3Bay

3Bay is a web-based decentralized marketplace built with 3Box + IPFS + web3, using the DAI stablecoin as the medium-of-exchange.

❗️ WARNING: 3Bay is not in production and uses Ropsten testnet DAI at this stage.

Features

Submarkets => topically themed markets that aggregate similar goods and services
Offline asynchronous messaging and orders (i.e. you can get messages/orders while you're AFK)
Store data (i.e. listings, orders, messages) follow your ETH account
Web and mobile-web accessible

To do

Architecture

3Bay is built on top of 3Box, a decentralized user identity and data storage system built with IPFS and OrbitDB
- 3Box leverages popular web3 wallets to create decentralized identity and storage provision over IPFS and OrbitDB, the latter enabling serverless storage and messaging for decentralized applications
- In short, using a web3 wallet like Metamask allows you to create public and private storage/messaging spaces for your account and for decentralized applications
3Bay is using temporary a decentralized storage space during its testing phase: demo_marketplace-v2
Within this space, data as key-value pairs and threads in both public and private spaces.

Key-value store

Key	Type	Description
`storeName`	`public`	Name of the user's store
`storeDescription`	`public`	Description of the user's store
`storeAvatar`	`public`	URL to the store's avatar image
`storeHeader`	`public`	URL to the store's header image
`salesThreadAddress`	`public`	Address for the user's sales inbox that users can send chat/order notifications to.
`inboxThreadAddress`	`public`	Address for the user's mail inbox that users can send chat/order notifications to.
`testnetReceiptsAddress`	`private`	Address for the private thread containing the user's purchase history.

Threads

Name	Type	Description	Write-access
`listing_list`	`public`	A thread containing the user's listings.	User
`salesThread`	`public`	A thread containing sales notifications for private threads the user has been added to, created by other users.	All
`inboxThread`	`public`	A thread containing mail notifications for private threads the user has been added to, created by other users.	All
`demo-testnet-receipts-private`	`private`	A thread containing the user's purchase history.	User
`globalListChat`	`public`	A thread containing the global trollbox chat messages for the marketplace.	All
`_order_[timestamp]`	`public`	A thread containing an individual order's purchase order and messages between the buyer and seller.	Buyer and seller

⭐️ Both demo-orders-public and ~~demo-testnet-receipts-public~~ need to be switched to private encrypted threads prior to launch.

⭐️⭐️ Even though anyone can leave you a message in inboxTestnet, it must adhere to a specific format that is filtered client-side. The approved format doesn't reveal the message contents, but does publicly display the sender and type of message (order, chat). This isn't an ideal approach from a privacy perspective, but presently there isn't any other way for the user to know they've been added to a thread a public or private thread.

Ideas

Governing DAO for the marketplace

Membership in DAO based on holding a token
Tokens are distributed to buyers/sellers interacting via escrow smart contract
Marketplace takes a transaction fee that goes into DAO treasury
DAO members vote on spending treasury funds for maintenance of the protocol
- Treasury can be used to supply liquidity to other DeFi protocols, earning interest pro-rata for DAO members

Account receivable market

Alice is a seller
Alice makes a sale of $20 DAI to Bob (the buyer)
Bob deposits $20 DAI into the escrow smart contract
This $20 DAI, which is an account receivable, isn't released to the Alice until after 30 days
- Bob has 30 days to dispute the transaction if something goes wrong
Alice turns around and sells her $20 DAI account receivable for $18 DAI
- She needs to stake collateral in another stablecoin to do this (e.g $20 of USDC)
Charlie comes along and pays $18 DAI immediately to Alice in exchange for $20 DAI to be delivered in 30 days
If the order isn't disputed after 30 days:
- Charlie gets $20 DAI, and he only had to pay $18 DAI and wait 30 days to get it
- Alice gets her collateral back, which she can reuse for future transactions
If the order is disputed and Alice is found at fault:
- Charlie would still receive $20 DAI
- Charlie would have her collateral (i.e. $20 USDC) slashed to reimburse Bob

License

MIT licensed

Build instructions

This project was bootstrapped with Create React App.

In the project directory, you can run:

npm start

Runs the app in the development mode.
Open http://localhost:3000 to view it in the browser.

The page will reload if you make edits.
You will also see any lint errors in the console.

npm test

Launches the test runner in the interactive watch mode.
See the section about running tests for more information.

npm run build

Builds the app for production to the build folder.
It correctly bundles React in production mode and optimizes the build for the best performance.

The build is minified and the filenames include the hashes.
Your app is ready to be deployed!

See the section about deployment for more information.

npm run eject

Note: this is a one-way operation. Once you eject, you can’t go back!

If you aren’t satisfied with the build tool and configuration choices, you can eject at any time. This command will remove the single build dependency from your project.

Instead, it will copy all the configuration files and the transitive dependencies (Webpack, Babel, ESLint, etc) right into your project so you have full control over them. All of the commands except eject will still work, but they will point to the copied scripts so you can tweak them. At this point you’re on your own.

You don’t have to ever use eject. The curated feature set is suitable for small and middle deployments, and you shouldn’t feel obligated to use this feature. However we understand that this tool wouldn’t be useful if you couldn’t customize it when you are ready for it.

OB1Company/3bay