the most secure
token exchange
on the planet

Secure ERC20 token swapping means you are protected from things like front running, high-frequency trading or transaction reordering. It is ensured by a cryptographic commit/reveal process:

• Unique but random looking hash corresponding to your swap is getting committed to reserve your spot in the market execution order.
• Reveals are submitted 3 - 5 blocks after commits. Reveals are price-matched and executed in the same order as commits came in. Swap confirmation time would take only 3 - 5 blocks longer than a regular Ethereum transaction (about 30 - 60 seconds longer). If someone decides not to reveal their commit, market would hold execution of that swap pair for 7 blocks before evicting such commit. This round would take 7 blocks to clear (2 minutes).
• There is no maker/taker commission but there will be a fixed fee (disabled for now) to commit a swap: 1,000,000 gas paid in ETH. This is required to prevent spamming and demotivate gas price manipulation. The fee is about $0.50 to submit a slow commit and goes up as you increase your gas price.
• Your tokens are kept in your wallet all the time and swapped directly into counter-party wallet when matching counter-commit appears. If tokens are not present in your wallet at such moment, your commit gets evicted.

Full decentralization:

• Blockstack authentication and storage for user accounts and private data.
• Secure IPFS site hosting with Cloudflare distributed web gateway.
• All market functionality is implemented in an autonomous smart-contract on Ethereum blockchain. This includes commit/reveal book, buy/sell swap request books, price matching engine and wallet to wallet clearance.
• Pure peer to peer swapping. Tokens are never held in custody, they are transferred directly from wallet to wallet.
• This app communicates only with Blockstack and Ethereum blockchains. No backend servers, no user tracking, no cookies.
• Open source: you can inspect the source code on Github.
• ethereal.market is a cryptographically secure sorted message board. Each message represents an intent to swap one token for another. When you reveal your intent and matching counter-intent already exists on that board, your reveal is allowing you to take tokens from that counter-wallet and transfer your tokens instead.