Prime Specification

Functional

User

• sign up with e-mail activation and TOS acceptance
• sign in / out
• password reset
  • reset link valid for 24h or one use whichever comes first

Settings

• change password
• change email
• configure two factor authentication
• on/off API
• reset API key
• configure email notifications (TODO: details)
• complete account removal (privacy feature)
• all changes require second method authentication (email confirmation or OTP)

Dashboard

• change market; market is a pair of currencies, i.e. USD/BTC, PLN/BTC

Order book

• live chart
• live table

Last trades

• live chart
• live table

Account

• Balances for the current market
• History
  • every balance change must have a corresponding transaction
• Open orders
  • cancel order

Deposit

Bitcoins

• generation of personal input address
  • internal maintenance of user input addresses (every user has a list of input addresses)
• displaying address and instructions to the user
  • funding user balance with incoming bitcoins
    • create entry in account history, remember bitcoin tx id

Fiat

• internal (LAN-only) API for custom scripts to bump fiat balance
  • create entry in account history, remember fiat tx id

Withdraw

Bitcoins

• edit bitcoin output address
• confirm with e-mail link or Google Authenticator OTP
• displaying form to send bitcoins
  • amount
  • instructions and fee information
  • send button with summary and confirmation
• mechanism to actually send bitcoins
  • create entry in account history, remember bitcoin tx id

Fiat

• edit bank account details
• confirm with e-mail link or Google Authenticator OTP
• display form to send fiat
  • amount
  • instructions
  • send button with summary and confirmation
• add FiatWithdrawal entry to the list of pending fiat withdrawal requests
  • publish pending fiat withdrawals in internal API
  • accept request to mark specific FiatWithdrawal as fulfilled
    • create entry in account history, remember fiat tx id(?)

Buy/Sell

• Display "Please be aware this is only approximation. Order book can change every second."
• Validate order value denominated in fiat is high enough
  • This is to prevent order and transaction spam/DOS

Buy bitcoins

• Instant buy
  • "I want to buy [____] BTC instantly."
  • "You will spend about ____ USD and receive ____ BTC after fee. Average BTC price will be about ____ USD."
  • Technically equals to submitting buy order with infinite price.
• Buy with price limit
  • "I want to buy [____] BTC at price [____] USD/BTC."
  • "You will spend about ____ USD and receive ____ BTC after fee. Average BTC price will be about ____ USD."
  • "You need at least ____ USD at hand to submit this order."
  • Validate user has enough funds to submit the order (assuming worst case scenario)
  • Block funds
  • Match with existing orders
  • Smart defaults: max BTC user can buy, market price

Sell bitcoins

• Instant sell
  • "I want to sell [____] BTC instantly."
  • "You will receive about ____ USD after fee. Average BTC price will be about ____ USD."
  • Technically equals to submitting sell order with 0 price.
• Sell with price limit
  • "I want to sell [____] BTC at price [____] USD/BTC."
  • "You will receive about ____ USD after fee. Average BTC price will be about ____ USD."
  • Validate user has enough funds to submit the order
  • Block funds
  • Match with existing orders
  • Smart defaults: all BTC, market price

Fees

Transaction fee

Percentage and minimum fee denominated in fiat, like 0.6% min 0.01 USD. Taken from both sides of transaction from the output amount.

Bitcoin withdrawal fee

Percentage and minimum fee denominated in bitcoin, like 0% min 0.0005 BTC.

Fiat withdrawal fee

Percentage and minimum fee denominated in fiat, like 0% min 2 USD.

Public API

Ticker

TODO: design

Trades

As explained on bitcoincharts.

Order Book

As explained on bitcoincharts.

Admin panel

Dashboard

• To be decided what goes on a dashboard

Financial

• Total funds on the exchange
  • Total funds accumulated on the exchange for each fiat (calculated from a database)
  • Total funds accumulated on the exchange for each cryptocurrency (calculated from a database)
• Number of buy and sell offers
• Number and volume of transactions

How wallets

• • Number and percentage of funds in a hot wallet (actual value taken from a bitcoind) for each cryptocurrency

Users

• Total number of registered users
• Export emails.csv (i.e. for mass mailing via external software)
• Generate comprehensive report users.csv
  • designed to be open in a spreadsheat (Excel, Calc, etc.)
  • e-mail hash, total balance BTC, total balance USD, ..., paid fees, number of transactions, transaction volume, singed up at, singed up with IP, last sign in at, last signed in with IP, number of sign ins, number of open offers
• Search user by e-mail, username, name, or e-mail hash (to look up users from the report)
  • View user details
  • Deactivate / Activate
  • Impersonate

Performance

• Number of users being online
• Number of transactions per hour
• Job queue length

Security

• Shutdown the service
• Rollback to the point in time (TODO: define details)
  • "Rollback wreaks havoc, causes some users and exchange to loose money and can be illegal in your jurisdiction. Rollback is irreversible. Rollback is a bad idea 99.999% of the time. Proceed only if you fully understand the consequences!!!"
  • Rollback should not be available through the web app, only as a command line tool

Non functional

Supported browsers

Prime example fronted is tested on the latest versions of:

• Chrome
• Firefox
• Internet Explorer 9
• Opera

There is nothing that prevents you from creating a Prime fronted that supports older browsers (see design).

Correct use of HTTP protocol

• Semantic use of HTTP methods GET, POST, PATCH, DELETE
• Correct HTTP status codes

Take advantage of HTML5

• Use HTML5 to the full extent possible
• Aim at HTML5 validity

Limitation of v1.0

• While Prime is designed from ground up to support multiple cryptocurrencies, the first version will deliver integration with bitcoin only.
• No support for multiple hot and cold wallets. Only one pair of hot/cold wallet will be supported.

Open questions

• Checking whether actual crypto and fiat balances cover values from a database (prevent fractional reserve)? How to do it correctly (i.e. delays in transfers, etc)?