Safe Exchange Coin: A Transaction based Reputation System

I was reading through the SafeEx Whitepaper this morning, and discovered that there will be a unique Safe Exchange Coin. The purpose of this coin it seems will be to allow people to comment or vote on existing contracts.

The initial batch of ~2.15 billion coins will be generated during the Safex Crowdsale. Then people who hold those coins will be able to upvote existing contracts using the Alias address, which seems to be a specific address associated with offeror of a particular contract.

This system seems to work for large repetitive orders of identical goods. Once the contract is terminated, the offeror can use the coins he accumulated to upvote other contracts.

An interesting set up which leads me to some follow-up questions:

  1. Is there a way of linking multiple Alias’s so that a sellor can build a general positive reputation across multiple types of contracts?
  2. Is there any mechanism to prevent someone who participates in the crowdsale from upvoting his own offers?

BTW: Its great to see this website up and things going so well for you @ddabek

1 Like
  1. Indeed, I think that we can apply up-votes to other Aliases for being trustworthy.

  2. In order to mitigate fraud of the system, if someone was to up-vote their own fraudulent contract, the community would down-vote and eliminate that person’s self up-voting, and the information would be in the clear.

Votes and comments do not violate the trade process, their role is simply in assisting in influencing the perception over a contract. And this should address any concentrated up or down voting without precedent. Eventually enough people see or try a contract and realize it’s truth and vote and comment accordingly exposing the truth.

So this relies on an active community (which I think that we can assume) and sufficient information for the community to be able to see the relationship between the upvoting wallet, and the offeror’s Alias. How is this accomplished, and what level of anonymity or transparency does this require?

1 Like

Since Safe Exchange Coin initially is a smart property of the Bitcoin blockchain we can issue a proposal and only those public keys holding Safe Exchange Coin before the proposal is submitted can vote on it. This will enable an active community since you can’t go and buy Safe Exchange Coin and vote after a proposal has been made;

This is secure because the bitcoin blockchain gives us an instantaneous account of which public keys own Safe Exchange Coin;

The offeror’s Alias will be attached pseudonymously with any votes or comments.

Safe Exchange Coin will also be sought to transition to Safe Network, though I have not delved into exactly how we’re going to have that set up, though I am certain that a system will emerge by us or the Safe Network community as well.