⚙️How Does Tent Work
Last updated
Last updated
All and all, Tent is a rather simple platform. It's built in a way where you don't even have to trust us for doing the trades. All we do is simply craft a transaction between two wallets. As we are not driven by smart contracts, we never hold any of the traded assets, and the only participants in the trade are the two wallets involved.
Tent is powered by multi-signature transactions in Cardano and relies on the eUTXO model of Cardano. It's thanks to the combination of both these aspects that Tent can exist in its current form, simple, quick, and live.
The eUTXO model allows us to have a single transaction that includes both wallets and a multitude of native assets both leaving and coming into the wallets (aka, inputs and outputs). The multi-signature part of the transaction allows the transaction to rely on the signature of both parties to go through the blockchain.
This stack gives us an inherently secure trading environment, as both parties get a clear breakdown of every single input and output of the transaction before signing, and only with both signatures does the transaction go through. Again, no trust is needed for Tent, or even for the other party once the contents of the trade have been verified.
Now, this is naturally a gross oversimplification of the systems at play. If you want more detail, we recommend watching the following video, where both Astro (our lead developer) and Sampo go over everything that is happening as a trade is being executed, step by step.