Syscoin decentralized marketplace comparison

Quite a text wall, but an interesting read:

They put different decex approaches into context and describe advantages and disadvantages of the implementations - of course in the end to argue for their own model.

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The chapter below captured my attention, obviously

Pegging allows for people to understand the price of goods and services in a currency with which they’re most familiar. For example if 1 Bitcoin was worth $250 USD, some people would rather see an item listed for $250 rather than 1 Bitcoin because they do not know the rate Bitcoin trades at, and the rate may be different by the time they go to checkout. By pegging the rate you would simply show offers with understandable prices like $250 USD and when it comes time to checkout or buy, the rate is converted to the token of choice based on the peg exchange value. In BitBay pegging is implemented by controlling supply. By freezing a percentage of the BAY in everyone’s wallet the supply is reduced to a level where it meets demand at the peg price that is desired. It can be argued that a price peg of this manner would not hold, although that is a complex topic and out of the scope of this article. I know that Daniel Larimer successfully achieved a market price pegged asset implementation in the Bitshares project with price feeds (from M of N oracles, where N represents the total number of nodes on the network) for their pegged assets. To read more about oracles read this section about using oracles in a decentralized blockchain system. Never the less, I believe it is an extra complication that is not needed. I’m not sure as to how NXT FreeMarket will implement its price pegging feature although it is planned. Syscoin offers a price peg tool, external to the marketplace application, which aggregates all of the exchange price data so that web front-ends can reference this tool via a web-service and apply the price information to the final amount of Syscoins required to purchase an offer while delivering the seller the desired peg value. Again the idea is that you would list things in the currency you desire and the tool will simply convert it on demand (usually when you want to pay in Syscoins). You may not even accept Syscoins for payments, although your website may be a decentralized marketplace on the Syscoin blockchain. It makes sense to make the Syscoin payment gateway responsible for such features and not make it a part of the core marketplace code, so that if the consumer does checkout with Syscoin, they will be able to see how many Syscoins the offer must be paid for which is calculated at the time by the Syscoin price peg tool.

They “don’t want to cover the topic in detail” , ok, but once again they mention Scams (bitbay) and how sucesfully Daniel Larimer pegged Bitshares.


I mean do people even know our approach exist and its being used? I still do not understand how come we have not received any decent media coverage outside the usual suspects as attackers of what is acknowledged “Bitcoin #1 problem”. I am not in a position of making a rational analysis from within, but I remember back in September I was pretty sure NuBits would be destined to end up on the cover of Wired and Business Insider. Instead we have been so “silently keeping the peg” that sometimes we are somewhat unknown in cryptosphere.


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