Ecosystem/haveno
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Add info about the trade protocol

erciccione 2021-05-01 14:06:17 +02:00
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FAQ.md

@ -46,6 +46,37 @@ Haveno is based on Monero, which beside having much lower transaction fees (as w
Haveno has no token and it's based on Monero, thus taking advantage of its privacy-preserving technologies, resolving the problems mentioned above simply by design. Haveno has no token and it's based on Monero, thus taking advantage of its privacy-preserving technologies, resolving the problems mentioned above simply by design.
## What are the differences in the trade protocol
Bisq recently adopted a protocol based on a 2/2 multisignature, while Haveno will use their previous protocol: 2/3 multisignature. In a 2/3 multisignature trade, each trader owns one key, this key will be paired with the key of the other trader and will be used to unlock funds and deposits. It's a 2 of 3 (2/3) protocol because you need only two out of three keys to move funds from the multisignature wallet.
If everything goes fine, the two traders will use their keys to complete the transfer process. If something goes wrong, one of the two parties won't use their key to complete the transaction, this is where the arbitrator comes to action.
Arbitrators are inherited from Bisq's 2/3 protocol. They are a trusted role and have the duty of releasing the funds to one of the two parties in case of a conflict. To do so, they use the third key of the 2/3 multisig protocol.
Using arbitrators has drawbacks:
- The arbitrator owns a key, so they could potentially collude with a trader and use their key to send arbitrary transactions
- Arbitrators could be hacked and their key stolen
These issues are solved by employing few and trusted members of the Monero community with strong operation security knowledge, that will act their role anonymously.
### How would an Haveno trade work
Let's see an example:
Alice wants to sell XMR for USD to Bob and everything goes fine.
1. Alice creates an offer to sell XMR and pays the trade fee.
2. Bob accepts the offer, pays the trade fee and locks his security deposit into the multisig.
3. Alice deposits the entire trade amount (all the XMR she want to sell) + the security deposit
4. When all the deposits will be locked into the multisig, Bob will be able to send the USD to Alice outside Haveno. After doing so he will signal on the platform that he made the transaction.
5. When Alice receives the transaction, she confirms the transfer on Haveno. As a result, the traded amount will be transferred to Bob and the deposits will return to their owners.
## UX differences from Bisq
Haveno aims to have a much better user experience than Bisq, which suffers of an overcomplicated user interface and an extremely resource-intensive platform, which cannot be even opened on some hardware. Haveno aims to be easy to use and light on the user's system.
## Will there be an Haveno token like Bisq has BSQ? ## Will there be an Haveno token like Bisq has BSQ?
No. The BSQ token is meant to be the key factor of Bisq's DAO. We won't implement Bisq's DAO and the trades on the platform are based on multisignature transactions. No need for a token. No. The BSQ token is meant to be the key factor of Bisq's DAO. We won't implement Bisq's DAO and the trades on the platform are based on multisignature transactions. No need for a token.