Solution 2. Market Sign System

Peer-to-peer transactions with Market Sign

  • ByBundle is based on peer-to-peer transactions with seller's and buyer's signatures

  • The difference between the ByBundle and other marketplaces is that it includes the ByBundle's market signature in addition to the seller's and buyer's signatures.

  • The seller's and buyer's signature information can only be signed with your private key, so no one else can modify it.

  • The three signatures - seller's signature, buyer's signature, and ByBundle's signature - are required, and if any of them are incorrect, the transaction will not be finalized.

  • The finalization of the transaction takes place in a smart contract on the blockchain.

2-1. Off-chain management of order modification/cancellation information

  • In ByBundle, order cancellation information is designed to be managed off-chain rather than on-chain, so the sellers can cancel or modify sales orders(listings) without having to pay gas fees for on-chain activity anymore.

  • When a buyer requests a purchase, ByBundle verifies that the seller hasn't canceled the order and, if not, proceeds to sign the order with the buyer to help close the deal.

  • When a seller requests to cancel a sales order(listing), the seller's signature is deleted off-chain and becomes unavailable.

2-2. Enhanced verification features

  • With the addition of ByBundle's Market Sign, we're able to add some useful verification features for buyers. For example, ByBundle can verify whether NFTs have been sold or changed owners on your behalf, preventing some failed transactions and minimizing gas fee losses.

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