Exchange Market
Overview
Any user can select a suitable offer and exchange its mosaics for others using ProximaX Exchange Market. The market always has the ProximaX permanent offer for buying and selling SM and SO. Also, the user can create its own offer.
Note
There is a possibility to exchange XPX to SO or SM, but there is no opportunity to exchange SO to SM or vice versa.
The exchange mechanism involves two types of actors with the following intentions:
- The Seller offers to exchange M mosaic units for N XPX. The formed price will be equal to M/N.
- The Buyer is interested in buying M units of mosaics at a price of no more than p XPX per mosaic. The common structure of the exchange offer consists of:
- Type
Type of the offer (BuyOffer or SellOffer). \ - Mosaic
Type of mosaics and its amount. \ - Cost
Cost of the offer.
SellOffer
During the work, any user (in this case, the Seller) earns mosaics according to its role (e.g., replicator), so it can offer the price and sell mosaics. After creating the SellOffer, the specified number of Mosaic is deducted from the Seller’s Account. As long as this offer exists, any Buyer can agree with the offer and buy mosaics. When the SellOffer time expires, unsold mosaics are returned to the Seller’s account.
BuyOffer
The process of buying is similar to the SellOffer process. The only difference is the transaction type BuyOffer instead of SellOffer
Note
If any user creates SellOffer, the other interested users cannot buy less than 1 Mosaic (Example 1). In another case, when the user creates buyOffer and another interested user transfers more than the cost of 1 Mosaic, it gets 1 Mosaic anyway (Example 2).
Example 1
If 1 XPX cost 5 SO and Buyer transfers less than 5 SO, he will get nothing.
Example 2
If 1 XPX cost 5 SO and Seller transfers more than 5 and less than 10 SO he gets 1 XPX anyway.