Bitcoin Exchange Website - 20/10/2017 09:51 EDT


Step 1 — Smart contract logic

Ethereum smart contracts already provide us with the means to run logic of continuous double auction exchanges— such as GDAX, Bitfinex, Kraken or Poloniex—on a blockchain computer. The speed of today’s networks present practical challenges with respect to user experience because the market can potentially be reorganized for a few minutes after new orders are submitted and trades have apparently executed, but solutions are already in the wings. Threshold Relay will bring finality down to a handful of seconds (a 50X+ speedup compared with Ethereum today) and the Casper team is also working on solutions too so we might make do for a while. The real challenge is that the tokens we create in our smart contracts cannot be trustlessly connected to the valuable native tokens on other chains. For example, we are unable to create an XBT token in an Ethereum smart contract that is trustlessly connected to a bitcoin/BTC that we can then exchange for native ether/ETH.

Step 2 — Threshold signature hack

For simplicity, hereafter we will only talk in terms of custodying bitcoin/BTC on an exchange hosted by Ethereum, although the same technique would in fact work for custodying any native crypto token from a chain that uses ECDSA signatures to authorize transactions.

You can find the papers describing how to do it here:

[url removed, login to view]

[url removed, login to view]~stevenag/[url removed, login to view]

To be clear, these threshold signature schemes are not like the optimized BLS system we use in DFINITY Threshold Relay that can combine outputs from hundreds of signers to create a unique deterministic threshold signature in a few milliseconds. In fact, this system is so horribly inefficient that combining the signing outputs of our guardians will take a very long time indeed and their CPUs will glow red hot, but this isn’t a problem here. It is perfectly acceptable to institute modest withdrawal fees to cover the computational cost and require that withdrawals from our Ethereum based financial exchange take a while to process — after all, many will happily leave their funds on a safe exchange for convenience!!

Step 3 — Guardian incentives

We need to create an incentive scheme for our guardians, since we wish to involve and advertise trustworthy persons and companies who will not disappear or collude. The simplest means is to grant them a small transaction fee on all withdrawals from the exchange.

Step 4 — Governance

The decentralized financial exchange needs its own management system since guardians must be elected, software updates to the smart contracts adopted and so on. We will therefore minimally design the exchange as a DAO (Decentralized Autonomous Organization).

Step 5 — Threshold crypto setup

Once the set of guardians has been setup, they must setup their threshold signature scheme. This means that some kind of process or protocol must be run that upon completion ensures that each of our 50 guardians has a private “key share” used to contribute towards collaborative production of a threshold signature that can act as the single simple ECDSA signature authorizing the network to dispense bitcoins from the deposit address. As mentioned, the threshold signatures schemes referenced are really hacks that create signatures that are backwards compatible with the normal ECDSA signatures currently used by Bitcoin and Ethereum networks. This means that, in contrast with the BLS threshold signature scheme used by DFINITY Threshold Relay, setup is rather more challenging.

Step 6 — Guardian client software

We must create some special “guardian client software” that watches the exchange’s smart contracts and periodically collaboratively signs Bitcoin transactions when users wish to redeem XBT.

Skills: Bitcoin, eCommerce, HTML, PHP, Website Design

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