Topic: InstantDEX - realtime trading of NXT, NXT assets, BTC and BTC clones (Read 26193 times)

jl777 · « **on:** May 14, 2014, 12:36:20 pm »

There are a total of 1 million InstantDEX assets, each asset represents .0001%

The goal of InstantDEX is to offer realtime trading of NXT, NXT assets and other cryptos. It will earn fees from commissions on the trades. By keeping costs low by using a decentralized infrastructure, it is expected to be able to distribute approximately half of revenues to asset holders.

InstantDEX had some significant technical challenges, the biggest being that direct communication between two peers is somewhat difficult. Also, thanks to mczarnek, the evil forger attack was identified and prevented. Once I am done with the low level API, it will be in Wesley's capable hands to make it as easy (maybe easier!) to use than any centralized exchange.

Except there wont be any centralized servers, there wont even be an actual website as the GUI will be running locally. Just direct peer to peer trading in realtime.

I have officially announced this yet, but I will be integrating NXTsubatomic and NXTatomic into InstantDEX. While these are not realtime trading mechanisms, they are related to trading and it makes sense for them to be part of InstantDEX. A nice bonus for all the InstantDEX holders.

The monetization model is very clear and simple. The centralized exchanges charge 0.2% to 0.5% for each trade, plus additional fees for withdrawal. InstantDEX will not have any fees for withdrawals and the commissions will be set to 0.1% at first. Keep in mind that this is charged to both buyer and seller so the total revenue will be 0.2%. This will be the lowest in the industry and coupled with the decentralized nature will provide a strong competitive advantage.

I expect InstantDEX to gain significant market share of the overall crypto trading market. The exact market share is not something I can accurately predict now.

Another point of note, there wont be any fees charged for changing a bid or ask. In addition to the wait time till the next block, that using NXT AE by itself has, there is a min tx fee charged everytime a bid or ask is changed. Combining InstantDEX with NXT AE is the superior solution.

As soon as multigateway is deployed, InstantDEX will be able to be tested. NXT(sub)atomic will probably not be ready at first.

James

jl777 · « **Reply #1 on:** May 15, 2014, 06:44:07 am »

This a technical development, but significant here anyway.

https://nxtforum.org/instant-transactions/secret-project/msg21554/#msg21554

mczarnek came up with an evil forger attack, which requires exact timing and simultaneous transaction with the victim, but the fact that it was theoretically possible was bothersome. With the advent of leased forging, all of a sudden it wasnt big giant NXT whales that had to not turn evil (we can assume it is very unlikely as they would destroy more of their NXT value that they can steal), now any large leased forging operator could turn evil and there is no assurance that a leased forger would himself have a large stake in NXT.

Anyway, it is always nice to get confirmation from the one who discovered the attack that I have a workaround. Both CfB and jean-luc are in agreement too, so rest assured the mczarnek evil forger attack will not be an issue for InstantDEX.

James

P.S. I did give mczarnek a bounty AFTER he confirmed I have avoided his attack. I did not want there to be any appearance of my giving bounty in exchange for confirmation and I expect he was totally surprised to get a bounty.

gaman · « **Reply #2 on:** May 15, 2014, 09:38:57 pm »

Hi James

I see you buying back InstantDex assets @ 33.33.... care to explain that move?

jl777 · « **Reply #3 on:** May 16, 2014, 02:32:19 am »

Quote from: gaman on May 15, 2014, 09:38:57 pm

Hi James

I see you buying back InstantDex assets @ 33.33.... care to explain that move?

move?
just providing liquidity to the market, or maybe I projected future revenues and calculated it was undervalued, or maybe the solving of mczarneks' evil forger attack made an implementation path to the finish line much clearer.

James

marek3ball · « **Reply #4 on:** May 17, 2014, 01:08:57 pm »

Where will user actually be in contact with InstantDEX? Whole asset exchange will use InstantDEX?

jl777 · « **Reply #5 on:** May 17, 2014, 01:15:54 pm »

Quote from: marek3ball on May 17, 2014, 01:08:57 pm

Where will user actually be in contact with InstantDEX? Whole asset exchange will use InstantDEX?

users will use the directory server to establish contact directly with peers
Once they do, trades are done directly between peers, the blockchain is used to record such trades

you have it backwards on the second question. InstantDEX will support various selected orderbooks, including direct assetA <-> assetB trading. InstantDEX builds on top of AE. AE wont even know that InstantDEX is there, other than seeing the trades that are cleared on the blockchain

This also means that bid and ask changes can be done without cost. There will be a 0.1% commission on completed trades.

James

marek3ball · « **Reply #6 on:** May 18, 2014, 06:17:15 pm »

Thank you, well InstantDEX will be directly in the Nxt wallet invisible layer between asset exchange and user? Or new section in the wallet? Or something else?

I'm trying to imagine the final product from end user perspective.

Do you have some ROI estimation for InstantDEX?
Launch date?

jl777 · « **Reply #7 on:** May 19, 2014, 03:25:33 am »

Quote from: marek3ball on May 18, 2014, 06:17:15 pm

Thank you, well InstantDEX will be directly in the Nxt wallet invisible layer between asset exchange and user? Or new section in the wallet? Or something else?

I'm trying to imagine the final product from end user perspective.

Do you have some ROI estimation for InstantDEX?
Launch date?

You will have to ask wesley about the magic he will do, I am not GUI guy

Still too many pieces that need to be pulled together for anything as specific as a launch date. We need to have crypto assets in AE first, so MGW is prerequisite. After that I will need a few weeks to finalize the low level code while wesley does the GUI. Then it will depend on testing.

You can see the peer to peer UDP via the NXYsync encrypted chat. InstantDEX builds on NXTsync for the orderbook propagation. There is also the NXTsubatomic and NXTatomic, which are not exactly realtime, but since they are crypto trading oriented I put them into InstantDEX asset. Hopefully it wont be too confusing and be a nice bonus for InstantDEX holders.

So I cant give a firm timeframe, but hopefully you can see the various pieces of InstantDEX as they finalize and integrate together

James

allwelder · « **Reply #8 on:** May 19, 2014, 04:40:50 am »

much promising,with InstantDEX,the cost is almost 0,and will be the best decentralized instant exchange.

P2PGuy · « **Reply #9 on:** May 19, 2014, 12:19:49 pm »

Quote from: allwelder on May 19, 2014, 04:40:50 am

much promising,with InstantDEX,the cost is almost 0,and will be the best decentralized instant exchange.

marek3ball · « **Reply #10 on:** May 21, 2014, 09:13:40 pm »

Quote from: jl777 on May 19, 2014, 03:25:33 am

You will have to ask wesley about the magic he will do, I am not GUI guy

Maybe he could write here some info about final usage.

Will one of your other projects generate some trading traffic for InstantDEX?

jl777 · « **Reply #11 on:** May 21, 2014, 09:46:16 pm »

Quote from: marek3ball on May 21, 2014, 09:13:40 pm

Quote from: jl777 on May 19, 2014, 03:25:33 am
You will have to ask wesley about the magic he will do, I am not GUI guy
Maybe he could write here some info about final usage.

Will one of your other projects generate some trading traffic for InstantDEX?

wesley is rightfully dealing with AE stuff now. Once the dust settles I am sure he will explain the "plugin" system in some details.

I always try to build in cross promotion between brands whenever I can. Also when the time is right I am planning on a customer acquisition campaign for InstantDEX. Once the centralized exchange customers find out about how cool InstantDEX is, I expect it will be InstantDEX that is generating traffic for the other brands.

First step is to get MGW released and stable. Then InstantDEX can build right on top.

I apologize for delays, but the last week was a completely unexpected delay and it has time shifting many projects. However, we now have 20+ in TEAM, so once everyone comes up to speed I expect progress to accelerate.

James

xibeijan · « **Reply #12 on:** May 29, 2014, 10:35:26 pm »

where can i get more info about instantDEX?

jl777 · « **Reply #13 on:** May 29, 2014, 10:38:48 pm »

Quote from: xibeijan on May 29, 2014, 10:35:26 pm

where can i get more info about instantDEX?

Next month will be a lot more info on InstantDEX. For now just its goals of realtime peer to peer trading with trades cleared using NXTblockchain

There was a deep tech discussion in the Instant transactions thread regarding mczarnek's attack. Took a while, but I found a method totally immune from that attack.

The UDP hole punching is coded and spot tested, still needs a bigger test to verify full compatibility

Basically InstantDEX will allow trading of any asset against any other asset (including NXT itself)

It will tie into NXTforex and other NXTservices, but now we are really getting ahead of ourselves

Patience and all will be revealed

James

xibeijan · « **Reply #14 on:** May 31, 2014, 12:54:44 am »

Any plans to add price charts and live updates to the NXT GUI (for the normal AE, but also instantDEX)?

Poloniex does a nice job with the TA tools integrated.

jl777 · « **Reply #15 on:** May 31, 2014, 01:06:40 am »

Quote from: xibeijan on May 31, 2014, 12:54:44 am

Any plans to add price charts and live updates to the NXT GUI (for the normal AE, but also instantDEX)?

Poloniex does a nice job with the TA tools integrated.

I certainly want all the fancy GUI things, but I am not GUI guy, though I can create nice color bitmaps.
First step is to get the API level solid, then all the fancy stuff will be added.

xibeijan · « **Reply #16 on:** May 31, 2014, 01:23:11 am »

Quote from: jl777 on May 31, 2014, 01:06:40 am

Quote from: xibeijan on May 31, 2014, 12:54:44 am
Any plans to add price charts and live updates to the NXT GUI (for the normal AE, but also instantDEX)?

Poloniex does a nice job with the TA tools integrated.
I certainly want all the fancy GUI things, but I am not GUI guy, though I can create nice color bitmaps.
First step is to get the API level solid, then all the fancy stuff will be added.

Whoever built the MAC and Windows NXT wallets (one click simple install, fully integrated) really does a nice job. Perhaps he plans to add these features. Do you know his handle?

marek3ball · « **Reply #17 on:** June 05, 2014, 09:55:49 am »

I know you have a lot of work with whole huge "elephant" project, however could you write something optimistic about InstantDEX?

Only for investors better sleeping.

Ludom · « **Reply #18 on:** June 05, 2014, 10:54:42 am »

Quote from: marek3ball on June 05, 2014, 09:55:49 am

I know you have a lot of work with whole huge "elephant" project, however could you write something optimistic about InstantDEX? Only for investors better sleeping.

Same for MGW !

Daedelus · « **Reply #19 on:** June 05, 2014, 11:05:27 am »

I think James is on a break for a week right now so might not answer for a few days. There was a post but I can't find it.

Multigateway you can find in the NxtServices subforum, alpha testing is taking place as we speak >>> https://nxtforum.org/nxtservices-releases/how-to-test-multigateway-with-nxtservices-a-test-user-guide/

The beta should be released next week I read somewhere too for the rest of us to mess about with and ask stupid questions after (or perhaps that's just me

). I am 95% sure InstantDEX relies on the MGW and AE so the testing for that is still underway in the same place.

James will confirm on his return, I'm sure.

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Author Topic: InstantDEX - realtime trading of NXT, NXT assets, BTC and BTC clones (Read 26193 times)

xibeijan

xibeijan

xibeijan