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RE: POCKET Day 2: Some tips for using Pocket

in #pocket • 7 years ago

OK, so...hypothetically...

POCKET tokens are listed on an exchange. People start trading them. They have value outside of the Steemcosystem.

How does one send POCKET to an exchange? Where exactly are these things stored? I may have read this already in one of your posts, but is there a brief, laymen's explanation of how this process would happen?

7 years ago in #pocket by
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     7 years ago 

    Where exactly are these things stored?

    I'm going to write a whole blog post answering this question, because I think it's really interesting. The obvious answers are really unhelpful - while the helpful answers are really not obvious.

    A couple quick thoughts about it:

    1. A record of the tokens is stored in the history of pocket commands on the Steem blockchain. Obvious, unhelpful.
    2. They're stored in the conceptual space defined by the combination of the Pocket protocol and the history of pocket commands on the Steem blockchain. Neither obvious nor helpful.
    3. They're stored in your Steem account, controlled by your posting key. Not obvious, but inching towards helpful.
    4. The most helpful is this: until someone builds a website, app, wallet, or something else that lets you view your Pocket balance, there's nowhere you can really look them up. If you send some to yourself with a pocketsend command, a 1-token fee will be taken out and then a message will be posted back to you telling you your balance. Right now, that's the closest thing we have to a wallet. You have the tokens because there's a record of you having the tokens, even though you can't see them anywhere.

    How does one send POCKET to an exchange?

    I envision it will be the same way that you send STEEM to an exchange: pocketsend to the exchange's account with a user-specific memo. Then it will be just like how STEEM is used on Bittrex: the @bittrex account holds your actual STEEM, but gives you an IOU to play with on their website. If you withdraw your STEEM, they "destroy" the IOU on their website and send actual STEEM back to whatever account you specified. So it could look something like this:

    pocketsend:1000@bittrex, <my specific Bittrex POCKET memo>
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     7 years ago 

    Well, that was actually pretty helpful.

    I guess a more accurate question would have been, how can the tokens be "extracted?" And the answer to that is, someone would have to create the ability to do it? I wasn't sure if you had created such a function for doing so.

    I suppose that once the tokens are listed on an exchange, the ability to "extract" them would have obviously been solved at that point, so we wouldn't have to worry about it anyway.

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     7 years ago 

    I guess a more accurate question would have been, how can the tokens be "extracted?" And the answer to that is, someone would have to create the ability to do it?

    Basically correct. But (and maybe I'm being a big pedantic here, apologies) in cryptocurrencies there's no "extract." If you deposit STEEM on Bittrex, your STEEM never leave Steem - they're sitting in @bittrex's wallet the whole time. They're still part of Steem.

    In Pocket, I solved what you're calling the "extract" function by allowing people to include a memo with their pocketsend.

    So to get listed on an exchange, some exchange will have to list them - and they'll have to create the system that associated pocketsend memos with exchange accounts, etc. I'll talk more about this after Genesis ends in 12 days; I'm not supporting listing until then. If someone wanted to do it themselves, of course, I couldn't stop them.

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     7 years ago 

    I wasn't sure if you had created such a function for doing so.

    I'll harp on this just a little more: the "extract" problem isn't a problem that's solved by the coin developer, it's a problem that's solved by the exchange.

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