I haven’t spent the time to refine the design, but it would be something like this:
Create a new message type, which we might call a proxy lock. This is a message signed from a BKC address (aka B&C Exchange account) which has one or more deposit addresses associated with it. It would contain the following info: deposit address to be locked, the duration of the lock, and the proxy address designated to control the funds (most likely a multisig address). In practice, when providing liquidity, two deposit addresses will have a proxy lock placed on them, one for each side of the trade pair.
Implement a protocol rule that invalidates order and withdrawal messages signed by the owner of an account in regard to a deposit address that has an active proxy lock on it. This means that an owner of funds intended for liquidity can choose to irrevocably have them locked (unresponsive to messages from him to move the funds) for a configurable period of time.
Implement another protocol rule giving the proxy address chosen by the account holder in his proxy lock address message control over the funds. The holders of the multisig address given control over placing orders may be reputed signers or they may not. They will follow rules for entering liquidity providing orders using an enhanced version of NuBot. If an event occurs that makes providing liquidity more risky so that liquidity providers would prefer to withdraw their funds from liquidity operations, these funds will continue providing liquidity. The multisig signers don’t care about a risk of loss of funds if the peg looks shaky, because they aren’t their funds. They have promised to and are getting paid to place liquidity providing orders, and it is in their interest to continue doing so even in the presence of a liquidity or network crisis.
I’m not sure what this would cost to implement at the moment. I would need to work out more detailed plans. I do feel comfortable saying it would cost tens of thousands of NuBits. We could probably create the protocol changes for 10k or 20k, but then I would need to defer to @desrever or @woolly_sammoth to determine exactly what changes will need to be made to NuBot and how much that might cost. Also, a method to coordinate signing of orders among multisig members must be provided. There are several options that need additional evaluation.
For clarity, I will repeat this feature is not currently funded, so it is not promised.
This is a specific type of escrow service B&C Exchange could offer. I suspect the potential for B&C Exchange to provide escrow services (including reversible transactions) is generally under appreciated by shareholders at this time.
Tks for detailing what you are envisioning about how B&C could be used to contribute substantially to a steady, large and secure liquidity regarding NuBits.
I understand that such B&C’s protocol refinement’s implementation will not be done before the basic version is released…which will not be the case for several months from no, but how many months?
I know you cannot specify any concrete figures but my feeling is that we would be able to see the first version of B&C be released before the end of the year.
Here, you say the B&C is simpler to implement than Nu whose development took 8 months.
I feel I can speculate that you would take less than 6 month to implement B&C, starting from beginning of July.
Please downvote and report these threads. They’ve renamed it the “Bitcointalk Decentralized Exchange” at the top but neglected to delete “B&C Exchange” from the body of the message.
It is a very basic tool that will see several updates in the next few weeks. Eventually it will have the same functionality as the Nu block explorer. For example, our hope is to have an “All Blocks” page available in a few days that will be very similar to this one in the Nu block explorer.
The first update will include voting and motions pages and should be completed within a couple weeks or sooner.
The second update will include charts and the top richest BlockShareholder addresses and will be completed a few weeks after the first update.
It will serve as a portal for the B&C Exchange project. On the website you can find our latest client downloads, our source code, the latest tweets, and a list of cryptocurrencies and cryptoequities we hope to support.
Please considering sharing this website as often as possible in the other online communities you frequent. B&C Exchange will be a decentralized exchange for anyone in the world to trade their cryptoequities and cryptocurrencies.
@BCExchange, I think we should post official threads for B&C in all of the communities listed on the website, Litecoin, Dogecoin, Dash, NXT and Bitshares. Threads should be posted on the main forums and those threads should be linked to on each Reddit page, that way we capture people who visit either the forum or Reddit. The threads themselves should be similar to the main Bitcointalk thread with the graphic banners, links and intro to B&C, except without all the fundraising details since it looks like the motion to end BlockShare sales will pass soon.
I believe it would probably be best if you carried this out, rather than me, that way you can update the first posts when needed. Questions about the exchange can be answered in the threads and the latest news can be posted to bump the threads from time to time. The title of the threads in addition to featuring the name B&C Exchange should include the name of the crypto. For example: “B&C Decentralized Exchange Will Support Litecoin” or something similar.
I think it’s a great idea to bring more awareness to B&C than what already exists at Bitcointalk. What do you think?
Hold back with aggressively advertising BCE for some more days. Starting next weekend would be great!
Even if the motion passes soon, there will be some days left to purchase BKS.
Better wait with advertising BCE in those communities until those days have passed unless you want to have the BKS sold cheaper than necessary
If the motion proceeds without major changes in voting behaviour it will pass tomorrow.
That allows the BKS sale to continue until end of next Friday.
It will serve as a portal for the B&C Exchange project. On the website you can find our latest client downloads, our source code, the latest tweets, and a list of cryptocurrencies and cryptoequities we hope to support.
Please considering sharing this website as often as possible in the other online communities you frequent. B&C Exchange will be a decentralized exchange for anyone in the world to trade their cryptoequities and cryptocurrencies.
Fundraising has now reached $255,283 US. As a result, all shares at $4.08 have now been sold. The current price of a BlockShare is $4.16. We have now sold 43,553.3325 BKS to second-round purchasers and the total distributed BKS across all groups is 168,483.8849 BKS. The main announcement on Bitcointalk has been updated with this new information.
August 21, 2015 (23:59 UTC) - We will stop accepting offers to purchase BlockShares. For purposes of accounting, this time will be defined as the time a message is received by B&C Exchange, not when the message was sent. If you are planning on making a final purchase, please don’t leave it until the last minute, as we will not extend this deadline for any reason. This date is five days after the motion passed.
August 23, 2015 (23:59 UTC) - Any BlockShares that have not been requested for purchase by August 21, 2015 will be burned. We will post details of the burn transaction publicly so that all shareholders can verify it was completed. This date is seven days after the motion passed.
August 30, 2015 (23:59 UTC) - Any BlockShares remaining that have not been paid for - including those that were requested for purchase but not paid for - will be burned. At this point, all undistributed BlockShares will have been destroyed as per the motion. This date is fourteen days after the motion passed.
