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Latest Nxt Client 1.11.9 - NEW RELEASE: Ardor 2.0.3e TestNet IS LAUNCHED!

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Author Topic: TLS Notary Integration to enable P2P fiat-to-crypto exchange  (Read 503 times)

Najska

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Please have a look at tlsnotary.org if you didn't understand the subject.

I believe a third party application on top of NXT which enables users to run an escrow service based on TLS Notary might be implemented to facilitate fiat-to-crypto transactions on a peer-to-peer basis.

Example: Alice wants to buy NXT with her Turkish Liras (fiat). She chooses her favourite beloved trusted escrow and opens a buy order in the market leveraged on TLS Notary. Bob wants to sell his NXTs, opens the market, sees the offer, gets contented with the details (price rate, escrow, etc.), accepts to sell the coins to Alice, lets the system put a hold on his coins. Alice transfers Turkish Liras to Bob, and sends the proof she took from TLS Notary to the escrow. Upon the approval of the escrow, the coins are transferred to Alice. Should there be any forgery, upon the disapproval of the escrow, the hold on the coins ends.

This seems to be able to be realized without the need for Account Control feature.
What NXT has and others do not is vision.

barbierir

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Yes a very important tool, recently I discovered the Bitsquare project that makes use of it for fiat/btc transactions between peers. I wrote to the Bitsquare team suggesting to join the superNET because it would be a very useful addition

Najska

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NxtSquare would allow P2P transactions involving assets and MS currencies, too. Somebody should handle it for sure.
What NXT has and others do not is vision.
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