Quote from: illodin on October 23, 2014, 05:29:41 PM

Quote from: synechist on October 23, 2014, 05:06:20 PM

Quote from: gatra on October 23, 2014, 04:45:47 PM

I read much marketing meaningless babble (like "the internet of blockchains"), but not much subtance or technical details...

could you please explain for one use case, from the beginning to the end, how would this work?
e.g. let's say I want to send money using SMS, a feature from XST, while I hold some other thing, let's say APEX. Coins would be automagically exchanged? how? what currency does the service provider receive? can the receiver of the SMS receive other currency than XST? how?

the xbridge api would have a method for each possible service? so it would have to be updated every time a new service is added... otherwise... how would it work?

Is the coding of the exchange and the xbridge api finished? When would this be deployed? right after the ITO?

thanks!

Hey hey

Have you checked out the FAQ below the OP?

The XBridge is a protocol. There's only one XBridge.

The API supports a general-purpose application platform. Ultimately there aren't that many fundamental actions to code for. Their composites would specify a very wide range of potential applications. That said, no doubt the API will go through revisions from time to time, and more or less indefinitely, as technology advances.

Part of the XBridge code is done. But only part. The exchange is not done (though in reality I suspect there'll be multiple decentralised exchanges all competing to offer their services).

As for your SMS example, it would depend to a large extent on however XST code it, but here's a sketch:
Let's say you owe APEX.
And you want to SMS some APEX over to someone.
Your node would pay an XST node for the service, using APEX.
The APEX would be automatically exchanged for XST.
The XST node receive the XST and keep it as profit.
The XST node would pay the Blocknet microfee.
The XST node would take phone number you're sending the amount to.
It would send the amount in XST (because the SMS system is built on the XST blockchain).
The recipient node would receive the XST.
The recipient node would then convert the XST to APEX using the decentralised exchange.
The resulting APEX would then be sent to the recipient's APEX node.

If you're wondering how decentralised exchange works, this speculative post could turn into an interesting discussion.

Took a while before one question that is actually important was asked.

Next question obviously is, how does the system deal with slippage, so you don't start with $5,000 worth of APEX and end up with $2,500 worth of APEX. And, how do you protect against people/bots exploiting the exchange when they know that soon someone's gonna have to sell a hefty amount of XST for APEX.

Quote from: joebob999 on October 23, 2014, 05:34:26 PM

Quote

so you don't start with $5,000 worth of APEX and end up with $2,500 worth of APEX

this is one thing I don't get. my assumption with the other one (supernet? all out scam by jl777 dude to let him offload his assets wout tanking the market) was that this was why they were getting 10% of the coins to somehow have like a ripple effect of those 10% of coins always being available.

Put in coin A at current coin A/B price -> do coin B stuff with coin B that net owns -> exchange back for coin A without having to go to the exchanges. it still seems like they'd run ou of popular coins and have too many of unpopular coins.

but it gets really fuzzy in my head.

Good questions there. Nice one.

As with any exchange, slippage depends on liquidity and trade size.
To mitigate risk to the user, the exchange could first return a quote (at a cost, of course) before exchanging.
The exchange wouldn't keep any coins; it's decentralised so there'd always be users supplying liquidity. Therefore unpopular (illiquid, in this context) coins would either get dumped or held.
Bots could exploit the exchange if they knew what a given previous trade was for - in this case an SMS tx that involves trading back to the original currency.
But bots will have no access to this information. XBridge communication is encrypted and P2P.