Example question, what is the algorithm that trustlessly trades ETH for BTC on this platform? Please detail it step by step. Not something vague like "the validator does it". The actual algorithm.
Terrible whitepaper.
Lots of waffle and virtually no details on how it will be implemented. Literally just "we have this validator thingy which will check all the transactions". Amateurish.
I can understand why this project is superior to Waves since that is just another Bitshares semi centralised IOU exchange. But Blocknet which has been in development for two years has atomic decentralised cross chain swaps working already. You can already trade e.g. BTC for LTC completely trust free with no tokens, IOU's, colored coins or intermediaries. You own the assets.
The only thing this project has going for it is that it will be built on the SAFE network. But with very little actual details with how it will be done - probably because the SAFE network is still under a LOT of work and they are changing moving parts all the time.
Thank for this feedback, this is what i was waiting for since a week.
Let's go step by step :
- User send a trade request.
an object containing the request details, pairs, amount, value, wallet id (random number to identify the owner), addresses required for the trade
- Trade request received by the validator
- Trade request verified
Verify addresses balance, existance of pairs.
public data storage of the request with request id minus wallet id (private storage)
- List for order matching
- If order matching, process orders
retreive orders
verifie balances
trigger transaction from wallet (wallet sends update request to the validator, who will return a trigger or cancel message)
- receiving signed Txs from wallets
- decode transactions :
if decoded transactions are valid
If recipient addresses matches
if balances match
if currently transacting
if TX fees are correct
if exchange fees are correct
if no op_return (in case of btc)
if no data (in case of eth)
- broadcast transactions
These informations are a part of what yani gave me. They don't want to go too deeply into the details of the validator because it is a central component and people have to understand the whitepaper, they will open it's source when he will be finished.
I hope that it helps you to figure it out and that you understand that the validator won't be open sourced, the wallet will be, so does the plugins.
Consider joining slack, there you could talk with the team and ask them directly.
