30 Days Writing Challenge, Day 23: What It Would Take To Build A P2P STEEM/SNAX Exchange?

in steemit •  13 days ago 

This is the twenty third question / topic of the 30 days writing challenge I announced a couple of days ago. The total amount in prizes is 90,000 SNAX and it's being distributed as 3 daily prices of 1,000 SNAX each. For all the details, please check this post.

Well, @chrisaiki proposed a day ago a p2p exchange on Steemit, here is his initial proposal: https://steemit.com/snax/@chrisaiki/proposal-for-a-p2p-steem-snax-exchange. The topic today wants to build on top of that and find ideas, approaches and techniques for actually making this happen.

Basically, the p2p exchange will work as follows:

  • seller posts an offer for accepting SNAX for STEEM (or the other way around)
  • buyer fills the offer by sending the first pair (SNAX or STEEM)
  • seller close the order by sending back to the buyer the second pair (STEEM or SNAX)

I do think this can be implemented just using Steemit as an offer board, initially, but as we go along we will need more fine grained control over what happens. Here are my initial thoughts on this, feel free to contribute in your own articles.

  • formalize the offer posting, using a stripped down "mark-up", ex: |||offer-type||| (sell/buy), |||offer-pair|||, |||offer-validity|||, |||offer-amount|||
  • setting up a node just for parsing the offers would be costly (and centralized) so I would go with a browser extension that will scrap the blockchain for the last 2-4 days offers, any offer that is not there will be excluded, hence the seller would need to repost it, just to keep it fresh
  • the exchange should come up with some sort of memo exchanged and verifiable (both STEEM and SNAX have this capability, so it will be relatively easy to implement)
  • as offers are gathered, a depth chart could be created, adding some nice UI to the exchange - this UI could also include the latest filled offers, etc

Any other ideas? Maybe access to coding resources? Or putting up some hours into it if you already know how to code?

Also, an important part would be promotion of this p2p exchange, so the articles that would spread the word more about this approach will get a higher score from my part.

IMPORTANT: please state your SNAX username in the post, so I know to which account to send the prize, should you be amongst the lucky winners! Thank you!

You can start writing your article for the challenge right now (some of you already posted, nice), the time window is: Tuesday 11th June, between 00:00 UTC and 23:59 UTC.

I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.

Dragos Roua

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I'm not sure that a p2p exchange can work without an arbitrator that both can trust. This can be a physical person, or encoded in a blockchain algorithm in case of smart contracts. An alternative would be to consider the reputation of the seller and buyer, but reputation in anonim systems can be easily be manipulated.


If by "arbitrator" you mean "escrow", I totally agree that it will reduce friction. Any other type of "arbitrators" would be just another middle man, hence not useful.


Yes, escrow was what I meant with arbitrator. And this should also be distributed, not centralized.

Posted using Partiko Android

Hey, @dragosroua.

Off topic, and if there's somewhere I can look for the answer, no problem, but I'm wondering if anything that publishes from any frontend to STEEM gets counted within the paying rounds SNAX does. I figured it did, but a post makes me wonder about something like dpoll. It shows up as a post on STEEM, just like anything from Steemit, Busy or Steempeak would, so I'm not sure what the extinction would be and was hoping to get the definitive answer from the No. 1 SNAX ambassador (that I know, anyway. :)


AFAIK, anything that's on the STEEM blockchain gets into the scoring algorithm, no matter how it landed there.


Okay. That's what I was thinking would be the case, so thank you for the answer.

Wouldn't that be kind of easy to integrate in Steem-Engine? I don't know, I am just a noob when it comes to coding and that kind of stuff....


There is already a proposal to integrate SNAX in steem-engine. This one is a different approach. But yes, once in steem-engine it would be easier.