interface that allowed traders and business owners to interact with  each other through a plain interface that pulled asks and bids from the Nxt Asset exchange and showed it to the user. The SAE as the name suggests was largely oriented towards assets and catered to traders looking to trade upon assets listed on the Nxt Asset Exchange. It also permitted individuals to sift through assets on basis of their asset id’s, look at company descriptions and have a peek into the order books of the company. This was fairly basic but did the incredible job of giving users the ability to trade assets unlike any before. The SAE witnessed asset trades in the line of millions of Nxt during the launch of main-stream assets and was processing a couple million nxt worth transactions during the time the project was taken down. We intend to rebuild the project into three main segments


1.Cross Currency Asset Exchange
2.Instant Coin exchange
3.Cross exchange display of order books.


Cross Currency Asset Exchange

What we intend to do is bring together a single interface for individuals to exchange across  currencies to trade their assets . Currently the markets are largely divided and this makes it increasingly hard for investors to track their tokens or trade them as and when required. The exchange we propose would have a single interface to track and trade assets across multiple currencies making it possible for cross currency exchanges to happen in real time. This will not only bring businesses across communities together but also enable individuals to invest into offerings made across communities. In addition, this will remove the requirement to handle multiple wallets instantaneously making crypto-investments openly accessible to the masses. What we also intend to grow this is into a kickstarter/crunchbase hybrid of sorts. The platform will work towards enabling transparency by having the system be a platform for companies to post their updates and interact with investors. In addition, it can also help joint investments be made across currencies (nxt, eth, bts) . What we intend to do is take crypto investments mainstream through this platform.

Problem statement

Multiple organizations working with multiple chains in the cryptosphere often issue assets and face the issue of not being able to target communities from other chains. For instance, a business listed in the Nxt Asset exchange will have to open a seperate campaign and hancle accounts seperately for Bitshares and related user issue assets. The complexity of the problem increases ten fold when you look at the sheer number of alternate currencies and the capital access they give the average entrepreneur.
 
Eg : Obits, although launched in the Bitshares community, will have to launch specifically different campaigns for doge, PPC etc and then have the currencies handled in multiple wallets.

This means hundreds of hours in terms of accounting, wallet set up and a hassle for both the business and potential investor. Since the entry barrier is high, new investors will often hinder from buying into legitimate businesses from other chains since they are not used to utilizing other chains. We intend to create an effective solution for this.


Potential solution.

Imagine a shapeshift like experience specific to assets. Individuals being empowered with the access to multiple capital markets for the issuance of their assets and investors being able to buy the asset without having to go through an exchange.

Eg :

User 1 wants to 1 btc worth Obits
Obits is being offered only in Bts
User 1 sends 1 btc to the system
The system automatically exchanges the 1 btc at best rates across exchanges, sends the bts to Obits owner’s account
The system then transfers the asset to the BTC holder.
All this, without the hassle of setting up an account at any point of time!

2. Cross Exchange orderbooks

A major reason why individuals choose an exchange is due the deep orderbooks that are made available through them. Through an API that instantly communicates across 5+ exchanges we are able to combine the order books of all exchanges together and put it in a single UI allowing users to arbitrage without having to set up accounts across platforms. This allows the organization to garner more users and grab a tiny fee while ensuring volumes on the other exchanges. Basically - we are offering the deepest order books - anywhere!


3. On-wallet Exchange

This is is a cross platform user issued asset marketplace that allows individuals to buy assets from other crypto-currencies without having to acquire the base currency itself. For instance, an investor having a large holding in Bitshares will be able to acquire an asset that has been released on the Nxt Asset Exchange without ever having to exchange to nxt. All he would have to do is transact the BTS to a central account with his nxt account in the memo of the transaction. The system would automatically exchange his currency to Nxt, place a buy bid on the Nxt asset exchange and get him the required number of assets from the other market. The system, currnetly plugged into Ethereum, Nxt and Bts offers the average investor an opportunity to buy assets from any other platform without having to bother with an actual exchange. Since the prices obtained in the counter currency are the best , they could at the time, the system also ensures the user receives the maximum amount of nxt for the money they invest.



There were a few PM's sent in regards to MS support and now that nxtreporting.com is also going down, I think we'll need to build in features from there too into this. Is there public interest in a product like this ? I've been discussing/debating this for a while now and would like to hear public opinion in regards to this.

Note : What am proposing for, is NOT a "pure" nxt oriented project, but rather one for collaboration between BTS, ETH and NXT. My intention is to use this opportunity to unite the three communities, while ensuring the major projects within each garner their due share of attention . Synergies basically

Cross posting what I wrote at Nxt forum.
Open to critique and suggestions.