Foreign currency exchange contract in Solidity

terzimterzim LondonMember Posts: 41

I was wondering whether anyone has developed a template of foreign currency exchange contract in Solidity. The way this could potentially work: Suppose I have a 100 Currency_X and I want to convert it into Currency_Y:

1) reads the exchange rate ether / Currency Y and ether / Currency X from a financial platform.
2) blocks that exchange rate for a period of 2-3 days
3) accepts incoming transactions from people who have Currency_Y at the predetermined exchange rate
4) if the funding target is achieved within the deadline (i.e. equivalent ether amount of 100 Currency_X), then it unlocks the transactions and releases the funds.

In essence, it would be similar to a crowdfunding exercise but with the ability to make a bilateral transfer of value and interact with the outside world to read exchange rates. Only fee to be paid would be the gas for running the contract (economical?)

Any thoughts?

Thanks - Massi


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