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Key Concepts

Although each of the three actors in the tbDEX network have distinct roles and concepts associated with them, there are three concepts that bind them together: Messages, Offerings, and Exchanges.

Messages​

PFIs and Wallets are able to communicate with each other by using the following tbDEX message types:

  • RFQ - A message sent by a wallet to a PFI requesting a quote for an ask

  • Quote - A quote sent by the PFI in response to an RFQ, including a locked-in price that the PFI is willing to honor until a built-in expiration date

  • Order - A message sent by a wallet to a PFI to accept a quote

  • OrderStatus - A message sent by the PFI to a wallet to convey the current status of an order.

  • Close - A message sent by a wallet or a PFI in response to an RFQ or Quote

Offerings​

Offerings describe a currency pair that can be exchanged and include requirements, conditions, and constraints needed to fulfill the described transaction. They are created and stored by PFIs, and they are consumed by Wallets.

Exchanges​

Within tbDEX, the term "exchange" refers to a thread of messages between a PFI and a Wallet. Whenever a Wallet submits an RFQ to a PFI, a new exchange is created that involves the Wallet owner and the PFI, and all subsequent messages about the transaction are a part of the exchange.

For each RFQ, you'll want to create a new exchange object to store relevant data. Note that every RFQ is associated with an Offering, so each exchange represents all messages about a specific transaction.