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Development Update #91

Exchange

Exchange GUI is in progress.

  • The exchange client is a very light weight terminal application.
  • When exchange app starts, you put in your pass phrase for deterministic wallet generation
  • It communicates with exchange over encrypted channel.
  • You can transfer between local wallet and the exchange very easily

  • As long as you remember you wallet password (the phrase that generates the wallet), then you can access the coins from anywhere.

  • There is no physical wallet, on disc that can be confiscated or even proven to exist

Example 1:
  • start exchange
  • put in key for deterministic wallet generation
  • send Skycoin to exchange from local wallet
  • sell Skycoin for Bitcoin
  • Send Exchange Bitcoin to remote address
  • Pull remaining skycoin back to local wallet
Example 2:
  • start exchange client
  • put in wallet generation pass phrase
  • check bitcoin balance for local wallet
  • send bitcoin from local wallet to an address (sign transaction, inject transaction)
  • close exchange client

This is not really an “exchange” or a client. It is more like a bloomberg terminal for Bitcoin/Skycoin.

You do not need to “login” to the exchange with a user name or password - your public key authenticates your identity

Cell Phones, Windows 10 and all operating systems are backdoored. - This will eventually run on a MIPs or ARM processor, that is not even running an operating system.

There is an RPC between the client and exchange server. There are a small number of actions on the command channel. - Check BTC balance [address list] - Check SKY balance [address list] - Withdrawal Bitcoin (pull coins from local wallet) - Deposit Bitcoin (push coins form local wallet) - Withdraw Skycoin (pull coins from local wallet) - Deposit Skycoin (push coin from local wallet) - Place Bid/Ask (update order book) - Cancel Bid/Ask

Then there are events such as - order book updates - coins received into address - pending withdraw completed (transaction executed on blockchain) - bid/ask order executed

The command and event channel are asynchronous and will run over anything that can send bytes. In this case I am running over uTP. - Bitmessage - IRC - TOX - Torchat, etc - email - SMS - tor

Eventually it should be possible to have multiple transports and go hop to hop from nodes to communicate with a destination designated by a public key hash (purpose of the darknet/meshnet/vpn).

This is moving away from - no dependence upon the operating system - no dependence upon a web browser - no dependence upon DNS - no dependence upon HTTPS - no C code that can be buffer overflowed (memory safe) - no external library dependencies (4,000 lines of code) - easy to extend or modify

Maybe will have a command line for getting the unspent outputs for an address or creating transactions by hand.

Right now, the exchange just has to replace bitmessage for buying/selling, because it is too slow and frustrating.

This is also a test, to see if this is the right interface type for darknet/vpn/routing administration.

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