agentgreen420



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NewbieActivity: 21Merit: 0 [ANN] METAmarket - Trustless Federated Marketplaces May 01, 2015, 10:58:14 PM

Last edit: May 14, 2016, 10:15:44 PM by agentgreen420 #1 METAmarket: Trustless Federated Marketplaces

>>> http://metamarket.trade <<<

http://metamarket.trade/whitepaper.html

http://metamarket.trade/contact.html



* * *



ALPHA RELEASE NOW AVAILABLE ON GITHUB!!!

https://github.com/metamarcdw/metamarket/releases



FEATURED ON POPULAR TECHNOLOGY PODCAST "Sovryn Tech"!!!

https://soundcloud.com/sovryntech/svtep0135 (at about 1:24:00)



* * *

* * *(at about 1:24:00)* * * Introduction



METAmarket is an open source protocol and proof-of-concept reference client specifying a trustless federated marketplace which uses Bitcoin as a universal currency and Bitmessage as a P2P communication network. Time-locked refund transactions ensure that incentives are aligned toward completing the trade without the need for trusted third parties. Systemic vulnerabilities such as transaction malleability are mitigated through the use of a federated reputation model. This document is a non-technical overview of how the METAmarket client and protocol work. For more technical details, see the protocol specification.



Motivation



Overly centralized marketplaces and payment services extract high fees, impose and abuse excessive control and remove any hope of privacy from users. As more commerce moves online, many consumers may find their lifetime history of purchases (including books, personal items and location details) for sale to advertisers, employers, curious neighbors, stalkers, political opponents and government agencies. An ideal system would be one of secure private transactions directly between buyer and seller without middle men collecting data or adding fees. Such systems are now feasible by combining recently developed technologies for anonymous decentralized payment and messaging systems.



Client



To use the marketplaces, a client application which implements the METAmarket protocol is required. The client is used to post, browse and execute trades. It also requires a Bitcoin Core wallet to handle payments and refunds. A working client is available at:



http://github.com/metamarcdw/metamarket/releases.





How is METAmarket different from other decentralized markets?



The main difference is how escrow is handled. OpenBazaar uses a trusted-3rd-party escrow system which can be difficult in pseudonymous reputation systems because they are prone to gaming by parties creating negative reviews for competitors. Brawker likewise uses third party escrow but it makes itself the single centralized "trusted" escrow agent and the centralized host for all listings.

METAmarket instead uses two party escrow directly between buyer and seller with no third party. In our system the buyer and vendor agree to a dispersal ratio beforehand using a time-locked multisig bitcoin refund transaction. This, in addition to the federated reuptation system, ensures both parties have an economic incentive to complete the transaction without the need for a trusted 3rd party.



Who is behind it and how much work has gone into this?



Originally created by Marc D. Wood over about one year of part time and weekend work, it is now released to the public under the MIT open source license.



What's the history of the project?



Inspired by Jeremy Spilman's December 2013 blogpost entitled, "The Future of Bitcoin Escrow". I wrote up a rough spec in 2014 for a market based on it that ran over Bitmessage. I then began work on several small bitmessage-oriented side-projects as a means of testing out the Bitmessage API (that would later be used for METAmarket). The first working version (the command line client) was tested in January 2015.



What's the roadmap for METAmarket?

weight upvotes on fromuser rep?

auction functionality

PyQT4 GUI

2to3?

extensive testing

HD wallet

integration /w openassets python module for colored coins trade

Can I help?



Yes! Please connect with us via IRC or GitHub. Testing, working on the code, marketing, and making tutorial and intro videos would be particularly helpful.

METAmarket is an open source protocol and proof-of-concept reference client specifying a trustless federated marketplace which uses Bitcoin as a universal currency and Bitmessage as a P2P communication network. Time-locked refund transactions ensure that incentives are aligned toward completing the trade without the need for trusted third parties. Systemic vulnerabilities such as transaction malleability are mitigated through the use of a federated reputation model. This document is a non-technical overview of how the METAmarket client and protocol work. For more technical details, see the protocol specification.Overly centralized marketplaces and payment services extract high fees, impose and abuse excessive control and remove any hope of privacy from users. As more commerce moves online, many consumers may find their lifetime history of purchases (including books, personal items and location details) for sale to advertisers, employers, curious neighbors, stalkers, political opponents and government agencies. An ideal system would be one of secure private transactions directly between buyer and seller without middle men collecting data or adding fees. Such systems are now feasible by combining recently developed technologies for anonymous decentralized payment and messaging systems.To use the marketplaces, a client application which implements the METAmarket protocol is required. The client is used to post, browse and execute trades. It also requires a Bitcoin Core wallet to handle payments and refunds. A working client is available at:The main difference is how escrow is handled. OpenBazaar uses a trusted-3rd-party escrow system which can be difficult in pseudonymous reputation systems because they are prone to gaming by parties creating negative reviews for competitors. Brawker likewise uses third party escrow but it makes itself the single centralized "trusted" escrow agent and the centralized host for all listings.METAmarket instead uses two party escrow directly between buyer and seller with no third party. In our system the buyer and vendor agree to a dispersal ratio beforehand using a time-locked multisig bitcoin refund transaction. This, in addition to the federated reuptation system, ensures both parties have an economic incentive to complete the transaction without the need for a trusted 3rd party.Originally created by Marc D. Wood over about one year of part time and weekend work, it is now released to the public under the MIT open source license.Inspired by Jeremy Spilman's December 2013 blogpost entitled, "The Future of Bitcoin Escrow". I wrote up a rough spec in 2014 for a market based on it that ran over Bitmessage. I then began work on several small bitmessage-oriented side-projects as a means of testing out the Bitmessage API (that would later be used for METAmarket). The first working version (the command line client) was tested in January 2015.Yes! Please connect with us via IRC or GitHub. Testing, working on the code, marketing, and making tutorial and intro videos would be particularly helpful.

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cheako



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MemberActivity: 84Merit: 10 Re: [ANN] METAmarket - Trustless Federated Marketplaces May 05, 2015, 07:06:19 AM #11 Quote from: milo on May 04, 2015, 10:32:30 PM Thanks for the reply.



Why wouldn't the scamming buyer just abandon their bad reputation identity/account and create a new identity/account with an unblemished reputation? Lather, rinse, repeat.



Problems like this are simple to solve. Long computational or network time to create new accounts is one solution. Proof of tour across currently online users. Lower reputation if new account is from an address/network that's previously registered users. Freenet's WoT has an interesting feature where existing users generate CAPTCHA challenges for new users. It can easily be made non-trivial to create a significant number of bad accounts. Problems like this are simple to solve. Long computational or network time to create new accounts is one solution. Proof of tour across currently online users. Lower reputation if new account is from an address/network that's previously registered users. Freenet's WoT has an interesting feature where existing users generate CAPTCHA challenges for new users. It can easily be made non-trivial to create a significant number of bad accounts.

agentgreen420



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NewbieActivity: 21Merit: 0 Re: [ANN] METAmarket - Trustless Federated Marketplaces May 06, 2015, 08:44:04 PM #14 Quote from: cheako on May 05, 2015, 07:06:19 AM Quote from: milo on May 04, 2015, 10:32:30 PM Thanks for the reply.



Why wouldn't the scamming buyer just abandon their bad reputation identity/account and create a new identity/account with an unblemished reputation? Lather, rinse, repeat.



Problems like this are simple to solve. Long computational or network time to create new accounts is one solution. Proof of tour across currently online users. Lower reputation if new account is from an address/network that's previously registered users. Freenet's WoT has an interesting feature where existing users generate CAPTCHA challenges for new users. It can easily be made non-trivial to create a significant number of bad accounts.

Problems like this are simple to solve. Long computational or network time to create new accounts is one solution. Proof of tour across currently online users. Lower reputation if new account is from an address/network that's previously registered users. Freenet's WoT has an interesting feature where existing users generate CAPTCHA challenges for new users. It can easily be made non-trivial to create a significant number of bad accounts.

Excellent point cheako, this problem isn't terribly difficult to solve.

In METAmarket, every time you want to register your identity with a marketplace,

you MUST pay a nominal registration fee (in BTC) directly to the Moderator.

This policy not only attaches monetary cost to mounting a Sybil attack,

but also provides a revenue stream to incentivize the running of the marketplaces themselves. Excellent point cheako, this problem isn't terribly difficult to solve.In METAmarket, every time you want to register your identity with a marketplace,you MUST pay a nominal registration fee (in BTC) directly to the Moderator.This policy not only attaches monetary cost to mounting a Sybil attack,but also provides a revenue stream to incentivize the running of the marketplaces themselves.

TheButterZone



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LegendaryActivity: 2716Merit: 1017RIP Mommy Re: [ANN] METAmarket - Trustless Federated Marketplaces May 07, 2015, 03:45:59 AM

Last edit: May 07, 2015, 04:02:04 AM by TheButterZone #17 Your whitepaper does not describe how a "nominal" registration fee (easily afforded by scammers) completely eliminates the possibility of Sybil attacks, aka "the absence of reliable reputation information". Are moderators going to make the fee so high and the requirements so stringent that they can afford to fly out and personally run live fingerprints, DNA, retinal scan? And having to trust moderators to kill Sybils is only "trustless" if it means "trust less than 100% but more than 0%".



Or are moderators going to be guarantors for scammers and keep a ledger of who burned how much BTC (which might not even be sufficient to cover all scams), so the scammed sellers can be paid back in part or full, by the moderators in the end? Quote from: SaltySpitoon on February 21, 2018, 12:07:45 AM Saying that you don't trust someone because of their behavior is completely valid.

