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- Open-Transactions and Bitmessage combination to produce:
- CURRENCY CONVERSION PROTOCOL
- An easy way for OT wallets, behind the scenes, to negotiate currency conversions.
- Let's say Alice is someone who wishes to convert Silver Grams into Gold Grams.
- Let's say Bob is someone who is willing to perform such conversions for a fee.
- 1. Alice is already on Server A. If the market on Server A does not already serve her needs, then she must discover other traders who may be on other servers.
- 2. Alice generates this ID: "Silver_Asset_ID--XOR'd--Gold_Asset_ID"
- 3. Alice uses the above string to generate a Bitmessage broadcast key (Bitmessage calls this a "pseudo-mailing-list.")
- 4. Bob, wishing to earn some money, is already listening to all broadcasts for that key.
- 5. Alice broadcasts a message to that key: "I want to convert X grams of Silver into Y grams of gold, at price of Z. My Bitmessage ID is ALICE and I am on Server A."
- 6. Bob receives the message, and agrees with the price.
- 7. For TWO-WAY-TRADE smart contract (more privacy):
- Bob sends a message via Bitmessage to ALICE, saying:
- --- "I am willing to make the trade. My NymID on Server A is BOB. My silver account on server A is BOB_Silver_A and my gold account on server A is BOB_Gold_A."
- NOTE: If Bob does not already have funds on Server A, he can wire them there, using the WIRING PROTOCOL.
- --- Bob could also say, "I am willing to make the trade, but only on Server B. My NymID on Server B is BOB. My silver account on Server B is BOB_Silver_B and my gold account on Server B is BOB_Gold_B."
- NOTE: If Alice does not already have funds on Server B, she can wire them there, using the WIRING PROTOCOL.
- From this point, Alice and Bob can process the existing two-way-trade smart contract to finish the transaction.
- 8. For conventional OT MARKETS:
- Bob sends a message via Bitmessage to ALICE, saying:
- --- "I am willing to make the trade. I am already on Server A, trading on Market Silver_Gold_A."
- NOTE: If Bob does not already have funds on Server A, he can wire them there, using the WIRING PROTOCOL.
- --- Bob could also say, "I am willing to make the trade, but only on Server B, trading on Market Silver_Gold_B."
- NOTE: If Alice does not already have funds on Server B, she can wire them there, using the WIRING PROTOCOL.
- From this point, Alice and Bob can finish the trade using conventional OT Markets.
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