Decentralized Market

I am sure something like this has been discussed before but I have been imagining what a decentralized market might look like.

It could not function as a traditional website with an apache install etc as that inherently requires a web administrator. To have the system run without the threat of being malicious it would probably need to be an open-source program. Ideally a P2P solution.

There is no need for a centralized wallet. A system could be devised where everyone controls their bitcoin keys until they are sent into temporary escrow wallets which exist for the duration of transactions.

As I see it there is no way for the solution to provide for proper dispute moderation so the system could be supported by a community of democratically elected (or impeached) moderators which are switched out at regular intervals. A small fee could be levied on transactions in order to pay these moderators. This whole moderator business is the messiest part of the design - if there is a way to completely eliminate the need for human influence, that would be ideal, but probably not practical.

The concept behind all of this is to basically create an exit-scam proof situation. If it was made well enough and supported by a large community, it is something that could kind of take on a life of its own. Properly designed there is no need for high level administrators with the power to disrupt the market - the only power that any person needs to have is in dispute moderation, which needs to be handled on a case by case basis.


Comments


[2 Points] aboutthednm:

What good does escrow do without a centralized and trusted authority in case of dispute?


[2 Points] eyelurck:

Why is not 2-3 multisig not enough to "create an exit-scam proof situation"?

Also, democracy is not the best thing to depend on when your base is druggies. And votes can be bought.


[2 Points] octomarvel:

A lot of decentralised markets need a program to run, not a browser. Hence trust issues coz who knows what's been written into that program?

Who is going to develop n keep the program running? Who is going to pay for the server time? Who is gonna pay for the moderators? Who is going to fix bugs? Who is going to devise this system, put it together and keep it together basically?

Your moderation system is also ambitious at best coz well, in all money systems, especially illegal, not only is there a fear of LE seizure but also of hack thefts. Any form of power must be placed wisely. Having a wider spread of moderation brings a wider spread of bad moderators too. Consolidate possible problems, don't spread them out dude.

Who is going to make this program that makes them absolutely no money, recquires a lot of time n money to put together and facilitates illegal transactions with no profit for the risk of such?

I'll tell you who.

No one man. It just is what it is.

=\


[1 Points] fbzdabs:

Most people who try to understand btc can't because the idea of a decentralized currency is almost unfathomable. However, we did it with cryptocurrency, i am sure it's possible with the right minds (and their drugs of choice).
Also sounds like an (almost) LE proof system, with a decentralized system they would have too many targets. No big fish running the market.


[1 Points] None:

heaps of decentralized markets have come up but none have ever come into fruition it seems like it's a weekly or monthly occurrence with decentralized markets.

just search this subreddit there are heaps of topics on them.

im pretty sure some are being built as we speak but it's one of those things that's talked about so much and so many promises made but nothing ever materializes so at this point i won't believe it until i see it.


[1 Points] Violentwhensober:

The first smart contract platform based on Etherium is called "Deamon" and will change the DNMs as we know them completely within the next years.


[1 Points] Medacali:

I'm working on something like this. Time will tell!


[1 Points] tp911:

What about this daemon mkt ? Its a dao powered by ethereum.. More interestibg than openbaz i think