ChronoBank Introduces Decentralised Exchange for ChronoMint
About six months ago, when we were just starting to implement token
contracts for TIME and Labour Hours (LH), we also created some basic
exchange contracts that allow users to trade TIME <> ETH and LH
<> ETH. We also implemented a very basic user interface for the
ChronoWallet, moving this development to ChronoMint at the beginning of
Now it’s time to announce the more advanced architecture of ChronoMint’s exchange features. Having spent some time researching different projects, we have decided to build our exchange in a more distributed, flexible way:
- We are going to extend our current exchange contract to support taking fees from trades (development of this feature is almost completed).
- We are going to support automatic exchange rate setting from different sources using the Oraclize service, and mediating the final value to get the initial market rate (again, this feature has already been implemented)
- We are going to build an ‘exchange factory’ smart contract that will allow any ChronoMint user to instantiate one or more exchange contracts between ETH and any ERC20 compatible token, and manage the funds, volumes and rates themselves. A very basic fee will be applied to any trade. (We are currently discussing the fee amount and calculation formula.) It will be distributed via the rewards contract in exactly the same way as for Labour Hour tokens operations.
- We are going to extend user interface to support search and filtering for all the available exchange contracts offers, according to users’ existing buying or selling orders (similar to the way that LocalBitcoins does it).