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The Fisher System is a system that generates virtual credit based on blockchain public chain (EOS) smart contracts. It generates virtual credit by over-collateralizing valuable virtual assets and logical combinations, and users can safely exchange or trade based on the generated virtual credit. Anyone can generate their own credit through this system.
The system is named after an ancient Chinese fable called "The Story of the Fisherman", which tells the story of two animals, a river clam and a snipe, who fought over a piece of food and were ultimately taken advantage of by a passing fisherman. The lesson here is that when encountering disputes, both parties should try to understand each other's reasons and responsibilities and negotiate and fulfill agreements when possible. If both parties refuse to compromise and ultimately default, the Fisherman Contract, like the sword of Damocles, will fall, causing both parties to suffer losses and ultimately benefiting the fisherman.
Of course, the fisherman is a kind character, and any profits gained will be used for public welfare.
The system is named after this profound and highly educational fable to solve two main problems:
Firstly, through the "preset condition" algorithm, users can safely collateralize assets without worrying about being locked out due to malicious deception by the counterparty or others.
Secondly, through the "lock and key" algorithm mechanism, where assets can only be retrieved when both parties unlock, defaulting parties cannot escape without losses, ensuring the safety of transactions.
dApp: http://eos.fisheros.top/
System Process
The core function of the system is to generate virtual credit through over-collateralization and non-retrieval without an agreement, thereby achieving the goal that defaulters cannot escape without losses. Therefore, to use this system to solve your problem, you need to have on-chain assets.
The following describes the logical process of implementing the system's functions. In this model, the initiator is called the inviting party, the recipient is called the invited party, and the Fisherman Contract acts as a third party.
Process:
After reaching a consensus, the Inviting Party initiates a collateral invitation to the smart contract, which includes collateral parameters such as the amount of collateral and the accounts.
Upon receiving the invitation, the Invited Party checks whether the collateral parameters are consistent with the previous negotiations, and if so, executes the acceptance action according to the collateral parameters.
The two parties exchange items in any way they want, which can be initiated by either party as long as the exchange is successfully completed in accordance with the negotiated terms.
After the items have been successfully exchanged, the Inviting Party unlocks the collateral of the Invited Party. The unlocking action can also be executed by the Invited Party first, but at this point, the collateral cannot be retrieved.
The Invited Party unlocks the collateral of the Inviting Party. After both parties have unlocked each other's collateral, they can retrieve their respective collaterals and end the entire transaction process.
Author: Josh Chung
Editor: Randall Roland
Translation: -
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