“Counter Offers — A Pioneering Effort For Real World Negotiations Directly On The Blockchain”
In the real world, negotiations have been a vital part of business since the dawn of human civilization. In the barter economy everything was based on negotiations until a final agreement was found and each party walked away happy and satisfied. Sadly this isn’t the case yet when it comes to OTC Swaps for the Crypto Space.
ZeOTC to the rescue
Maybe you recall our previous medium article where we gave the example of bartering a chicken against a VR headset without any negotiation.
Does it ever happen seamlessly like that? Of course not. That’s very rare. Why should it be any different if the goods beeing bartered are crypto assets?
This is exactly why we at ZeVoid are convinced that having the Counter-Offer feature is not just something nice to have as a serious OTC swap. It’s not just some random feature to stand out from the competition. Far from it. It is much much more than that.
“Do not go where the path may lead. Go instead where there is no path and leave a trail.” - Ralph Waldo Emerson
In fact this feature is key in order to deliver an outstanding OTC swap that can not only beat the competition, but will also always remain as one of the most essential features of ZeOTC.
How ZeOTC Counter-Offers Work
Let’s now have a closer look on how Counter Offers in the ZeOTC Dapp actually work.
Let’s say User B receives a private offer from User A. For the first time in Blockchain-History it is now possible for User B to initiate a Counter-Offer fully onchain and decentralized.
The Trading Process
1. Let us assume User A wants to inniciate an offer to User B. User A will be able to offer any amount of multiple tokens or NFTs to User B, if they are in his own wallet.
2. If User B is not satisfied he can change both sides of the trade. The means he can ask for a different amount/asset and he can also change what he wants to provide in the same way. Then he sends the offer back to User A.
3. User A can now as well change the amounts and/or add/remove tokens/NFTs on both sides of the trade.
4. The negotiation continues until either User A or User B clicks on the “Accept Offer” Button.
5. If the two parties can’t come to an agreement the trade gets canceled either by one party clicking on “Cancel” or automatically once it expires what means the negotiation has failed.
6. User A can also click on “Reject”. That would mean that the Trade will revert back to it’s status before any Counter-Offers where made.
To make this process as easily understandable as possible for everyone, we are planning to create an explainer video with real life examples in conjunction with the UI/UX of ZeOTC. So look forward to that.
A World Without Counter Offers?
Let’s make it crystal clear for everybody: Let’s pretend for a moment that our Dapp doesn’t support Counter Offers. In that case User B has very limited options to respond to the offer. The only two options User B would have is to either accept the offer or the cancel it. Imagine that in the real world. The life of an NPC. Humanity would have gone extinct for a long time already. Thank god our ancestors where smarter than that.
But that is exactly how all our competitors are approaching it. They don’t have that vital feature at all.
To put it bluntly: What a bummer!
To develop something that has never been done before and which represents something completely new in terms of code does not only take the right approach but also has to be well designed from start to finish.
“To reach a goal you have never before attained, you must do things you have never before done.” - Richard G. Scott
Our Head Developer sees this as an entirely uncharted area. It’s not enough to simply have appropriate functionality and a flawless user experience. Safety must always come before anything else.
Here at ZeVoid everything is created from scratch and everything is coded based on very specific quality standards which you can look up here:
The future is bright for ZeOTC, not only because we have vital features nobody else in this space has, but also because of the critical times we are living through right now. The trust in centralized exchanges is deeply shattered and as of right now it seems there is no coming back from it. The revival of true decentralization of every aspect of Blockchain technology including exchanges is the past and the future.
We at Zevoid are determined to contribute our part to this ongoing effort. Everyone is fedup with trusting a shady third party, while trading often times highly valuable assets. It’s time to go completely trustless and Onchain again. We are ready to ride this wave together with our amazing community and with a deep heart felt conviction.
We create our own destiny.
We are unstoppable.
Resistance is futile.
We are Crypto Renegades.