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- | ====== How The Trade Portal Works ====== | ||
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- | This page is dedicated to explain everything needed in order to trade successfully on the trade portal. | ||
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- | **Two things or entities are attached to a trade. They are:** | ||
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- | 1) AT and 2) Tradebot | ||
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- | **What is the AT?** | ||
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- | The AT is medium with which the exchange or trade or swap takes place. | ||
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- | **What is the Tradebot?** | ||
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- | 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. | ||
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- | **Why do you need a Tradebot?** | ||
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- | 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. | ||
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- | **TO HAVE A SUCCESSFUL TRADE:** | ||
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- | 1) You need to make sure your core is running and 2) You do NOT delete or mess with your db. | ||
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- | **How can you trade?** | ||
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- | To trade, two things are needed: | ||
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- | 1) 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. | ||
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- | **People involved in a Trade:** | ||
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- | - Bob: Bob has QORT and wants to sell QORT to get LTC | ||
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- | - Alice: Alice has LTC and wants to buy QORT with LTC | ||
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- | ===== The Trade Process ===== | ||
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- | Bob want to sell 30 QORT for a total of 0.02 LTC, he goes to the Trade Portal and places a sell order. | ||
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- | **What happens when Bob places a sell order?** | ||
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- | 1) 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" | ||
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- | **PENDING means:** | ||
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- | 1) 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. | ||
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- | 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" | ||
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- | This means if your order is showing PENDING, the AT was not created. At this point, your QORT is still in your wallet. | ||
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- | **LISTED means:** | ||
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- | 1) The order was successfully created and will be listed in "OPEN MARKET SELL ORDERS" | ||
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- | Right now, Bob has placed an order to sell 30 QORT for a total of 0.02 LTC | ||
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- | ===== To Buy: ===== | ||
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- | Alice comes online and sees Bob's order and she's interested. She clicks on the order to buy it. | ||
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- | **What happens when Alice clicks on Buy?** | ||
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- | As soon as Alice clicks on buy, a Tradebot will be created and the Tradebot funds P2SH-A with LTC: | ||
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- | Alice' | ||
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- | **Next Step:** | ||
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- | 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. | ||
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- | **Once Alice' | ||
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- | 1) 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" | ||
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- | Once all these steps are done, Alice should have her QORT and Bob should have his LTC | ||
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- | **What if something goes wrong?** | ||
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- | If something goes wrong then the Tradebot will process a REFUND: | ||
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- | 1) Bob's Tradebot refunds Bob his QORT and 2) Alice' | ||
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- | **Important Things to note:** | ||
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- | 1) The trade takes time and is dependent on the LTC network and 2) Your core MUST BE RUNNING for the trade to be successful. |