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In a crypto-economic trading platform: ● "The network becomes the exchange" ● Snapchat (ephemeral) bid-asks ● User-defined smart contracts The order book is a market design for the exchange of goods and assets. It dates back to the European coffee houses of the late 1600s. In London, Jonathan's Coffee House was a significant meeting place for traders in London in the 1700s. It later became the site of the first London Stock Exchange. In the late 1700s, in what later became known as New York City, Dutch traders met at a Buttonwood tree in lower Manhattan island to buy and sell goods. Now known as Wall Street, this location became the center of financial asset exchange in the United States. Until the 1970s, stock exchanges were characterized by a market design involving traders gathering around pits with specialists manually matching bids and asks in paper order books
The great financial economist Fisher Black wrote a prophetic article in 1971 called "Toward A Fully Automatic Stock Exchange" where he laid out the implications of the coming automation of the manual order book. He speculated on what the computerization of the order book would mean for bidding mechanisms, liquidity and overall stock market efficiency.
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