BarterDEX is a Decentralised Auction System to be accurate
BarterDEX is NOT really a decentralised exchange underneath at it’s core level. It is basically a decentralised Auction System. Unlike centralised exchanges it is not guaranteed that if you put the lower or higher price you will hit the orders at the top of the orderbook list and have it all filled and get those coins.
There are a few factors which can affect this process: UTXOs, the peer-to-peer BarterDEX network which connects it’s Sellers and Buyers to each other.
BarterDEX uses UTXOs instead of address Balances
In BarterDEX, instead of address balances, it uses something called UTXOs (Unspent Transaction Outputs). UTXOs are the number of small amounts of deposits which are sitting in there in your single address, and the total of them all shows to you as balance. In BarterDEX GUI, you should check ‘Inventory’ to see all your UTXO’s and the deposits/amount sizes there per UTXOs.
Balance section in Exchange screen
Output of Inventory Button for KMD
The orders showing in order book are showing UTXOs as the number of UTXOs there are in the address of buyer/seller in their barterDEX smartaddress.
Order book of CHIPS/KMD
The Average Volume is the average volume of all the UTXOs in that address, which are on buy/sell order.
ZCredits is the amount the trader has deposited as a security, the value of ZCredits is used when matching zero-confirmation swaps. In case I have deposited 10 KMD as security, I can do any trade under 10 KMD worth without any confirmation waiting between atomic swap trades.
Clicked on CLAIM DEPOSIT button to see check status of deposited security funds to get zero block confirmation speed trading mode.
My ZCredit score will be dynamically updating on the order book as per the equivalent of trades I’ll be doing/busy with.
Example out of 10, if I have an order in process of 2 KMD worth, my ZCreditwill update as 8 KMD in order book listings
when the order of 2 KMD worth will be finished, my ZCredit will update back to 10 KMD on order books.
Showing order amounts, My Offer tab is showing the placed offer in the market, and my offer highlighted in the order book, with adjusted ZCredits according to my order value placed.
Sometimes it may go down as it depends on how many multiple or single big order it is processing. that is why for some orders, the ZCredits may show in negative.
In case it is negative, you can expect the trade request happening with these traders will not be 0 confirmation trades. So there can be waiting involved of block confirmations between these different coins (Just like the default mode).
Order books are cached and shared on network
Also, note that the order books are updating based on the cache of the peers you are connected to. It is not a centralized order book, but a peer-to-peer shared order book which updates among all the network, exactly like how bitcoin peer-to-peer network works. So in case the order you canceled still shows up in the network, that is most probably due to this cached data being propagated through other peers. It will update sometime soon so don’t worry about the orders you closed showing up in the network.
My Offers tab is showing red stop buttons to cancel the orders placed in the network.
To cancel an order, click the red stop button in My Offers tab which will halt any orders from the network coming to your node.
BarterDEX uses all UTXOs from your address when you place an offer
Note that whenever you put a trade in BarterDEX expect that the whole balance, means all UTXOs are on order. not just specific balance.
MOST IMPORTANT: Do multiple deposits to the BarterDEX receiving address
The most important thing is to deposit more than 1 deposit to your BarterDEX address. Else, you won’t have much success the first time playing with BarterDEX.
To decide what size of deposits you need to put in BarterDEX, just click on either buyer side or seller side order list, and check on the total order amount it will cost.
Use that amount + 1% as deposit amount for a transaction in your smartaddress
Clicked on the bottom order list with all values showing in a row, it populated the BID CHIPS input fields with correct value and gave Total calculated cost example.
And the second transaction of like 1% of the amount that you will be sending to that smartaddress.
Receive button shows this dialog box. READ THE RED TEXT!
And may be 3rd transaction too, something in between or whatever amount you think of adding as extra amount to be used for further trades.
Once the trading starts with required UTXOs, it should not complain about the UTXO issues later on, as BarterDEX will keep making the set of UTXOs as you keep trading.
Have patience. You sometimes have to wait before executing next action
Sometimes you will need to wait for a minimum of a minute when it gives some error or red notification on top right… depends on case to case. just give that same action a retry after 1 minute or so and most probably you won’t get those issues.
Trying to place offer right after putting an offer a second ago.
A screen displaying barterDEX receiving address and a message to send in 3 transactions instead of one.