Backend Processes
To simplify the steps of buying / selling an asset here are the following steps
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To simplify the steps of buying / selling an asset here are the following steps
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Now we will analyse the processes from the viewpoint of requirements of the Protocol.
Initially we do not yet have identity of people on the chain. Hence in Phase 1 we will be using the conventional authentication process using oAuth2 / 2FA and in Phase 2 we will be totally decentralising this using the Atala Prism application to onboard users.
By definition we are going to have wallet integration from the frontend and this will decentralise this part of the process. All users will be coupling their individual wallets which will be used for trading on the platform.
The marketplace will be initially created in Phase 1, based on the centralised model in order to promote and show how this system works and then in Phase 2, we will be creating decentralised AMM (automated marketplace) so that we can spread the power to the edges using SPOs running part of the off chain software that will interact with the on-chain counterpart.
In Phase 1, we use oAuth2 and 2FA (google / authy ), these are more or less global system to identify customers and should be easy to use and integrate with third party apps. It means that if third party apps logs in users on their platform they should be able to authenticate with our backend using proper JWT tokens. Hence using web2.0 we will be fully interoperable.
In Phase 2, we will add Atala Prism integration, that makes the authentication even more robust as we now use on-chain data to authenticate users cutting out the need of interacting with off chain identity. This will greatly enhance the whole process and make it better.
We will be integrating one of the available wallets onto the frontend. The funds required for bidding and the funds transferred after NFT transfer, will be using this wallet. In advanced phase we will be having a swap on the platform to enable users to convert others token to REIT which will be lingua franca for the platform.
The marketplace is dependent on the currency for transactions. We will aim to be global in scope and hence would be best to serve the marketplace in currency of choice in the country concerned. This will be enabled via local applications developed using local providers. The protocol will aim to build up this capability over time as usage increases.
The wallets of the users will be connected from the frontend. And when buyers/sellers have to participate in the marketplace, they need to ok their funds/tokens to be locked into a start contract to be released only when the bidding results are available. By definition this is client side interaction driven by on-chain smart contract in the backend.
The marketplace will also be phased out into two phases. In the initial phases we will be a centralised marketplace for bid/sell of the buyers / sellers. And it would offer different bidding mechanism for the participants. In phase 2, we will be decentralising the marketplace using on-chain data, and scalability tools provided by Cardano. It will lead to SPO being involved in running full nodes with part of our marketplace software. This will truly enable this network to enable mutliple native features of the POS based network, like staking based decentralisation, and incentivising the participants for running the bidding network that will never any more be centrally controlled.
