Coinbox Finance Features

CoinBox P2P

Executive Summary

Blockchain-based asset instruments have become a global phenomenon in recent years. Various industries are benefiting from the convenience of the technology and P2P exchange capability it provides.

Peer-to-peer exchanges allow individuals to move currencies from their accounts to the account of others without having to go through an intermediary and eliminate middlemen. P2P networks rely on digital transfers, which in turn depend on the availability of an internet connection. This allows individuals to use computers as well as mobile devices, such as tablets and phones, to match each other on the P2P marketplace and orderbook.

With this in mind, CoinBox Finance is proposing to develop a P2P Marketplace platform where the users of the system can send and receive coins through Mobile Phones from the comfort of their homes without having to rely on 3rd party.

CoinBox P2P offers complete security to users by creating a Non-Custodial P2P platform without depositing your assets to any centralized party for you to sell/buy. Anyone who has sufficient asset balance in the wallet can create ads for sale, and also users can create ads to buy coins P2P through Orderbook technology in an open and transparent manner.

P2P Marketplace
The sellers will be able to create Ads and the buyers will be able to view and select them before making a purchase. The seller's wallet amount will be stored in an escrow account and the system will wait for payment confirmation before transferring it to the buyer account.

Solution Overview

The solution comprises developing a P2P Bitcoin and Altcoins marketplace platform, where the users will buy and sell any choice of their coins. Some of the main modules of the platform are listed below.

CUSTOMER MODULE

The user will login to their wallet with the platform to act both as a seller and buyer. Seller will be having the functionality to create an Ad for selling the coins. As a seller, the user will receive purchase requests from the buyers. Once the request is accepted, the coins will be transferred to an Escrow account, and when the seller confirms the payment, the Escrow will automatically transfer the coins to the buyer's wallet. The platform allows the users to communicate with each other through messenger. Users will be able to raise disputes regarding the transactions.



Features

Customer Modul

The user will be able to view all the ads listed on the platform.

  • Buy Coin
  • Sell Coin

The user will be able to select an Ad and can view the Ad details.

The user will be able to chat with the Ad owner.

The user will be able to make a sell/buy request based on the Ad.

Buy Coin

  • The buyer will be able to make a buy request
  • The seller will receive the request
  • If the seller accepts the request, then the buyer will receive a notification to make a payment.
  • The buyer will make a payment outside the platform.
  • The seller will receive the payment once it confirms the payment.

Sell Coin

  • The seller will be able to make an offer to sell their coin to a buyer's ads.
  • The user will be required to provide the details regarding the coin they are offering.
    • Type of coin
    • Amount of Coin
    • Price of coin
  • If the buyer accepts the offer, then the seller will transfer the coins to the escrow account.
  • Once the payment has been received, the seller has to confirm the payment, and the Escrow will automatically transfer the coin to the buyer's wallet.

Ads Management

Create Ads

  • The user will be able to select the type of Ads
    • Sell Coin
    • Buy Coin
  • The user will be required to provide the details regarding the coin
  • The user will be able to provide the price information

Active Ads

  • The user will be able to view all active Ads created by them
  • The user will be able to edit the Ads
  • The user will be able to deactivate the Ads

Requests

The user will be able to view all the requests received for their Ads.

Sell Coin Ads

  • Purchase Request
    • Users will be able to view the purchase requests
    • User will be able to accept/reject the request
    • Once the user accepts the request, the coin will be deducted from the wallet to the escrow account.
  • Payment Confirmation
    • User will be able to confirm the payment received from the buyer
    • Once the payment is confirmed, the coin will be transferred from the escrow account to the buyer's wallet

Buy Coin Ads

  • Sale Request
    • The user will be able to view the sale offers from the sellers
    • The user will be able to accept or reject the offer
    • The coins will be transferred from the seller's wallet to the escrow account
    • Once the seller confirms the payment, the coins will be transferred to the user's wallet
  • Payment Confirmation
    • User will be able to confirm the payment received from the buyer
    • Once the payment is confirmed, the coin will be transferred from the escrow account to the buyer's wallet

Raise a Dispute

Third-Party Integration

  • Purchase Request
    • The user will be able to send one to one messages to the buyer/seller
    • The user will be able to raise a dispute
    • Funds transfer confirmation - The seller/buyer will be able to raise disputes for funds transfer.
    • The seller will be able to raise an appeal when waiting for the amount to arrive in the bank account or any method accepted by the seller.
    • The buyer will be able to raise an appeal when waiting for the coin to arrive.
  • Payment Confirmation
    • User will be able to confirm the payment received from the buyer
    • Once the payment is confirmed, the coin will be transferred from the escrow account to the buyer's wallet