[bisq-network/proposals] Automate altcoin trading (#87)

Manfred Karrer notifications at github.com
Mon May 13 09:06:50 UTC 2019

> _This is a Bisq Network proposal. Please familiarize yourself with the [submission and review process](https://docs.bisq.network/proposals.html)._

Altcoin trading can be automated for those altcoins where the tx can be verified in a blockexplorer (not valid for privacy coins like Monero). The altcoin seller can provide the tx ID when confirming the sending of the altcoin. The buyers app can lookup a blockexplorer (if multiple available better to use multiple and require that all match) if the tx is confirmed and the receiver address and amount matches with the trade contract. If so the trade can be completed. The number of required confirmations should be adjustable for each altcoins as required number of confirmations to be srecure against reorgs is different on many altcoins.

By sending the tx ID we avoid the problem that a altcoin buyer could have 2 parallel trades open with exactly the same amount and receiver address. That would not allow him to distinguish which trader has done the tx. That problem exists also now but has never been a problem as far we know. But by providing the tx ID it can be eliminated at all.

The lookup for the blockexplorer should be done by a relay node over hidden services (similar like price nodes). The blockexplorer need to be defined for each altcoin which adds some additional development effort at integration time. But that feature could be enabled only for frequently traded altcoins.

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