To start off the day, during which we’ll really have to scrape together some content because there is not too much happening it seems, I want to tell you about SaffronCoin’s latest announcement. It has to do with their PeerMarket platform, so let’s take a look!
As you may know, the open source OpenBazaar platform would be an excellent way to build your own cryptocurrency marketplace. However, the SFR team decided against it, as they want to be unique. PeerMarket will be built as an asset , and it will aso have a great user interface like OpenBazaar does, but it will be something completely different.
In order to achieve this, the SaffronCoin team will be implementing the Counterparty protocol. You may recall the use of Counterparty was originally intended for SFRDirect. The PeerMarket platform can be built as an asset on top of SFRDirect, which would refrain SFR from bloating the blockchain. An interesting train of thought, and I like where this is going so far.
In order to make sure the SFR blockchain won’t become bloated, all SFRDirect (trans)actions will be be hosted in a sidechain. All of the other decentralized services to come, will also make use of this sidechain. Very, very interesting so far!
The other main feature about SFRDirect, besides the PeerMarket marketplace, will be a decentralized exchange. A full suite of other decentralized services will be built on top of SFRDirect down the line, but no further details were announced yet.
SFRDirect will not use SFR as a currency though, but instead we will see the introduction of cSFR (Concentrated SaffronCoin). In order to obtain cSFR, all you have to do is send your SFR amount to a burner (read : unspendable) address. It is not known at this point whether or not it will be a 1:1 exchange rate, but I would assume it to be so.
If all goes according to plan, we won’t have to wait that long until we can use SFRDirect , as the idea is to have it ready by the end of this month. Development is already underway, and the prerequisites for using the CounterParty protocol are being set up.
Official announcement :