I propose to pay for a contract to enable opening up a new space of possiblities to buy/sell Nubits. This will have several benefits and features:
- Now if people wants to buy Nubits they have to register at an exchange. This discourages people from trying out with minimum hassle, and increases centralisation. With web sites set up using the software proposed people can easily buy or sell back Nubits.
- This software can be used to provide liquidity in NBT/FIAT pairs similar to the ALP software that enables individuals to provide liquidity to support Nubit peg. The difference is that ALP works for Nubits/crypto pairs on centralized exchanges; this software is for Nubit/fiat pairs on an individual web page, decentralized and free from exchange risks. It’s a missing piece of Nu liquidity provision system.
- The code will be easily modified by the user, so that other payment processors, money exchanges, and e-currency gateawsys (PEGs) that issues USD tokens can be added
- Similarly the code should be easily adapted for triggering external routines upon receiving payments, so that it can be used as a payment page.
From my investiggation it doesn’t seem hard to write code for a webside that sells/buys Nubits. Quote from Enable easy selling/buying Nubits with e-currency USD:
This grant will pay 1500 NBT (or 3.75 BTC at current bitcoin price) to a contractor who demonstrates a website that exchanges Nubits with e-Currerncy USD of payment processors, money exchanges, and e-currency gateaways (PEGs) and submits source code with documents.
XXXX is the development manager. The grant also pays 300 NBT to the development manager to cover costs of server, testing funds, communicating and reporting.
Schedule, Payment and Delivery
One week after this motion is approved, advertizement will be posted by the development manager on nubits.com, peercointalk, bitcointalk, reddit to look for contractors.
The first payment is made (200 NBT to the developer and 50 NBT to the development manager) once a contractor is identified and the contractor has produced detailed requirements according to the general requirement listed below.
The website code is delivered to the development manager. The development manager will set up the website and perform acceptance tests according to requirements. Once the test is passed, the code is released on github and rest of payment is made to the contractor and the development manager.
The following requirements are made for creating a website that allows customers to exchange Nubits, a cryptocurrency that has successully pegged to $1 USD, with e-Currerncy (fiat) USD issued by payment processors, money exchanges, and e-currency gateaways (PEGs), at an exchange rate fixed by the website operator.
R1. The website can sell Nubits in a few steps:
customer enters Nubits receiving address and e-currency USD (for example by entering a PerfectMoney e-voucher code, or by pressing a pre-made OKPay payment button);
the website server verifies that fund has arrived at own PM account;
the website server sends Nubits to customer’s Nubits receiving address
R2. The website can buy Nubits from a customer as easily:
a customer enters a payment processor account number and the amount NBT to sell;
the website server gives a Nubits payment address of server’s own Nubits wallet;
the customer sends Nubits to the address;
the website server verifies Nubits payment has arrived in full and sends fiat from its own account to the account provided by the customer. (no exchange between different e-currencies is required)
The final result web interface can be simple like https://pm2btc.me.
R3.1 E-currencies involved are stored off-site and is handled with published APIs of major PEGs.
R3.2 Two PEGs shall be supported, one of which is PerfectMoney. Other examples include Payeer, webmoney, OKPay etc.
R3.3 The website owner has full control of the Nubits wallet and e-currency accounts used by the server.
R3.4 The code is properly structured so that adding new PEG API is easy for the web site owner.
R4.1 The website displays liquidity of buy/sell funds available for Nubits and every supported e-currency.
R4.2 Buy/sell transactions shall be confirmed with, transacton information displayed, by the customer before execution.
R5. The website internally logs all customer and API activities.
R6.1 The website owner can set up the site on an commercial VPN and a Raspberry Pi without needing non-free software.
R6.2 The website owner can configure buy/sell spread.
R6.3 The website owner can configure buy/sell maximum per transaction.
R7. Help document is provided to users and website owner to cover above functional requirement points.
R8. More than one user can use the web site at the same time.