TradeStuff to Make P2P Barter Secure & Efficient Using EOSIO Blockchain Technology
by: Business Wire
published: May 29, 2018
LOS ANGELES--(BUSINESS WIRE)--EOS SOCAL introduces TradeStuff, a decentralized application being built on top of EOSIO blockchain technology that revives the oldest method of trade, peer-to-peer barter, by making it easy, secure, and practical through innovative solutions to many of the challenges affecting barter today.
Challenges affecting the practical application and widespread adoption of barter include a lack of trade security, inefficient verbal trade negotiations, limited trade options resulting from a required “coincidence of wants,” a lack of accessible information, and platform usage fees.
TradeStuff introduces innovative solutions to these challenges. It secures trades by utilizing smart contracts that make trade agreements binding and require dispute resolution through arbitration. Trades are further secured by a conditionally required “stake,” a user reputation system, and prevention of double spending.
TradeStuff makes trade negotiations efficient by introducing systematic silent trade negotiations, a method of sending and receiving nonverbal negotiations that can be executed in parallel and potentially scale to millions of transactions per second while maintaining zero user fees.
Trade options, otherwise limited by a required coincidence of wants, are expanded by allowing owned goods (“Stuff”) to be traded individually or in bundles, involving peer-to-peer or elaborate multilateral trades. Information on user’s Stuff, “wants”, and “likes” is pseudonymously transparent and easily accessible by search, and is used by algorithms to formulate trade suggestions.
The resulting application gives users an efficient and secure way to acquire a wide range of Stuff in the TradeStuff marketplace without having to use money as a medium of exchange, effectively giving owned Stuff purchasing power in the TradeStuff marketplace.
TradeStuff is being built from the ground up to be modular, similar to steem.io, serving as a public publishing platform from which any internet application may pull and share information about Stuff available for trade, and each user can control the information regarding owned Stuff. This serves as a publicly accessible database for items available for trade, containing information in the form of plain text, as well as IPFS hashes pointing to related files such as pictures and videos.
“The idea is to establish a free-to-use decentralized database of items available for trade around the world that anyone who wants to participate in barter can access, whether through our application or another,” said Cesar Diaz, founder of EOS SOCAL. “We believe blockchain technology will pave the way for many of these decentralized databases and economic models that provide a free value to many people around the world.”
The TradeStuff application will deliver one of the world’s most advanced peer-to-peer barter solutions due to the use of blockchain architecture upon which it’s built.
“We chose to build TradeStuff on EOSIO technology due to its high scalability, robust features, and experienced team behind the product,” said Alex Gomory, Technology Lead at EOS SOCAL. “We believe EOSIO will become a very popular platform for building and deploying similar decentralized applications as many are set to hit the market and gain mainstream adoption.”
Visit https://tradestuff.com for more details.
About EOS SOCAL
EOS SOCAL is an independent organization, not affiliated with block.one, whose mission is to support the launch and long-term success of the community-launched public blockchain using EOSIO open source software. EOS SOCAL provides support as a block producer candidate, developer of community tools/dApps, provider of education, and supporter of users and developers. www.eosocal.io