I am new to ethereum blockchain, and i have following scenario of simple money exchange to be implemented:

  1. Consider three account Sender(USD), Receiver(EURO) and Provider. Where provider is account from which the smart contract will be deployed.
  2. We need to transfer fund from Sender account to Receiver account using the smart contract deployed taking into account the exchange rates.
  3. For showcasing the same a simple UI for manipulating EXCHNG rates, for sending the amount from one to other and for displaying the balance of both the accounts will be created.

For doing this i used Mist wallet, whereas the smart contract cannot do a transaction which involves transfer of ether from one account to another.

What should be the approach if this has to be achieved using smart contracts? Is there any other way the same can be achieved? Anything will be helpful.

  • And USD and EUR are tokens on the Blockchain? Please clarify what your contract design looks like. – Waqar Lim Mar 14 '17 at 12:03
  • design wise I am still trying to implement above scenario, where in a contract will transfer ether(A global currency in ethereum) between two accounts(sender and receiver), so transaction will look like USD to ether at Sender - transfer to receiver in ether - convertion to EUR at Receiver end. For this only I need to write a Smart contract. So asked for help as in how to implement this – RahulM Mar 15 '17 at 15:34
  • I think you do not require a smart contract, you can just send Ether (or any other Token) and display the equivalent EUR or USD values for sender and receiver... – Waqar Lim Mar 15 '17 at 18:27
  • I have used the direct account to account transfer, whereas i needed it to be controlled via a smart contract where in I can select receivers address out of a list and send the money (a typical Foreign Exchange scenario). Or is it the only way the ethereum can be used in cross border payments. – RahulM Mar 16 '17 at 12:02
  • Why am I asking this is to make the transaction event based, take for eg EMI paid to banks for a loan. If without smart contract that can be achieved, please point me in that direction. – RahulM Mar 16 '17 at 12:07

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