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--- how_it_works [03/12/2021 04:45] – created gfactor
+++ how_it_works [11/16/2021 15:29] (current) – removed gfactor
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-====== How The Trade Portal Works ======
-This page is dedicated to explain everything needed in order to trade successfully on the trade portal.
-**Two things or entities are attached to a trade. They are:**
-) AT and 2) Tradebot
-**What is the AT?**
-The  AT is medium with which the exchange or trade or swap takes place.
-**What is the Tradebot?**
-The Tradebot is what controls the flow of Trade and the AT. The Tradebot runs on your system and is ONLY LOCAL to you. Meaning no-one else can use your Tradebot.
-**Why do you need a Tradebot?**
-The Tradebot came as a solution to having a simple and successful trade. If you are to run the AT alone, you'll need to manually do everything needed to complete a trade. That is why the Tradebot is there to help you complete the trade. Once again, Tradebot runs ONLY ON YOUR SYSTEM.
-**TO HAVE A SUCCESSFUL TRADE:**
-) You need to make sure your core is running and 2) You do NOT delete or mess with your db.
-**How can you trade?**
-To trade, two things are needed:
-) If you want to buy QORT, you need to fund your LTC wallet and 2) If you want to sell QORT, you must have QORT.
-**People involved in a Trade:**
-- Bob: Bob has QORT and wants to sell QORT to get LTC
-- Alice: Alice has LTC and wants to buy QORT with LTC
-===== The Trade Process =====
-Bob want to sell 30 QORT for a total of 0.02 LTC, he goes to the Trade Portal and places a sell order.
-**What happens when Bob places a sell order?**
-) Immediately Bob places a sell order, an instance of a Tradebot will be created and he issues the DEPLOY_AT transaction. 2) When the Tradebot is created, Bob will see a PENDING order in "MY ORDERS".
-**PENDING means:**
-) The Tradebot has been created and it is waiting for the DEPLOY_AT transaction. 2) The DEPLOY_AT transaction has not been included into the block. 3) The DEPLOY_AT transaction failed.
-DEPLOY_AT transaction is a normal transaction which creates the AT and the trade offer. Just like a REWARD_SHARE transaction that must be included into the block for the Reward Share Key to work, the DEPLOY_AT must be included into the block in order for the AT to be created. Once this happens, the status of the order in "MY ORDERS" will be LISTED.
-This means if your order is showing PENDING, the AT was not created. At this point, your QORT is still in your wallet.
-**LISTED means:**
-) The order was successfully created and will be listed in "OPEN MARKET SELL ORDERS" and 2) The order is waiting for a buyer.
-Right now, Bob has placed an order to sell 30 QORT for a total of 0.02 LTC
-===== To Buy: =====
-Alice comes online and sees Bob's order and she's interested. She clicks on the order to buy it.
-**What happens when Alice clicks on Buy?**
-As soon as Alice clicks on buy, a Tradebot will be created and the Tradebot funds P2SH-A with LTC:
-Alice's Tradebot waits for that to appear in the Bitcoin blockchain, so until then her order is PENDING. Once the P2SH-A funding confirms, Alice's Tradebot can MESSAGE Bob's Tradebot with the details and so her order will be in TRADING
-**Next Step:**
-Bob's Tradebot recieves the MESSAGE and sends its own message to the AT and the Tradebot locks the AT to trading with Alice. At this point, Bob's order is in TRADING.
-**Once Alice's Tradebot notices that Bob's AT is locked to her, she goes ahead to fund P2SH-B and then waits until Bob REDEEM's P2SH-B. At this point, her order is still in TRADING.**
-) Bob's Tradebot finds P2SH-B on the Bitcoin blockchain and can send secret-B to P2SH-B. Alice uses secret-B and secret-A to redeem the QORT from the AT, so until Alice does this, Bob's order is still in TRADING. 2) After Alice redeems QORT from AT, Bob can extract secret-A and capture the actual LTC funds from P2SH-A to his own Bitcoin account and hence his order will be completed and will be moved to "MY HISTORIC TRADES".
-Once all these steps are done, Alice should have her QORT and Bob should have his LTC
-**What if something goes wrong?**
-If something goes wrong then the Tradebot will process a REFUND:
-) Bob's Tradebot refunds Bob his QORT and 2) Alice's Tradebot refunds Alice her LTC.
-**Important Things to note:**
-) The trade takes time and is dependent on the LTC network and 2) Your core MUST BE RUNNING for the trade to be successful.

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