Requests
"Requests" Feature in Asset Tokenization Marketplace
The "Requests" feature introduces a dynamic and interactive mode of transaction between asset owners and potential buyers. This functionality allows asset owners to receive direct purchase requests from interested parties even though they didn't list their item, with the flexibility to negotiate prices. Here’s a detailed breakdown of how the "Requests" feature is structured and functions technically.
Activation by Owners
Feature Toggle:
Asset owners have the discretion to activate or deactivate the "Request" feature for each of their assets.
This toggle is managed through the user interface, which interacts with the backend smart contract to update the asset’s availability for requests.
Smart Contract Integration:
A dedicated smart contract function tracks the status (active/inactive) of the "Request" feature for each asset.
When activated, the contract allows incoming requests for that specific asset.
User-Driven Pricing
Proposal Mechanism:
Potential buyers can propose a purchase price when they send a request for an asset.
This proposal is recorded in the smart contract and is visible to the asset owner.
Price Negotiation:
The proposed price is not final and can be negotiated.
The smart contract facilitates the recording of the proposed and counter-proposed prices between the buyer and the owner.
Negotiation Feature
Text-Based Communication Protocol:
In case the initial price proposal is not accepted, a text-based negotiation protocol is initiated.
This protocol allows both parties to communicate back and forth, proposing new prices and terms until a mutual agreement is reached.
Secure Messaging System:
The negotiation messages are securely stored and may be encrypted to ensure privacy and security of the communication.
The system ensures that only the involved parties (asset owner and potential buyer) can access the negotiation messages.
Smart Contract Role in Negotiation:
The smart contract logs all offers and counter-offers made during the negotiation process.
It also enforces any rules related to the negotiation process, such as maximum response time and withdrawal of offers.
Technical Implementation Considerations
Interface Design: The user interface for the "Requests" feature must be intuitive, allowing easy activation/deactivation of the request feature and seamless negotiation.
Smart Contract Security: The smart contract handling requests and negotiations must be secure against vulnerabilities, ensuring that only legitimate and authorized transactions are processed.
Data Privacy and Security: Implement robust data privacy measures, especially for the negotiation communications between buyers and sellers.
Compliance with Legal Standards: Ensure that all transactions and negotiations comply with relevant legal and financial regulations.
Conclusion
The "Requests" feature is designed to add a layer of flexibility and user engagement in the asset tokenization marketplace. It empowers asset owners with control over who can request to purchase their assets and offers a platform for potential buyers to propose and negotiate prices directly. By integrating this feature with smart contracts and a secure messaging system, the marketplace enhances its capabilities, fostering a more interactive and user-driven trading environment.
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