Quack - Decentralized Escrow on the NXT Blockchain

Quack – Decentralized Escrow on the NXT Blockchain

Quack – Decentralized Escrow…

NXT plugins are standalone applications that bring additional functionality to the NXT client and allow users to customize the NXT client to fit their needs. Quack is a new NXT plugin developed by blackyblack1. Quack aims to facilitate easy, safe and secure atomic swaps of NXT assets and monetary system currencies. This is an exciting addition to the NXT ecosystem as it will make trading on the NXT blockchain more dynamic. Quack facilitates without any conversions to NXT the following types of swaps:

  1. Asset<>Asset
  2. Asset<>Currency
  3. Currency<>Currency

This functionality became possible after the recent hard fork to NXT 1.7.4 when phased transactions were implemented. Both users on both sides of the trade need to agree to the transaction before the transaction can go through. Perhaps the most significant aspect of the Quack plugin is that it allows NXT assets and monetary system currencies to be bought directly with BTC via the pegged asset superBTC. A plugin functioning akin to a decentralized escrow service, the possibilities with Quack are endless!

https://www.youtube.com/watch?v=GIOfIvSRNXg

Quack is a fantastic example of the NXT community coming together to develop a solution and bring additional functionality to the NXT platform by creating a plugin. If you would like to tip the creator of the Quack plugin, you can enable tipping through Quack trades (3 NXT).

Although the core NXT developers do plan to add asset-to-asset trading functionality to the core client in the future, this will take some time to be implemented so for the time being CORE recommends you give Quack a go! For more information and to obtain the Quack plugin go to NXT forum.