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initial updates for OmniDex 2.0 #316

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initial updates for OmniDex 2.0 #316

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a655c58
initial add of OmnDex tx's
marvgmail Mar 18, 2016
543f29d
more updates for OmniDex 2.0
marvgmail Mar 28, 2016
17d4230
Merge pull request #1 from marvgmail/marvgmail-patch-1
marvgmail Mar 28, 2016
c431b48
changes in response to feedback
marvgmail Apr 19, 2016
cf0d489
in progress update
marvgmail Sep 30, 2019
feca45a
almost done
marvgmail Oct 1, 2019
37b3881
identify FEES question
marvgmail Oct 1, 2019
488bdca
various updates (corrections and questions to be answered)
marvgmail Oct 2, 2019
120a55b
Cancel & Change now separate tx types; WIP
marvgmail Oct 3, 2019
7965641
cleaned up names of tx type 26, 27, 28
marvgmail Oct 9, 2019
b7b6945
Merge branch 'master' into master
marvgmail Oct 10, 2019
2839547
1st update with sell offer identifiers
marvgmail Oct 15, 2019
c0c8c1b
Rename README.md to README.adoc
msgilligan Oct 25, 2019
48e5e81
Convert README.adoc from markdown to asciidoc
msgilligan Oct 29, 2019
abd782d
Manual header/warning cleanup after .adoc conversion
msgilligan Oct 29, 2019
23eb633
Merge pull request #2 from msgilligan/msgilligan-pr316-omnidex2-adoc
marvgmail Nov 1, 2019
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51 changes: 34 additions & 17 deletions README.md
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Original file line number Diff line number Diff line change
Expand Up @@ -449,6 +449,7 @@ The protocol will split up the 1000 Quantum Miner tokens and send them to the ot
Note to users: please make sure your proposed use case is legal in your jurisdiction!!

## Distributed Exchange
[??? SHOULD DEX 1.0 BE CALLED A MARKETPLACE RATHER THAN AN EXCHANGE BECAUSE A BUYER ACCEPTS A PARTICULAR SELL OFFER. THERE'S NO AUTOMATED MATCHING OF ASKS & BIDS]

The Omni Protocol allows users to trade coins without trusting a centralized website. When trading Omni Protocol-based tokens for bitcoins, there is an extra step in the process because it isn't possible to automatically match bids with asks, since we can't force the bidder to send bitcoins when a matching ask is found. When trading Omni Tokens for other Omni Protocol currencies, bids and asks are matched automatically.

Expand All @@ -461,10 +462,10 @@ The Omni Protocol currency/bitcoin exchange can be thought of more as a marketpl

Description: Transaction type 20 posts the terms of an offer to sell Mastercoins or Test Mastercoins for bitcoins. A new sell offer is created with Action = 1 (New). Valid currency identifier values for this transaction are 1 for MSC or 2 for Test MSC.

The amount offered for sale, up to the amount available, must be reserved from the available balance for this address much like any other exchange platform. (For instance: If an address owns 100 MSC and it creates a "Sell Order" for 100 MSC, then the address's available balance is now 0 MSC, reserving 100 MSC.) After the sell offer is published, any coins received by the address are added to its then current available balance, and are not included in the amount for sale by this sell offer. The seller could update the sell offer to include these newly acquired coins, see [Change a Coin Sell Offer](#change-a-coin-sell-offer) below.

If the amount offered for sale exceeds the sending address's available balance (the amount not reserved, committed or in escrow), the transaction is invalid.
If the amount offered for sale exceeds the sending address's available balance (the amount not reserved, committed or in escrow), this indicates the user is offering to sell all coins that are available at the time this sell offer is published. The amount offered for sale, up to the amount available, must be reserved from the available balance for this address much like any other exchange platform. (For instance: If an address owns 100 MSC and it creates a "Sell Order" for 100 MSC, then the address's available balance is now 0 MSC, reserving 100 MSC.) After the sell offer is published, any coins received by the address are added to its then current available balance, and are not included in the amount for sale by this sell offer. The seller could update the sell offer to include these newly acquired coins, see [Change a Coin Sell Offer](#change-a-coin-sell-offer) below.

The amount offered for sale, up to the amount available, must be reserved from the available balance for this address much like any other exchange platform. (For instance: If an address owns 100 MSC and it creates a "Sell Order" for 100 MSC, then the address's available balance is now 0 MSC, reserving 100 MSC.) After the sell offer is published, any coins received by the address are added to its then current available balance, and are not included in the amount for sale by this sell offer. The seller could update the sell offer to include these newly acquired coins, see [Change a Coin Sell Offer](#change-a-coin-sell-offer) below.

The unit price of the sell offer is computed from two of the fields in the transaction message: the "Amount for sale" divided by the "Amount of bitcoins desired". Once the unit price is computed, the "Amount of bitcoins desired" value can be discarded.

Note: An address cannot create a new Sell Mastercoins for Bitcoins offer while that address has *any* active offer that accepts Bitcoins. Currently, this includes an active Sell Mastercoins for Bitcoins offer (one that has not been canceled or fully accepted and full payment received) and an active [New Property Creation via Crowdsale with Variable number of Tokens](#new-property-creation-via-crowdsale-with-variable-number-of-tokens) that accepts Bitcoins.
Expand Down Expand Up @@ -542,24 +543,39 @@ Say you see an offer such as the one listed above, and wish to initiate a purcha

### Sell an Omni Protocol Currency for Bitcoins

Description: Transaction type 30 posts the terms of a new offer to sell Omni Protocol currencies, including Omni Token coins or Test Omni Token coins for bitcoins. A new sell offer is created. Any Omni Protocol currency, production or test, can be offered for sale using transaction type 30.
Description: Transaction type 30 posts the terms of a new offer to sell an Omni Protocol currency, including Omni Token coins or Test Omni Token coins, for bitcoins. A new sell offer is created. Any Omni Protocol currency, in the Omni Protocol production or test environment, can be offered for sale using transaction type 30.

If the amount offered for sale exceeds the sending address's available balance (the amount not reserved, committed or in escrow), the transaction is invalid.

If the amount offered for sale exceeds the sending address's available balance (the amount not reserved, committed or in escrow), this indicates the user is offering to sell all coins that are available at the time this sell offer is processed by OmniCore. The amount offered for sale, up to the amount available, must be reserved from the available balance for this address much like any other exchange platform. (For instance: If an address owns 100 Omni Token coins and it creates a "Sell Order" for 100 Omni Token coins, then the address's available balance is now 0 Omni Tokens, reserving 100 Omni Tokens.) After a valid sell offer is processed by OmniCore, any coins of that currency received by the address are added to its then current available balance, and are not included in the amount for sale by the sell offer. The seller can update the sell offer to include newly acquired coins, see [Change an Omni Protocol Coin Sell Offer](#change-an-omni-protocol-coin-sell-offer) below.
The unit price of the sell offer is computed from two of the fields in the transaction message: the "Amount for sale" divided by the "Amount of bitcoins desired". The sell offer is invalid if the computed unit price is 0. Once the unit price is computed, the "Amount of bitcoins desired" value can be discarded.

The unit price of the sell offer is computed from two of the fields in the transaction message: the "Amount for sale" divided by the "Amount of bitcoins desired". Once the unit price is computed, the "Amount of bitcoins desired" value can be discarded.
The sell offer is assigned a unique id for the life of the offer (i.e. until it is cancelled or fully accepted and paid for), even if the terms of the offer are changed in the future. The id must be different than the id's for all other sell offers that are active at the time OmniCore processes the sell offer, otherwise the sell offer is not valid.

The id is the hash of the following data items, in the order listed:
[??? NEED ADDITIONAL INFO ABOUT THE HASH]
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All that data is part of the transaction that creates the initial offer and a transaction id is the hash of the whole transaction. I think we could just use the txid in that case instead of building something new, which could be very difficult to recreate.

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Does the length of txid cause any problems?

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The txid won't work, at least by itself. We need an efficient way to detect duplicate sell offers from the same address. Obviously, each txid is different even if it has the same OP content.


| **Item** | **Type** |
| ---- | ---- | ---- |
|Seller's address| [Bitcoin address](#field-bitcoin-address) |
|Currency identifier| [Currency identifier](#field-currency-identifier) |
|Amount for sale|[Number of Coins](#field-number-of-coins)|
|Amount of bitcoins desired|[Number of Coins](#field-number-of-coins)|
|Payment window|[Time Period in Blocks](#field-time-period-in-blocks) |
|Minimum bitcoin transaction fee|[Number of coins](#field-number-of-coins) |
|Computed unit price|[Number of Coins](#field-number-of-coins)|

Note: An address can create multiple simultaneous Sell Omni Protocol Currencies for Bitcoins offers. These offers can be for the same or different Omni Protocol Currencies. Each offer is independent of any others, even if the unit price is the same [??? WITHIN WHAT DELTA?]. [??? WE NEED A SPACE EFFICIENT WAY, IMMUNE TO RE-ORGS, TO UNIQUELY IDENTIFY A SELL OFFER]
Note: An address can create multiple simultaneous Sell Omni Protocol Currencies for Bitcoins offers for different Omni Protocol Currencies. Each offer is independent of any others; the unique id is used to specify a sell offer.

Currently, this includes an active Sell Mastercoins for Bitcoins offer (one that has not been canceled or fully accepted and full payment received) and an active [New Property Creation via Crowdsale with Variable number of Tokens](#new-property-creation-via-crowdsale-with-variable-number-of-tokens) that accepts Bitcoins.
Currently, this includes an active Sell Mastercoins for Bitcoins offer (one that has not been canceled or fully accepted and full payment received) and an active [New Property Creation via Crowdsale with Variable number of Tokens](#new-property-creation-via-crowdsale-with-variable-number-of-tokens) that accepts Bitcoins. [??? NEED TO CLEAN THIS UP]

[??? NEED DETAILS HERE ABOUT OMNI TOKEN FEE PAID BY SELLER TO STAKED OMNI TOKEN HOLDERS]

Say you want to publish an offer to sell 1000 Omni Tokens for 1.5 bitcoins. Doing this takes 34 bytes:
Say you want to create an offer to sell 1000 Omni Tokens for 1.5 bitcoins. Doing this takes 34 bytes:

| **Field** | **Type** | **Example** |
| ---- | ---- | ---- |
| Transaction version |[Transaction version](#field-transaction-version) | 0 |
| Transaction type | [Transaction type](#field-transaction-type) | 21 |
| Transaction type | [Transaction type](#field-transaction-type) | 30 |
|Currency identifier| [Currency identifier](#field-currency-identifier) |1 (Omni Token) |
|Amount for sale|[Number of Coins](#field-number-of-coins)|100,000,000,000 (1000 coins) |
|Amount of bitcoins desired|[Number of Coins](#field-number-of-coins)|150,000,000 (1.5 coins) |
Expand All @@ -568,7 +584,7 @@ Say you want to publish an offer to sell 1000 Omni Tokens for 1.5 bitcoins. Doin

### Change an Omni Protocol Currency for Bitcoins Sell Offer

Description: Transaction type 31 is used to change the terms of an existing offer from the sending address to sell Omni Protocol currencies, including Omni Token coins or Test Omni Token coins, for bitcoins. The existing sell offer is updated to have to specified new attributes. [??? NEED TO DECIDE HOW TO UNIQUELY IDENTIFY A SINGLE OP CURRENCY SELL OFFER]
Description: Transaction type 31 is used to change the terms of an existing offer from the sending address to sell Omni Protocol currencies, including Omni Token coins or Test Omni Token coins, for bitcoins. The existing sell offer is updated to have to specified new attributes.
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Just as a side note, internally update orders of DEx 1 are basically three steps:

  1. Does the order exist? If not, fail
  2. Cancel the order
  3. Create a new order with the given data

https://github.com/OmniLayer/omnicore/blob/develop/src/omnicore/dex.cpp#L243

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Is it a problem to retain the id of the original sell offer throughout the life of the offer?


An offer to sell coins can be changed until either: there are valid corresponding purchase offers (transaction type 31) for the whole amount offered, or the sell offer is canceled. The Currency identifier cannot be changed.

Expand All @@ -582,28 +598,29 @@ Say you decide you want to change an offer, e.g. the number of Omni Protocol cur
| ---- | ---- | ---- |
| Transaction version |[Transaction version](#field-transaction-version) | 0 |
| Transaction type | [Transaction type](#field-transaction-type) | 31 |
| Sell offer identifier | ??? |
|Currency identifier| [Currency identifier](#field-currency-identifier) |1 (Omni Token) |
|New amount for sale|[Number of Coins](#field-number-of-coins)|100,000,000,000 (1000 coins) |
|New amount of bitcoins desired|[Number of Coins](#field-number-of-coins)|150,000,000 (1.5 coins) |
|New payment window|[Time Period in Blocks](#field-time-period-in-blocks) | 20 (20 blocks to send bitcoin payment(s) after valid Purchase Omni Protocol Currencies with Bitcoins transaction is processed)|
|New minimum bitcoin transaction fee|[Number of coins](#field-number-of-coins) | 1,000,000 (buyer must pay 0.01 BTC fee to the miner, discouraging fake offers)|
|New minimum bitcoin transaction fee|[Number of coins](#field-number-of-coins) | 1,000,000 (buyer must pay 0.01 BTC fee to the miner, discouraging prank offer acceptances)|


### Cancel an Omni Protocol Currency for Bitcoins Sell Offer

Description: Transaction type 32 is used to cancel an existing offer from the sending address to sell Omni Protocol currencies, including Omni Token coins or Test Omni Token coins, for bitcoins. [??? NEED TO DECIDE HOW TO UNIQUELY IDENTIFY A SINGLE OP CURRENCY SELL OFFER]
Description: Transaction type 32 is used to cancel an existing offer from the sending address to sell Omni Protocol currencies, including Omni Token coins or Test Omni Token coins, for bitcoins.

An Omni Protocol currency sell offer can be canceled until the offer has been fully accepted by valid purchase offers ([Purchase Omni Protocol Currencies with Bitcoins](#purchase-omni-protocol-currencies-with-bitcoins)). When a sell offer is canceled, the associated Omni Protocol coins are no longer reserved.
An Omni Protocol currency sell offer can be canceled until the offer has been fully accepted by valid purchase offers ([Purchase Omni Protocol Currencies with Bitcoins](#purchase-omni-protocol-currencies-with-bitcoins)). When a sell offer is canceled, the associated Omni Protocol coins for sale are no longer reserved.

The cancel will apply to the amount that has not yet been accepted. The UI must indicate if the cancellation was successful and how many coins were not sold.

If you want to cancel an offer, send the transaction so it is processed as valid by OmniCore before the full amount for sale has been purchased with one or more Purchase Omni Protocol Currencies with Bitcoins transactions. [??? NEED TO DECIDE HOW TO UNIQUELY IDENTIFY A SINGLE OP CURRENCY SELL OFFER]
If you want to cancel an offer, send the transaction so it is processed as valid by OmniCore before the full amount for sale has been purchased with one or more Purchase Omni Protocol Currencies with Bitcoins transactions.
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I don't understand this sentence.

How about unrolling it completely to something like:

Cancel an offer:

[version]: 0
[type]: 31
[sell offer identifier]: ???

Cancel all offers for a specific token/currency:

[version]: 0
[type]: 32
[currency id]: ???

Cancel all offers:

[version]: 0
[type]: 32

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I was trying to make it clear (ironic, isn't it?) that the Cancel isn't valid if there are no tokens left for sale, even if they haven't been paid for yet. I'll try again.

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Ah, makes sense!


If an address has more than one active Sell Omni Protocol Currencies for Bitcoins offers, multiple offers can be cancelled with one transaction as follows:
* specify the Omni Protocol Currency to cancel all the sender's active offers to sell that currency
* use 0 as the Omni Protocol Currency to cancel ALL the active offers from the sender's address
* use 0 as the only sell offer identifier to cancel ALL the active offers from the sender's address

Note that while the portion of an offer which has been accepted cannot be canceled, sending the cancel message still has an effect, in that it cancels any portion of the offer which has not been accepted, and it prevents accepted coins from being relisted if a purchaser fails to send payment. The payment window behavior continues unchanged for any portion of the sell offer which has aleady been accepted.
Note that while the portion of an offer which has been accepted cannot be canceled, sending the cancel message still has an effect, in that it cancels any portion of the offer which has not been accepted, and it prevents accepted coins from being relisted for sale if a purchaser fails to send payment. The payment window behavior continues unchanged for any portion of the sell offer which has aleady been accepted.

### Purchase an Omni Protocol Currency with Bitcoins

Expand Down