It would be nice to have a bot which can operate as temporary escrow service for BTC/TFT
The idea is that anyone can send TFT to the bot, then someone else sends BTC to the same bot the bot will then release the amount.
- It should be a safe solution but still easy to use.
- Its just a piece of code running somewhere on TFGrid in a VM, deployed with smart contract for IT
- anyone who uses this piece of software, agrees with the limitations & risk, there is no counterpart whatsoever
Ideas
- a bot which is deployed on TFGrid using smart contract for IT (means people can see how deployed)
- the bot has 2 wallets TFT Stellar & BTC
- the person who wants to sell TFT sends TFT to the bot and announces the deal on the forum.threefold.io OTC section, the details of the deal as mentioned in the top part of the post in the format as specified below. The memofield has id of the post (is the nr in the url, this post has id 1717) and the deal ID in format
$DEALID:$MATTERMOSTID
- the person who wants to buy TFT, sends BTC to the bot and specifies the id of the post (is the nr in the url, this post has id 1717) and the deal ID in format
$DEALID:$MATTERMOSTID
- if BTC send to bot are larger than deal size, remainder send back to BTC sender
- if BTC send to bot is smaller than deal size, it will partially fill, rest stays for someone else
- if the deal expires, bot will just return the TFT to source
- if no deal found or mistake in message, TFT or BTC just gets returned to sender
- once the deal registered the bot can do the transaction
- the bot has a web page which can be consulted over planetary network will show list of all deals registered, so its easy for people to see what deals are there
- there can be more than 1 bot deployed, so people can choose which one to use
Requirements
- Terraform script which deploys such a solution
- Deployment done by means of Smart Contract of IT
- the bot will only accept deals which have unique id and, expiration max 2 days, min 10 min
- the bot will only accept deals which are specified in message on forum.threefold.io in OTC section and which are in main part of the post, also the bot will use the planetary network addr of the forum, which means its end2end encrypted and verified communication between bot & forum, it will be guaranteed the TF forum.
- the bot will max accept 2m TFT
- the bot will download the URL and get the data out of the content, if any issue parsing the money will not be accepted (send back)
- created in vlang & compiled as part of deployment, this way everyone can verify working
format of the message
- format of the message
- needs to be embedded in a text or html which can be accessed from internet e.g. can be the post on our forum, can be a github file, can be a website page, …
==============
TFTUSD: 0.1
BTCUSD: 41800
DEADLINE: 10m
DEALID: 8djw6
SELLER_BTC: 1F1tAaz5x1HUXrCNLbtMDqcw6o5GNn4xqX
==============
or
==============
BTCTFT: 418000
DEADLINE: 10m
DEALID: 8djw6
SELLER_BTC: 1F1tAaz5x1HUXrCNLbtMDqcw6o5GNn4xqX
==============
- Info
- price of TFT in USD
- expiration time in minutes or hours: 10m, 2h
- dealid which is combination of 5 chars (a…z,0…9)
- the BTC address of the seller
- the TFT address of the seller
-
==============
is at least 4, max 30 = - there can be whitespace before and in between arguments
- PARAMS need to be in capital e.g. TFTUSD ok, tftusd not
What would the benefits be of this approach
- easy & transparent for everyone to exchange TFT for BTC
- no middleman, its just a piece of code running centrally
Process & Reward
- suggest 50.000 TFT, to be delivered when code is there & can be verified
- reply on this post to express interest
- funds are coming from Threefold Grants, multisig by ThreeFold Foundation Guardians, will be DAO in future.