Prime Specification

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Functional[edit]

User[edit]

  • sign up with e-mail activation and TOS acceptance
  • sign in / out
  • password reset
    • reset link valid for 24h or one use whatever comes first

Settings[edit]

  • change password
  • change email
  • configure two factor authentication
  • on/off API
  • reset API key
  • configure email notifications (TODO: details)
  • complete account removal (privacy feature, TODO: is it viable? what about left funds and common history?)
  • all changes require second method authentication (email confirmation or OTP)

Dashboard[edit]

  • change market; market is a pair of currencies, i.e. USD/BTC, PLN/BTC

Order book[edit]

  • live chart
  • live table

Last trades[edit]

  • live chart
  • live table

Account[edit]

  • Balances for the current market
  • History
    • every balance change must have a corresponding transaction
  • Open orders
    • cancel order

Deposit[edit]

Bitcoins[edit]

  • generation of personal input address
    • internal maintenance of user input addresses (every user has a list of input addresses)
  • displaying address and instructions to the user
    • funding user balance with incoming bitcoins
      • create entry in account history, remember bitcoin tx id

Fiat[edit]

  • internal (LAN-only) API for custom scripts to bump fiat balance
    • create entry in account history, remember fiat tx id

Withdraw[edit]

Bitcoins[edit]

  • edit bitcoin output address
  • confirm with e-mail link or Google Authenticator OTP
  • displaying form to send bitcoins
    • amount
    • instructions and fee information
    • send button with summary and confirmation
  • mechanism to actually send bitcoins
    • create entry in account history, remember bitcoin tx id

Fiat[edit]

  • edit bank account details
  • confirm with e-mail link or Google Authenticator OTP
  • display form to send fiat
    • amount
    • instructions
    • send button with summary and confirmation
  • add FiatWithdrawal entry to the list of pending fiat withdrawal requests
    • publish pending fiat withdrawals in internal API
    • accept request to mark specific FiatWithdrawal as fulfilled
      • create entry in account history, remember fiat tx id(?)


Buy/Sell[edit]

  • Display "Please be aware this is only approximation. Order book can change every second."
  • Validate order value denominated in fiat is high enough
    • This is to prevent order and transaction spam/DOS

Buy bitcoins[edit]

  • Instant buy
    • "I want to buy [____] BTC instantly."
    • "You will spend about ____ USD and receive ____ BTC after fee. Average BTC price will be about ____ USD."
    • Technically equals to submitting buy order with infinite price.
  • Buy with price limit
    • "I want to buy [____] BTC at price [____] USD/BTC."
    • "You will spend about ____ USD and receive ____ BTC after fee. Average BTC price will be about ____ USD."
    • "You need at least ____ USD at hand to submit this order."
    • Validate user has enough funds to submit the order (assuming worst case scenario)
    • Block funds
    • Match with existing orders
    • Smart defaults: max BTC user can buy, market price

Sell bitcoins[edit]

  • Instant sell
    • "I want to sell [____] BTC instantly."
    • "You will receive about ____ USD after fee. Average BTC price will be about ____ USD."
    • Technically equals to submitting sell order with 0 price.
  • Sell with price limit
    • "I want to sell [____] BTC at price [____] USD/BTC."
    • "You will receive about ____ USD after fee. Average BTC price will be about ____ USD."
    • Validate user has enough funds to submit the order
    • Block funds
    • Match with existing orders
    • Smart defaults: all BTC, market price

Fees[edit]

Transaction fee[edit]

Percentage and minimum fee denominated in fiat, like 0.6% min 0.01 USD. Taken from both sides of transaction from the output amount.

Bitcoin withdrawal fee[edit]

Percentage and minimum fee denominated in bitcoin, like 0% min 0.0005 BTC.

Fiat withdrawal fee[edit]

Percentage and minimum fee denominated in fiat, like 0% min 2 USD.

Public API[edit]

Ticker[edit]

TODO: design

Trades[edit]

As explained on bitcoincharts.

Order Book[edit]

As explained on bitcoincharts.

Admin panel[edit]

Dashboard[edit]

  • To be decided what goes on a dashboard

Withdrawal requests[edit]

Pending[edit]
  • Total fiat funds pending for withdrawal
  • FIFO list of pending fiat withdrawals
    • time waiting, name, address, IBAN, amount, [insert bank withdrawal transaction id here] and click [MARK AS FULFILLED] button, [CANCEL] button
Other[edit]
  • list of fulfilled and cancelled withdrawals, by date of fulfillment

Financial & Fees[edit]

  • Stats
    • Total funds on the exchange
      • Total funds accumulated on the exchange for each fiat (calculated from a database)
      • Total funds accumulated on the exchange for each cryptocurrency (calculated from a database)
    • Number of buy and sell orders
    • Number and volume of transactions
  • Fee settings

Hot wallets[edit]

  • Number and percentage of funds in a hot wallet (actual value taken from a bitcoind) for each cryptocurrency

Users[edit]

  • Total number of registered users
  • Export emails.csv (i.e. for mass mailing via external software)
  • Generate comprehensive report users.csv
    • designed to be open in a spreadsheat (Excel, Calc, etc.)
    • one user per line, fields:
      • e-mail hash, total balance BTC, total balance USD, ..., paid fees, number of transactions, transaction volume, sing-up date, sing-up IP, last sign-in date, last sign-in IP, number of sign-ins, number of open orders
  • Search user by e-mail, username, name, or e-mail hash (to look up users from the report)
    • View user details
    • Deactivate / Activate
    • Impersonate

Performance[edit]

  • Hot
    • Number of users online
    • Number of transactions in last minute
    • Job queue length
    • Pending fiat withdrawals (number, volume and the longest waiting)
  • Historical
    • Number of transactions per hour chart (TODO: necessary in v1.0?)
  • Settings
    • Min. order value denominated in primary currency for each market (i.e. denominated in USD for USD/BTC market)
    • Limit of requests per minute for signed-in user

Security[edit]

  • Shutdown the service
  • Rollback to the point in time (TODO: define details)
    • "Rollback wreaks havoc, causes some users and exchange to lose money and can be illegal in your jurisdiction. Rollback is irreversible. Rollback is a bad idea 99.999% of the time. Proceed only if you fully understand the consequences!!!"
    • Rollback should not be available through the web app, only as a command line tool

Non functional[edit]

Performance[edit]

  • Disallow small value orders, see Performance settings in admin panel
    • Prevents order and transaction spam. Spammed order book is slow to match. Spammed transaction history can become to large to handle.
  • Limit requests per minute for a signed-in user
    • Further requests will be rejected with 429 Too Many Requests
    • Does not insert logs into a database. Works buy incrementing user request_counter in scope of minute stored in request_counter_at. When current minute is larger than request_counter_at, it zeroes out request_counter and sets request_counter_at to the current minute. This isn't 100% accurate but this is acceptable.

Requirements[edit]

  • commandline tools: pg_dump, openssl (to use built-in db backups)

Supported browsers[edit]

Prime example fronted is tested on the latest versions of:

  • Chrome
  • Firefox
  • Internet Explorer 9
  • Opera

There is nothing that prevents you from creating a Prime fronted that supports older browsers (see design).

Correct use of HTTP protocol[edit]

  • Semantic use of HTTP methods GET, POST, PATCH, DELETE
  • Correct HTTP status codes

Take advantage of HTML5[edit]

  • Use HTML5 to the full extent possible
  • Aim at HTML5 validity

Limitation of v1.0[edit]

  • While Prime is designed from ground up to support multiple cryptocurrencies, the first version will deliver integration with bitcoin only.
  • No support for multiple hot and cold wallets. Only one pair of hot/cold wallet will be supported.

Open questions[edit]

  • Checking whether actual crypto and fiat balances cover values from a database (prevent fractional reserve)? How to do it correctly (i.e. delays in transfers, etc)?

Source[edit]

http://bitcoin.it/

See Also on BitcoinWiki[edit]