Differences

This shows you the differences between two versions of the page.

--- trade_portal_overview [11/16/2022 06:36] – gfactor
+++ trade_portal_overview [04/27/2023 19:57] (current) – gfactor
@@ Line 9: / Line 9: @@
 The Trade Portal is a system that makes use of the ACCT system by the CIYAM developers (http://ciyam.org) with which to make completely cross-chain coin/token trades. The system currently allows for completely cross-chain trades between QORT and other coins so users NEVER RELINQUISH CONTROL OF THEIR ASSETS and never have to 'deposit' assets in order to make trades. This allows for COMPLETE SECURITY. Never again, will there be worry about centralized exchanges failing, and taking with that failure, users' assets.
-As time goes on, and development progresses, support for more third party blockchain coins will be implemented into the system. Also, Qortal will provide a platform for projects to build on Qortal and have their own token, so those will be available to Qortal's users in the Wallets and Trade Portal features. A token is a digital unit of value that represents an asset or utility. Unlike coins, tokens do not have their own blockchain and are issued on top of existing networks. So to clarify, QORT is not a token - it is a coin. Qortal is a stand-alone blockchain, it’s native asset QORT is therefore a coin. Assets built on Ethereum’s blockchain are tokens, whereas ETH is a coin itself. Therefore, projects with their own assets that are built on Qortal will be tokens by definition.
+As time goes on, and development progresses, support for more third party blockchain coins will be implemented into the system. Also, Qortal will provide a platform for projects to build on Qortal and have their own token, so those will be available to Qortal's users in the Wallets and Trade Portal features. A token is a digital unit of value that represents an asset or utility. Unlike coins, tokens do not have their own blockchain and are issued on top of existing networks. So to clarify, QORT is not a token - it is a coin. Qortal is a stand-alone blockchain, its native asset QORT is therefore a coin. Assets built on Ethereum’s blockchain are tokens, whereas ETH is a coin itself. Therefore, projects with their own assets that are built on Qortal will be tokens by definition.
 Votes in the system will be the primary factor as far as which new coins/tokens will be added, however, a vote is not a guarantee of listing, there will also be an independent verification done on the project pre-listing, to ensure only the most quality projects are listed in the Trade Portal. For now, we have two coins to provide a gateway to obtain QORT and the DevTeam can focus on other priorities.
-===== Atomic Swaps in the Trade Portal =====
+===== Atomic Cross-Chain Trades (ACCT)=====
-With Qortal, we are swapping directly between blockchains with absolutely no central component between them. True cross-chain swaps require multiple transactions to occur sequentially on each chain, and each of these transactions needs time to confirm before it moves on to the next.
+With Qortal, we are swapping directly between blockchains, in a truly peer-to-peer fashion, with absolutely no centralized component between them (no middleman or any risk of counterparty risk). This is commonly known as 'atomic swaps' but this terminology is often misrepresented in the crypto space - therefore we call them their true technical name: Atomic Cross-Chain Trades (ACCT). True cross-chain swaps require multiple transactions to occur sequentially on each chain, and each of these transactions need time to confirm before moving on to the next.
-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 'logged in' account. 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 a Cross-Chain trade. All that is necessary for the user, is leaving their core running.
+The Trade Portal functions by making use of an automated system that creates and executes placement of Atomic Trades (or ATs) on behalf of the private key of a 'logged in' account. 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 a cross-chain trade. All that is necessary for the user, is leaving their core running.
+When a user lists a sell order, their QORT is removed from their wallet and placed in an 'AT' - which is a trade wallet that the user still has control over. The user can either cancel the trade order and have their coin returned to their wallet, or wait for a buyer to select the order at which time the buyer's coin is withdrawn from their wallet via a 'Tradebot' which makes the exchange with the Qortal AT, ensuring there is a clean exchange.
+Check out the [[Trade Portal FAQ]] page!
 ===== Additional Notes =====
@@ Line 35: / Line 39: @@
 ===== How To Use The Trade Portal =====
-**Please note:** there two ways to obtain QORT: 1) minting and 2) Trade Portal. To learn more about becoming a minter, please refer to the [[Minting Overview]] page.
+Please go to the [[How To Use The Trade Portal]] guide!
-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 one of the 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's Trade Portal.
-**Step 1: Buy Litecoin**
-. First you need to make sure your Qortal core is installed correctly, and up and running, fully synced.
-. Next, you’ll need to go to a third-party exchange like Coinbase https://www.coinbase.com to buy some Litecoin (abbreviation LTC) with your ‘fiat’ currency such as USD.
-. On Coinbase, once you’ve purchased your Litecoin, go to SEND/RECEIVE and fill in the address of your Qortal Litecoin wallet. You’ll find this within the Qortal User Interface (Qortal UI).
-**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/numbers) will be found in the Qortal UI, by clicking on WALLET in the menu at left. Then click on LITECOIN. At the top of the page it says CURRENT WALLET, and the address is directly underneath. Copy the address, and go back to Coinbase, and fill in your Litecoin wallet address. Then send.
-**Step 2: Trade Litecoin or another supported coin for QORT**
-. 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 Works]]
-. Click on TRADE PORTAL in the menu at left. At the top you’ll see a box marked SELECT YOUR COIN. Choose LTC.
-. 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.
-. 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!

Qortal Project

User Tools

Site Tools

Differences

Page Tools