NuDroid as a gateway for "LocalNuBits" platform


#1

Continuing the discussion from [Discussion] Bounty to create code that one can use to set up Shapeshift-like Nubits-fiat exchange site:

@Financisto made a comment about LocalBitcoins and NuBits which I read after all of the NuDroid updates discussions. Maybe it’s the coffee that got me mixing all these ideas but I wanted to throw it out there.

What if NuDroid was upgraded to become sort of an Uber for NuBits buying/selling? Let people become mobile NuBits exchanges. Some quick points.

  • Fund development of a NuLocal website. Here you can find NuTraders in your area, and means to contact them.
  • NuDroid is updated to have some sort of “exchange mode”. This is a separate wallet on the device (still within the NuDroid app) that registers you with NuLocal. From here you can add funds from your personal NuDroid wallet to perform local trades. Then NuDroid can update your NuLocal profile with the number of transactions you perform each month and the volume and other metrics.
  • Some sort of reputation system?
  • Have NuDroid automatically log a fuzzy value of the geo-location so the site can report where lots of traders are available or more are needed. Only transactions from your NuTrader exchange wallet of course.
  • Custodial grants to send payouts to top NuTraders? Similar to ALP’s maybe NuLocal traders can earn a little more on top of whatever percentage they’re taking on their trades. Performance based bonuses or something.

Sorry if this has been discussed before or is a bit of a ramble. I don’t usually drink coffee.


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#2

I like it. It would give people another way to convert their USD into NuBits without having to put their money directly into centralized exchanges.


#3

I’ve personally never used LocalBitcoins.com. Does the website itself make money somehow providing this service to people? If so, Nu could establish another way of generating profit besides selling NuBits.

Also, do we own LocalNuBits.com? I remember @Ben saying that you collected a lot of Nu related domains before launch.


#4

I don’t think we picked up LocalNuBits.com.


#5

Like your idea, but the implementation is not a small job. It is basically an exchange website on your mobile (can be the Shapeshift one or later B&C) with NuDroid integration and some other features. Will require a serious roadmap imo. Not sure if there is appetite to pay for such a thing.


#6

Sorry maybe I wasn’t clear. There is no exchange functionality needed. As @Sentinelrv said this would be intended as a local Fiat gateway. Individuals would become local Fiat exchanges for NBT.

Though yes building out a website that handles user accounts which nudroid can connect to would not be a simple or cheap task. Probably not something affordable for the network right now. But I wanted to get the idea down in writing. Maybe it’s more possible sometime down the road and I can just bump this thread :grin:


#7

I’m thinking more and more this is a powerful application of NuDroid. Turn NuDroid into the NuBer (Nu Uber, lol). Open the app. Find the nearest person selling NuBits. Get NuBits.

Ignore the banks, exchanges, and other centralized services. Making it easier for any person to load an app and become a Fiat/NuBits gateway is the most decentralized solution for getting NuBits to people and making that as easy as possible should be a priority.


#8

Lets go one step further, what if the back end server of that Nuber is also distributed, may be like Diaspora or using Maidsafe or storj?

I think I may work on a project to visualize how I would like Nudroid to be from user prespective.


#9

I think the key information to track are location, reputation, and means of contact. How the platform can tie those pieces of information to a NuDroid NuBits seller is the minimum. Though I imagine it’s not a simple system to implement. If it could be done using some other distributed system then why not?


#10

That would be extremely powerful indeed.