ERC20 with custom sale mechanisms?

Question

Let's say I want to create a token, but I don't want this token to be exchanged too freely, in order to avoid too much of speculation (real estate for example). People willing to sell the asset will have to say how many tokens they want to sell and at what limit they are willing to sell (for example, they want to sell, but no less than 1.10$ per token). Buyers will have to buy by saying how much token they want and specifying the limit to buy (for example they don't want to buy for more than 1.20$ per token). They will also see a recommended price, that corresponds to the real estate asset behind the token.

Every month, we process the buy and sell orders, and the price of execution will be the price that maximizes the number of token exchanged.

1. Can I enforce this mechanism into an ERC20 token? If so, how to do?

2. if I do so, then, I need to develop my own exchange answering to these requirements?

3. If an existing exchange would like to list such a token, my guess is that it would be possible, but will need some custom development to support it. Am I correct?

Thanks for your help!

Answer 1

Answers:

1. No you can't enforce fiat prices within Ethereum blockchain. If you want, you can process this outside the blockchain. You can implement all sort of logic within the token sale contract but it doesn't know 'real-world' fiat prices that exist outside the blockchain.

2. Your exchange can do all the processing outside blockchain which is not possible inside the blockchain.

3. Difficult to say as you can't implement the token you are talking about.