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ANN: CONCORDE  
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PoofKnuckle

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ANN: CONCORDE
« on: January 01, 2015, 01:50:51 am »


As promised, here is information about the new product from the FreeMarket team: Concorde.

Concorde is an escrow system that works in conjunction with FreeMarket, and it can be integrated into other systems as well.

Concorde integration will be included in the next release of FreeMarket. It works like this: Sellers have the option of using Concorde for escrow. If they do so, the money from the buyer is sent to an escrow provider who is using Concorde, and that provider will intervene if there is a dispute. If there is no dispute, and both the buyer and seller sign off on the transaction, then the money in escrow is automatically released by Concorde to the seller.

Escrow services are not provided by the FreeMarket team. Third-party escrow providers are free to offer their services via Concorde, and all a seller has to do is enter the escrow provider’s NXT address in order to use that provider for escrow. This is done on a per-item basis, so a seller can use different escrow providers for different items.

Concorde can be downloaded here:

https://bitbucket.org/blackyblack/concorde/downloads/Concorde-1.0.0.zip

Concorde is open-source!

https://bitbucket.org/blackyblack/concorde

We are seeking beta testers. The tests will be run on the testnet.

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BTCDDev

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Re: ANN: CONCORDE
« Reply #1 on: January 01, 2015, 02:18:08 am »

Great job! I am excited to see this in action! Nice job open sourcing. Kudos to blackyblack and Mr. Knuckle.

Matthew
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jones

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Re: ANN: CONCORDE
« Reply #2 on: January 01, 2015, 02:49:28 am »

Cool, good luck to the free market team on this project.

how do handle the escrow provider not just running away?
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rubenbc

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Re: ANN: CONCORDE
« Reply #3 on: January 01, 2015, 06:18:39 am »

New year new promises.
Scrow services are necesary to have good freemarket services.
Good luck team


Enviado desde mi HTC One

blackyblack1

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Re: ANN: CONCORDE
« Reply #4 on: January 01, 2015, 08:57:54 am »

Cool, good luck to the free market team on this project.

how do handle the escrow provider not just running away?
1. Cheating provider will lose significant source of income.
2. FreeMarket providers will pass clearance procedure. Only legit providers will be selected.
3. Optional security deposit for newbie providers.
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blackyblack1

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Re: ANN: CONCORDE
« Reply #5 on: January 01, 2015, 09:00:51 am »

My test node is running on the account: NXT-X5ZD-QELL-FV3X-AB9FC.
Feel free to test it with the Concorde API. API described here: https://bitbucket.org/blackyblack/concorde/src/6912acd9e62c5b12e899f20dac5a0e2cd779fe1b/doc/API.txt?at=master
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jones

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Re: ANN: CONCORDE
« Reply #6 on: January 01, 2015, 06:29:00 pm »

Cool, good luck to the free market team on this project.

how do handle the escrow provider not just running away?
1. Cheating provider will lose significant source of income.
2. FreeMarket providers will pass clearance procedure. Only legit providers will be selected.
3. Optional security deposit for newbie providers.

I would suggest the security deposit for all escrow providers, if the deposit needs to be larger than the amount that the person will hold in escrow, then there's 0 reason to run away from a game theory prospective.

I guess its hard to choose where the security deposits go then, phasing and account control could make all this much easier.
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blackyblack1

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Re: ANN: CONCORDE
« Reply #7 on: January 01, 2015, 06:36:46 pm »

Cool, good luck to the free market team on this project.

how do handle the escrow provider not just running away?
1. Cheating provider will lose significant source of income.
2. FreeMarket providers will pass clearance procedure. Only legit providers will be selected.
3. Optional security deposit for newbie providers.

I would suggest the security deposit for all escrow providers, if the deposit needs to be larger than the amount that the person will hold in escrow, then there's 0 reason to run away from a game theory prospective.

I guess its hard to choose where the security deposits go then, phasing and account control could make all this much easier.
Game theory also tells us that we do not always require a security deposit to fully cover the escrowed amount. Security deposit is only required for totally new escrow providers.
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_mr_e

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Re: ANN: CONCORDE
« Reply #8 on: January 01, 2015, 07:40:43 pm »

Looks neat. Although I think the OpenBazaar model may be better, where the escrow agent only gets his fees if he gets called upon to do something. In the 99% of cases where the buyer and the seller have a smooth transaction, the agent is not required to do anything and 1% can be a lot. Using multisig they should be able to settle the transaction without the third key. This provides an incentive to work the problem out between eachother to prevent having to pay the extra fee.
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gs02xzz

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Re: ANN: CONCORDE
« Reply #9 on: January 01, 2015, 07:41:57 pm »

+1. Great progress!
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blackyblack1

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Re: ANN: CONCORDE
« Reply #10 on: January 01, 2015, 07:56:08 pm »

Looks neat. Although I think the OpenBazaar model may be better, where the escrow agent only gets his fees if he gets called upon to do something. In the 99% of cases where the buyer and the seller have a smooth transaction, the agent is not required to do anything and 1% can be a lot. Using multisig they should be able to settle the transaction without the third key. This provides an incentive to work the problem out between eachother to prevent having to pay the extra fee.
This is true. But do not forget that we have forging and judgement rewards so when the transaction volume will grow the escrow nodes will have bigger profits and will concurrent with each other. This way the escrow fee will likely go to zero.
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blackyblack1

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Re: ANN: CONCORDE
« Reply #11 on: January 01, 2015, 07:57:31 pm »

I want to remind again that Concorde is not bound to the FreeMarket. It is an escrow system opened for all NXT users. Feel free to build your own projects on top of it or use for your daily needs.
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_mr_e

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Re: ANN: CONCORDE
« Reply #12 on: January 01, 2015, 07:58:43 pm »

Looks neat. Although I think the OpenBazaar model may be better, where the escrow agent only gets his fees if he gets called upon to do something. In the 99% of cases where the buyer and the seller have a smooth transaction, the agent is not required to do anything and 1% can be a lot. Using multisig they should be able to settle the transaction without the third key. This provides an incentive to work the problem out between eachother to prevent having to pay the extra fee.
This is true. But do not forget that we have forging and judgement rewards so when the transaction volume will grow the escrow nodes will have bigger profits and will concurrent with each other. This way the escrow fee will likely go to zero.

Interesting. Could pose a lot of friction before getting to that point though. Will this also support different kinds of currencies when supernet allows for items to be bought with any currency?

Do FreeMarket asset holders gain anything from this directly?
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blackyblack1

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Re: ANN: CONCORDE
« Reply #13 on: January 01, 2015, 08:07:48 pm »

Looks neat. Although I think the OpenBazaar model may be better, where the escrow agent only gets his fees if he gets called upon to do something. In the 99% of cases where the buyer and the seller have a smooth transaction, the agent is not required to do anything and 1% can be a lot. Using multisig they should be able to settle the transaction without the third key. This provides an incentive to work the problem out between eachother to prevent having to pay the extra fee.
This is true. But do not forget that we have forging and judgement rewards so when the transaction volume will grow the escrow nodes will have bigger profits and will concurrent with each other. This way the escrow fee will likely go to zero.

Interesting. Could pose a lot of friction before getting to that point though. Will this also support different kinds of currencies when supernet allows for items to be bought with any currency?
We do not know for now how the Supernet will work with different currencies so Concorde does not support anything but NXT. However we think that Concorde could give benefits to entire Supernet - it may help working with fiat gateways for example.

Do FreeMarket asset holders gain anything from this?
I'd like to offer them something to benefit from Concorde but Concorde nodes are very separate from FreeMarket. We cannot force them to pay something to FreeMarket asset holders. The very first node belongs to me so if I will see significant amounts flowing from my node I will make an offer to asset holders.
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PoofKnuckle

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Re: ANN: CONCORDE
« Reply #14 on: January 01, 2015, 08:17:21 pm »


Do FreeMarket asset holders gain anything from this directly?

There is an indirect benefit: to the extent that Concorde being integrated into FreeMarket increases the use of FreeMarket, there will be more fees generated.
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apenzl

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Re: ANN: CONCORDE
« Reply #15 on: January 02, 2015, 11:44:48 pm »

Looking forward to the next Freemarket release. :)

Mentioned Concorde (and Freemarket): http://nxter.org/nxt-core-marketplace/ 

PoofKnuckle

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Re: ANN: CONCORDE
« Reply #16 on: January 04, 2015, 09:10:17 pm »

Looking forward to the next Freemarket release. :)

Mentioned Concorde (and Freemarket): http://nxter.org/nxt-core-marketplace/

Thanks!
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blackyblack1

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Re: ANN: CONCORDE
« Reply #17 on: January 08, 2015, 09:27:38 pm »

Concorde updated to 1.0.1:
https://bitbucket.org/blackyblack/concorde/downloads/Concorde-1.0.1.zip

Thanks to kimmel for help in finding a bug.
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nxtrocks

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Re: ANN: CONCORDE
« Reply #18 on: May 26, 2015, 06:45:32 pm »

Are there any Concorde escrow providers currently?
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blackyblack1

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Re: ANN: CONCORDE
« Reply #19 on: May 27, 2015, 06:14:00 am »

Are there any Concorde escrow providers currently?
Only on the testnet. At least one provider will be available when escrow service will be implemented in FreeMarket.
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