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basicswap_miserver/doc/protocols/seller_first.md

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Seller first protocol

Seller sends the first transaction. Both coin types must support scripts.

  1. Seller posts offer.

    • smsg from seller to network coin-from coin-to amount-from rate min-amount time-valid

  2. Buyer posts bid:

    • smsg from buyer to seller offerid amount proof-of-funds address_to_buyer time-valid

  3. Seller accepts bid:

    • verifies proof-of-funds
    • generates secret
    • submits initiate tx to coin-from network
    • smsg from seller to buyer txid initiatescript (includes pkhash_to_seller as the pkhash_refund)

  4. Buyer participates:

    • inspects initiate tx in coin-from network
    • submits participate tx in coin-to network

  5. Seller redeems:

    • constructs participatescript
    • inspects participate tx in coin-to network
    • redeems from participate tx revealing secret

  6. Buyer redeems:

    • scans coin-to network for seller-redeem tx
    • redeems from initiate tx with revealed secret