Digix (DGD) Dev Update - DigixCore 2.0 Marketplace and DTPO
As we get closer to the launch of our DigixCore 2.0 Marketplace I wanted to take time this week to give a technical overview of how the marketplace works, its key features, as well as the future direction that we have for it.
In the DigixCore 1.0 (“the beta launch”) most of the marketplace functionality was handled server side. It was a straightforward process where we would generate a Bitcoin payment invoice through our 3rd party Bitcoin payment processor. Once the invoice was paid (generally a 0 confirmation BTC payment) we would then receive a server side callback from our processor which would then trigger server side the transfer of DGX 1.0 tokens to the customer’s payment address. This allowed us to set the price of DGX tokens in accordance with the current tick price of XAUUSD. While this is a suitable approach for selling DGX tokens to customers we felt that it was highly centralized and was not suitable for seamless integration with other ÐApps on Ethereum.
For DigixCore 2.0 marketplace we have come up with a way to sell DGX gold tokens directly for Ether while being able to match in real time the current spot price of XAUUSD using a trusted oracle service we call the DTPO or the Digix Trusted Price Oracle. This price oracle is a server side microservice that spits out a JSON data that contains values that must be sent to the Digix Marketplace contract in order to purchase DGX tokens directly for Ethereum in a single transaction.
An example DTPO Object
With a bit of magic on Spectrum users can purchase DGX tokens seamlessly in a single transaction using the Spectrum Marketplace ÐApplet in a single Ethereum transaction.
One of the key benefits to this approach is now we can provide a seamless integration with other Ethereum contracts. Imagine conducting an Ethereum token sale for your new great project and being able to directly purchase DGX from a portion or the entirety of the Ether sent in by the participant in a single transaction thereby allowing you to lock in a portion of your raised funds into a stable token that is tied to a tangible store of value.
There are countless other use cases that we are able to unlock with this new approach. Here are some use cases that I have come up with:
- An e-commerce site that accepts Ethereum for payments can easily lock in the value of the Ether they have collected from a purchase into gold in a single transaction.
- Fully on-chain peer-to-peer lending.
- Insurance policies where the funds are tied to a globally accepted store of value.
- Trading bots that can automatically hedge a portion or the entirety of its managed funds into gold during times of high market volatility.
These are just a small list of use cases that I have personally come up with in a short period of time and I hope this inspires some of our followers to come up with others.
This week we are working hard to launch a preview of the Digix 2.0 Marketplace on the Kovan testnet.
Chris Hitchcott (Core Dev)
As promised, last week I completed basic UI for the KYC process. It’s still in raw Semantic UI, as we will be skinning everything during the next stages (building and styling the actual marketplace), and we will be importing the existing KYC system into the marketplace once it’s ready. Last week’s work included tightening up the UI for the submission form, admin sections, and implementing updates from changed API.
We are now finalizing T&Cs and (the various text strings) and doing some additional internal testing, and a public facing app will be made available this week.
This week I will be working on the marketplace app, which (pending security review) is the final piece in the puzzle (in terms of UI) for allowing people to buy DGX, which will i18n for the KYC process in Chinese. We’ll be doing a soft launch on Kovan shortly after.
Without further ado, here are some screenshots of the KYC process:
New user registration
After logging in, users can see the steps they need to take to get approved
Stepping through the KYC submission process
After submitting, users will need to wait to be manually verified.
KYC Officers will then verify the submitted IDs
Users can set an address to receive DGX.
They submit their address……and await verification
…and await verification
KYC Officers will then approve the address change request
And done! Users are ready to use the marketplace (once it’s ready)