Automated custodian entities

The Plaza
#1

My understanding in regards to NuBits and NuShares, is that the shareholders choose a custodian to be ‘in charge’ of all things nubits and there can be multiple custodians doing all sorts of things based on what the share holders want.

Someone posted that these are some of the key areas a custodian should touch on when ‘applying’ for the position, if you will:

Now, I understand that there is nothing ‘forcing’ the custodian to pursue all of these proposals but of course it is in its best interest, otherwise trust is lost and the shareholders all move. But what I am concerned with is that there is actually trust there and there most likely will be a time when that trust is broken or the custodian acts maliciously.

What I would love to see and to know if it is possible, is if a custodian could have all of these proposals coded up into some sort of trading bot (different to nubots, which just buy and sell). This bot could be easily tweaked by anyone to propose a custodian strategy and once shareholders have viewed the ‘specs’ of this bot they can choose to support it. It would even be great if it could be proved that the bot is indeed in action and also that the bot is ‘locked’ so that it can’t be changed without consensus from the shareholders. Code to audit these bots and their actions would be written to alert and remove support if something doesn’t go as planned.

The biggest part I guess and most important, would be the purchasing of peercoin from the income from the sale of nubits. I’ve seen some things about atomic cross-chain trading which would be able to be done automatically. This wouldn’t be of any rush and would allow ample confirmations before dividends are paid.

I believe this is of absolute cardinal. These won’t replace custodians but they will allow shareholders to have an option to not place trust in a person. This is one of the big areas of concern I’ve read and feel myself. It also makes a much more automated process. I believe this crypto world would expect or accept nothing less than this and it ‘may’ then be able to compete without something like eMunie when it is released (or hopefully even benefit each other).

I hope I was clear and someone could enlighten me on if I’m crazy or not. :smile:

Regards.

1 Like
#2

That’s a very interesting idea.

I have to think about specific use cases further, but the thought of automated custodians could ofer a lot of flexibility and open verification.

#3

You aren’t crazy.

The concept of autonomous custodians is something that I expect will come about sooner, rather than later. I think we’re going to need a bigger AI :smile:

#4

3 Likes
#5

I agree with this. This is one of the biggest criticisms I see about NuBits, that you have to trust people/custodians to do what they say they’re going to do. If we don’t build automated custodians, then somebody else is definitely going to. We need to be the ones to release it first.

#6

If only it were that easy :frowning: Distributed, autonomous agents haven’t been done because it’s super hard.

#7

The only way I can see this being possible is if it were entirely built into the blockchain. Start thinking. :smile:

This might help: https://en.bitcoin.it/wiki/Atomic_cross-chain_trading

1 Like
#8

Is there any update on this? I haven’t been keeping up.

#9

We do kind of a hybrid of automation and manual participation. At its core, we have developed the FLOT, which is a multisig group that controls our bitcoin reserve. How do you automate interactions with a multisig account that requires signers to forge and verify every transaction? Isnt it dangerous to automate something like that? Besides, no robot could ever have the flexibility we have as humans to make decisions.