How would ppl trade scBTC with each other?
Example:
Simplified version of exchange.
1. I can create bid/ask Merger as SC.
- it can be implemented as central authority server b/c it cannot move coins (I'll remove feature send coins from this mergerSC)
- merger can only pair bids and asks (new featue I'll add) => Merger will create proof (Merger creates signature that he found signed bid by A that match signed ask by B) => in fact merger mines blockchain as list of trades.
2. now I can create 2-way-peg (Federated Peg, Oracle or by Bitcoin protocol)
- I can deposit asset into Merger
- I can withdraw asset from Merger because I can create proof from merger-blockchain.
- Merger can be easy audited
3. Merger feature cannot be implemented on MC b/c it requires to remove feature "send coins" and new blockchain concept.
But that'ssa centralized system which we've already agreed is not ideal. I more interested in how this works on the SC via spv proof
It is too complicated to explain. ( 20 pages of pdf ).
2wp can be replaced anytime (I mean switching from Federated Humans to SNARK scheme)
For the begging let's use 5 federated human judges who can use brain and can check trades. (ticker log)
You didn't answer me
"isn't this same as move BTC from MC into exchange orderbook ?"