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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. | + | 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, |
- | How can Qortal guarantee no theft can occur within the Trade Portal? Simple. The Trade Portal utilizes LOCAL wallets to make trades. At the time of this publication, | + | How can Qortal guarantee no theft can occur within the Trade Portal? Simple. The Trade Portal utilizes LOCAL wallets to make trades and true peer-to-peer |
- | The Portal is a system that makes use of the ACCT system by the CIYAM developers (http:// | + | The Trade Portal is a system that makes use of the ACCT system by the CIYAM developers (http:// |
- | Initially, support for only BTC was implemented | + | As time goes on, and development progresses, support for more third party blockchain coins will be implemented |
- | The system | + | Votes in the system |
- | As time goes on, and development progresses, support for other coins/ | + | ===== Atomic Cross-Chain Trades (ACCT)===== |
- | ===== Functionality ===== | + | With Qortal, we are swapping directly between blockchains, |
- | The Trade portal | + | The Trade Portal |
- | The account's 'bot' (for lack of a better term) takes the trade data from the user, and issues a SmartContract (AT, ACCT AT to be exact) that then awaits input from another user, then picks up on behalf of both users, to execute | + | When a user lists a sell order, their QORT is removed from their wallet and placed in an 'AT' |
- | All that is necessary for the user, is leaving their core running. | + | Check out the [[Trade Portal FAQ]] page! |
- | + | ||
- | **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. | + | |
===== Additional Notes ===== | ===== Additional Notes ===== | ||
- | The trade portal | + | The Trade Portal |
- | + | ||
- | 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' | + | |
- | 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). | + | 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' |
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 " | 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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QORT will eventually go fee-less on QORT side for trades, but there' | QORT will eventually go fee-less on QORT side for trades, but there' | ||
- | It is normal for cryptocurrency transactions to take a while and not be immediate. They take a certain number of " | + | It is normal for cryptocurrency transactions to take a while and not be immediate. They take a certain number of " |
===== How To Use The Trade Portal ===== | ===== How To Use The Trade Portal ===== | ||
- | Please | + | Please |