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- | ====== 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. | ||
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- | Qortal’s Trade Portal aims to remove the need for centralized exchanges and ‘decentralized exchanges’ which riddle the blockchain space with all sorts of flaws. That is not to say that all exchanges which claim to be decentralized are flawed, but surely most are. The idea of the Trade Portal is to provide true peer-to-peer (p2p) transactions between buyers and sellers without the need of the middle man by utilizing cross-chain trades in the form of the ‘ACCT’ SmartContract (Atomic Cross Chain Trade). The only authority over a trade taking place is solely between the buyer and seller! The custom trade bot for the buyer and seller automates the multiple stages involved in a true cross-chain trade so that the Trade Portal is as simple to use as any centralized service but without any of the associated risks such as 1) historically these exchanges have been prone to hacks and failure, 2) depositing assets into a wallet or temporarily releasing control of assets during a trade, 3) any need for KYC/AML tools. | ||
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- | How can Qortal guarantee no theft can occur within the Trade Portal? Simple. The fact is, the Trade Portal utilizes LOCAL wallets to make trades. At the time of this publication, | ||
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- | The Portal is a system that makes use of the ACCT system by the CIYAM developers (http:// | ||
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- | 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/ | ||
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- | The system allows for completely cross-chain trades between LTC, DOGE and QORT! Users NEVER RELINQUISH CONTROL OF THEIR COINS/ | ||
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- | As time goes on, and development progresses, support for other coins/ | ||
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- | ===== Functionality ===== | ||
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- | 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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- | The account' | ||
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- | All that is necessary for the user, is leaving their core running. | ||
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- | **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 wallet DB. | ||
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- | ===== Additional Notes ===== | ||
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- | 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). | ||
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- | 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 " | ||
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- | 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. | ||
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- | QORT will eventually go feeless on QORT side for trades, but there' |