bitcoinsfacil
commented
5 years ago I am interested and available with a team if needed.
This team has upgraded the necessary code to support atomic swap on 3 blockchain projects ( electracoin, proeliocoin and myce ) with a walkthrough integration into Komodo Platfrom and AtomicDEX.
We've also worked with bots related to payments since 2015. During 2018 we developed Telegram bots that helped swapping a blockchain’s old coin for a new ones and hosting bots that helped crypto users install masternodes removing the technical needs.
If the idea of BTS having an HTLC api goes ahead this is a perfect match for DEXBot.
PermieBTS
CryptickCryptick1
Who here in the DexBot community is excited about the possibilities of HTLC (Atomic Swaps)?
I think there could be an Atomic Swap version of DexBot. If Atomic Swaps HTLC (Hashed Time Locked Contracts) are going to be successful, I think they are going to need the liquidity and automation that a bot can bring!
Currently, there are very few exchanges doing atomic swaps, I spent time looking at Komodo a while back and did not see much volume in trades. It seemed like more of a marketing thing. In short, it seemed like almost no one was using it.
I have been over in the HTLC room and chatting. Things are in development. Not exactly sure when they might be able to go live, I know they have tested stuff on test networks.
I think that Atomic Swaps could be a huge thing for BitShares, and I think it could be a huge thing for DexBot.
There could be lots of market making opportunities.
So coordinating all these things together would be exciting. That said, we need to see who is interested and what it is going to take to get it going.
I believe there are several factors that could all work together towards a great product. We have a community that supports decentralized trading, we have existing markets and existing portals can supply liquidity for coins that do not support atomic swaps. We have stable coins, market makers and a market making bot. This gives an Atomic Dexbot multiple chances for success.
There is a chance the cabinet could sponsor an Atomic Swap version of DexBot. Given the success of the DexBot. It would seem to be a natural fit. There are many factors to consider.
In my opinion, I think that for atomic swaps to be successful, it is going to need a group to head up and manage the project. It is going to take programing, design, market making, accounting, reporting, fees, and a bunch of the other boring and mundane stuff that "makes stuff happen" in order for the project to be a success. I think the organization should be as flat as possible with the Atomic Swaps development group being separate and independently run from core BitShares.
HTLC swaps are complicated and require multiple things and approvals to happen. In my own understanding I think there should be a multistep process.
First, there should be an order book where interested people post their interest in doing swaps. This self-identifies and allows people to meet up. An engine of some sort matches people up. At this point they can sort out the details. Then the two parties can communicate back and forth. This would be secure communication on Where the specific hashes are created exchanged and agreement is made to trade. Looking at the specifics it is a fairly complex process. I think 95% of it can be automated. Then trading can begin to revolutionize trading and put the big CEX out of business.
From a DexBot side this can be sort of exciting as we can have a bot that creates the order people want to trade. For example, if someone says they want to sell 1 LTC for BTS, an Atomic DexBot could automatically volunteer. Hey, I will sell 1 LTC to Xd7d9273 for XXXX BTS at this prices (This is my account, let me lock this up in the blockchain.) People are generally impatient so this would be great for liquidity and tradability. The bot might also simply create offers to buy and sell at certain prices periodically. Then accept offer people might make
There are risks with atomic swaps: We don’t know if they will catch on We need to make sure they are profitable (appropriate commissions) We to make sure they are secure and do not result in lost money The market will need advertising and education. Potential hacking risks Funding may not be approved.
There is great potential. It could revolutionize trading. It gives BTS another chance to corner the exchange market. It is launched from one of the more successful decentralized exchanges. It could allow another line of complimentary business on top of BitShares current Exchange. It could allow for increased popularity and use of stable coins.
There is a lot that is still undecided. Is there going to a centralized order book? Is there going to be a decentralized order book? What are the fees going to be? What do they need to be? How do we charge the fees? (As much as one might wish it was not needed, without some fee structure, it is unlikely to be a sustainable model.)
That said, I was sort of seeing how this could all come together. In the initial phase we are going to need to talk with the protocol development to make sure the API calls, data, and other components, we need are going to be there. We are going to need to make sure programmers have the interest, ability and direction to potentially build and these new features. I think Atomic DexBot, which could solve the liquidity issues of an unused Atomic Swap could be a vital portion of the success of such a project.
Some exploratory work and discussions need to happen in order for us to have the ability to know if this the right direction to go. Cryptick