Q23: What Would It Take To Build A P2P Steem/Snax Exchange

Basically, a p2p system of exchange is a peer to peer means of exchanging virtual currency from someone's account to the account of another without having to go through a financial institution.

This means that I can exchange cryptocurrency for fiat or other cryptos as well with you without having to go through the bank which is a financial institution.

This kind of transaction requires trust, and since the exchangers may be miles apart, one of the party is probable to breach their agreement and run away with his funds.

I have seen cases where this happens and this is why there is need to build a viable p2p exchange users can trust and have their Snax tokens or Steem sent to them without hassles.

Actually, I think there is already a Steem-engine which does exactly that. Converting tokens for Steem or vise versa.

But building a peer to peer exchange from the scratch just for exchanging Snax/Steem would require lots of technicalities because it is not always an easy task to do.

Some points to consider when building a p2p exchange platform.

• P2P exchanges are run by a software. Perhaps a block producer may be able to develop such software.
• Ensure that the exchange platform is fully secure and funds are not lost in the process of trying to exchange.
• What fee to charge per exchange?
• A fixed price or fluctuating prices at intervals?

I am no developer and I do not know how the backends of these exchanges work, but I do know that these things should be considered first, before trying to build an exchange platform.

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