This blog is the initial test of a barter trading system on Scorum.
In the comments section of this blog, any Scorum member can offer to trade any amount of any digital asset for a specified amount of SCR, or vice-versa. The digital asset being traded must be viewable on a blockchain explorer and if a trade is agreed upon there must be a transaction ID posted before the trade can be completed.
How to propose a trade:
In the comments section below begin a new threat by starting a comment stating your proposal i.e.
- Commenter 1 (@ace8976) - "I would like trade 0.01 ETH for 1,000 SCR
How to make a counteroffer:
Replies to the above comment;
- Replier #1 (Jimmy6533) to Commenter #1 (@ace8976) - "I have 500 SCR that I would be willing to sell for 0.006 ETH"
- Replier #2 (allen669) to Commenter #1 (@ace8976) - "I have 823 SCR that I would sell for 0.008 ETH"
How to accept an offer:
- Commenter 1 (@ace8976) Replies to Replier #2 (@allen669) - "I accept the trade and I am prepared to send 0.008 ETH for your 823 SCR, , my wallet address is _______________ the Etherscan link for this wallet is _________________
- Replier #2 (@allen669) to Commenter #1 (ace8976) "I have sent the 823 SCR to the @spatstore, my ETH address is ______________"
- Replier #3 (@spatstore) to Commenter #1 (@ace8976) and Replier #2 (@allen669) "I have received the SCR and will release it when the ETH transaction has been finalized.
- Commenter #1 (ace8976) "I have sent the ETH to the address above the TX ID is __________________"
- Replier #2 (@allen669) "I have received the ETH in my wallet and the transaction has been finalized on the blockchain."
- Replier #3 (@spatstore) "The transaction is complete and I have transferred 822 SCR to (@ace8976)
This transaction is now closed but @ace8976 still has 0.002 ETH to trade if another party is interested.
Progress tree for the above transaction
@ace8976 makes an offer --->
@jimmy6533 makes a counteroffer which is ignored/rejected --->
@allen669 makes a counteroffer that is accepted by @ace8976 --->
@allen669 transfers the SCR to @spatstore --->
@ace8976 sends the payment to @allen669 --->
@allen669 reports the funds have been received and the transaction has been finalized on the blockchain --->
@spatstore takes a 1SCR fee and then transfers the remaining 822 SCR to @ace8976
If this procedure is followed properly then all of the funds can be tracked and verified on the respective blockchains. The main point of trust is that the spatstore will hold the funds until the other transactions have been completed, and then release them to the buyer. If the transaction fails to finalize on the blockchain or the buyer backs out, then the funds are transferred back to the seller at no charge.
**spatstore takes no responsibility for the payments on other blockchains or for making sure that these transactions have been finalized, the seller must insure that proper payment has been made before indicating that the SCR can be released to the buyer. **
***All fees including the 1 SCR charge by Spatstore and blockchain transfer fees must be accounted for by the seller and the buyer and included in their agreement, spatstore is not responsible for these fees and is not an arbiter between parties that disagree after a trade over the costs of the transactions.***
This is not a perfect system and it requires everyone to act in an honest and respectful manner. But since this service is only for Scorum members, if a member tries to take advantage in some way then that account can be flagged and that member banned from using the service.
This process will not be fast and nobody will be rushed, there are no bots or smart contracts, everything must be done manually and transactions must be checked by all interested parties before the next step can be taken. It is up to the seller to insure that they have received the full payment, minus tx fees, and the TX has been finalized.
If this works then it will be possible to trade SCR for just about any digital asset.
A new barter trade blog will Be posted weekly or when reading and finding new offers becomes too cumbersome.