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the_trade_portal_-_info [03/12/2021 04:25] – gfactor | the_trade_portal_-_info [11/16/2021 13:26] – [Functionality] gfactor | ||
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====== The Trade Portal Overview ====== | ====== The Trade Portal Overview ====== | ||
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The Trade Portal, was initially the main service for the Qortal blockchain is a COMPLETELY DECENTRALIZED peer-to-peer (p2p) trade platform, built inside the Qortal User Interface. | The Trade Portal, was initially the main service for the Qortal blockchain is a COMPLETELY DECENTRALIZED peer-to-peer (p2p) trade platform, built inside the Qortal User Interface. | ||
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The Portal is a system that makes use of the ACCT system by the CIYAM developers (http:// | The Portal is a system that makes use of the ACCT system by the CIYAM developers (http:// | ||
- | Initially, support for only BTC was implemented but found to be too expensive and slow to continue at this time. LTC was then implemented and has replaced BTC. In other words, BTC trade have been discontinued while the BTC wallet feature remains. There are currently LTC/QORT markets only. Native BTC and LTC support in Qortal allows users to store BTC and LTC in their Qortal UI wallet, just as they would in a BTC local wallet. Without the need for installation of a BTC or LTC wallet itself. | + | Initially, support for only BTC was implemented but found to be too expensive and slow to continue at this time. LTC was then implemented and has replaced BTC. In other words, BTC trade have been discontinued while the BTC wallet feature remains. There are currently LTC/DOGE/QORT markets only. Native BTC and LTC support in Qortal allows users to store BTC and LTC in their Qortal UI wallet, just as they would in a BTC local wallet. Without the need for installation of a BTC or LTC wallet itself. |
- | The system allows for completely cross-chain trades between LTC and QORT! Users NEVER RELINQUISH CONTROL OF THEIR COINS/ | + | The system allows for completely cross-chain trades between LTC, DOGE and QORT! Users NEVER RELINQUISH CONTROL OF THEIR COINS/ |
As time goes on, and development progresses, support for other coins/ | As time goes on, and development progresses, support for other coins/ | ||
- | ====Trade Portal Details=== | + | ===== Functionality |
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- | ===Functionality=== | + | |
The Trade portal functions by making use of an automation system that creates and executes placement of ATs on behalf of the private key of a ' | The Trade portal functions by making use of an automation system that creates and executes placement of ATs on behalf of the private key of a ' | ||
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All that is necessary for the user, is leaving their core running. | All that is necessary for the user, is leaving their core running. | ||
- | **Important note:** If you wipe your database then you will lose access to any funds tied up in trades (QORT or BTC). For pretty much the same reason as if you wiped your Bitcoin | + | **Important note:** If you wipe your database then you will lose access to any funds tied up in trades (QORT, DOGE or LTC). For pretty much the same reason as if you wiped your Litecoin |
- | below is an infographic with the steps of the trade portal easily understandable cross-chain trade explanation. | + | ===== Additional Notes ===== |
- | {{ : | + | The trade portal is peer to peer and quite a complex sequence of communications need to take place betwen the buyer and seller' |
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+ | That being said, it's likely that a lot of these issues could be detectable upfront - e.g. we may be able to better screen out offers where the buyer’s or seller' | ||
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+ | We will try and look into this particular sell offer as soon as we can to see if anything can be improved in the next version(s). | ||
+ | Currently, if the node that listed the sell offer is in a bad state, all attempts to buy it will be refunded (after 1 hour or more). The sell order disappears from the list as soon as the selling node acknowledges that there is a buyer - we refer to this as " | ||
+ | When we're dealing with cross-chain trades, there is no way to avoid the transaction fees on the chains involved. That’s just part of the deal when you're taking the middle man out of the scenario. Whether the trade fails to complete and is refunded, or completes, there will be a TX fee on the LTC chain. That will never change. The tx fee is very low and we can't be thinking of this like a centralized exchange, it isn't one. It is far superior in every way; exchanges are manipulated at best, and straight up scams at worst. | ||
- | --- // | + | QORT will eventually go feeless on QORT side for trades, but there' |