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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, and 2) depositing assets into a wallet or temporarily releasing control of assets during a trade. | 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, and 2) depositing assets into a wallet or temporarily releasing control of assets during a trade. | ||
- | 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, LTC, DOGE, DGB, or RVN). For pretty much the same reason as if you wiped your Litecoin wallet DB. | + | |
===== Additional Notes ===== | ===== Additional Notes ===== | ||
- | The Trade Portal is peer to peer and quite a complex sequence of communications need to take place between the buyer and seller's node. There is no central server to ensure everything goes smoothly - it's down to both the parties following the " | + | The Trade Portal is peer-to-peer (P2P) and quite a complex sequence of communications need to take place between |
- | 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' | + | 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). | + | |
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 " |
- | + | ||
- | ===== Atomic Swaps in Trade Portal ===== | + | |
- | + | ||
- | With Qortal, we are swapping directly between blockchains with absolutely no central component between them (and no need to trust an entity to " | + | |
- | + | ||
- | If any other platform is swapping instantaneously or within seconds, then it isn't decentralized. The only way to swap that quickly is to have a centralized component handling the swaps, or by staying on a single chain (e.g. using a wrapped coin). | + | |
- | + | ||
- | As of August 29th, 2022: Note that confirmations on the QORT side do currently take longer than they ought to, and this slows down the trade process. Longer term we should be able to solve this and this will speed up each trade by 5 mins or so. | + | |
===== How To Use The Trade Portal ===== | ===== How To Use The Trade Portal ===== | ||
- | **Please | + | Please go to the [[How To Use The Trade Portal]] |
- | + | ||
- | To trade for QORT in the Trade Portal, you’ll first need to run your own node as everything within Qortal is truly decentralized. This means there is no centralized service or vault from which you can purchase QORT. You’ll need your own node, fully synced, to utilize the Trade Portal. You’ll need to purchase LTC or the other coins we support on a third party exchange, then send to your Qortal wallet. For example, you can purchase LTC on Coinbase, then send to your Qortal LTC wallet. From there, you can purchase orders in the Trade Portal between LTC & QORT. | + | |
- | + | ||
- | **Please note:** you can use any third party exchange, and choose from any of the coins we have built support for. We are simply using Coinbase and LTC as examples. As of November 2022, we currently support wallets and trading for BTC, LTC, DOGE, DGB, RVN, and ARRR. More coins will be added over time when we can allocate more developer resources. The adding of new coins will done after community vote to choose which coins the devs should invest time building support for. You can learn more about that voting process on the [[Voting System Overview]] page. | + | |
- | + | ||
- | ===== Trading For QORT Walkthrough ===== | + | |
- | + | ||
- | This walkthrough will show the general process for sending coin to your Qortal wallet, to then be able to utilize the Trade Portal to obtain QORT. The example below is for using Coinbase to obtain LTC, then send to your Qortal wallet, then trade LTC for QORT using Qortal' | + | |
- | + | ||
- | **Step 1: Buy Litecoin** | + | |
- | + | ||
- | 1. First you need to make sure your Qortal core is installed correctly, and up and running, fully synced. | + | |
- | + | ||
- | 2. Next, you’ll need to go to a third-party exchange like Coinbase https:// | + | |
- | + | ||
- | 3. On Coinbase, once you’ve purchased your Litecoin, go to SEND/ | + | |
- | + | ||
- | **Please note:** your addresses for QORT, LTC, DOGE, BTC & other coins we will support are different addresses. The Litecoin address that Coinbase is asking for (long string of letters/ | + | |
- | + | ||
- | + | ||
- | **Step 2: Trade Litecoin or another supported coin for QORT** | + | |
- | + | ||
- | 1. We will use LTC in this example, same process applies for all. Once your Litecoin shows up in your Qortal Litecoin wallet, you’re ready to trade it for some QORT. For a full explanation of what actually takes place during a trade, see [[Trade Portal Overview]] and [[How The Trade Portal | + | |
- | + | ||
- | 2. Click on TRADE PORTAL in the menu at left. At the top you’ll see a box marked SELECT YOUR COIN. Choose LTC. | + | |
- | + | ||
- | 3. Now look in the box of OPEN MARKET SELL ORDERS. Here you’ll see the current sell orders listed by other QORT holders. **Please note:** there are no sell walls; you can purchase any listing in any order. Pay attention to the cost per QORT as these listings are totally up to the seller to set, and for you as the buyer to select. The second column, which shows the price being asked by the seller, can be configured to show the offerings with their prices listed from low to high, or from high to low. | + | |
- | + | ||
- | Take a look through the offerings and choose one that’s selling an amount of QORT that you want, for a price you want to pay. Click on that offering. | + | |
- | + | ||
- | The field in the lower right hand BUY/SELL box will automatically populate with the price and quantity of the chosen offering. Click the BUY button. | + | |
- | + | ||
- | 4. Now you wait a bit, while the process completes. Meanwhile you’ll see your order listed in MY ORDERS (lower left), with the status of BUYING. | + | |
- | + | ||
- | FYI: Pages don’t refresh automatically to show updated status. Click away then come back in a few minutes, and you should see your completed trade listed in MY TRADE HISTORY, with the status of BOUGHT. And that’s it! You now own some QORT! Otherwise, the order may be refunded due to someone else making the purchase before you did, or the seller’s node failed to stay online. Remember, this is blockchain technology and truly decentralized peer to peer, so these refunds can happen as it takes time for each block to process the transactions. This is the nature of the system, and will be further improved with time! | + |