Multi sig escrow service using nubits

To my knowledge, this is the first escrow service that uses nubits.
Escrow implying online payment.


I’ve been helping out the developer of the site the past few days. Seems like a cool guy. I think he’s already on the forum as @starsoccer


Nice to hear!

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Yup I am on the forums :slight_smile:


And a post with “NuBits” in the title is on the front page of /r/Bitcoin!


very promising! nice idea!

That’s actually pretty shocking @tomjoad. I assumed everything with NuBits in the title would get downvoted there. Maybe there is hope after all. I think what we need to do is convey the message that NuBits are complementary to Bitcoin and not present ourselves as a replacement or competition for them. That way our communities can coexist and even get free marketing by Bitcoiners. The NuDroid ad also helps out a lot with this.


I responded to Erik Voorhees by telling him about all of our design changes since launch and linking to our new history in case he’d like to read up on all the improvements. You can find my comment here…


I feel this marks a transition.
This is historic.
Overwall 50% of bitcoiners are positive but 50% still think everything that innovates besides bitcoin and threatens its monopoly is shitty.
We can speculate that this second half of the year will see a real traction for nubits in terms of adoption. Users will speak, not haters.
As a side note, it is good to see once again the open-mindedness of Erik, probably the only prominent bitcoiner open minded out there.
Tks to him.

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@starsoccer Very interesting development. I’ve been thinking about a multi-sig implementation supported by NuDroid as well. Your service is interesting in this context. Before I start dreaming, does your escrow website also work with APIs or are you considering that in the near future?

Edit: NuDroid, the first stable crypto wallet with consumer and merchant protection built-in… :open_mouth:

BTW: @cryptog took the freedom to correct the muti to multi spelling error in the title of this thread

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I feel once B&C is released we’re going to see much higher volume. B&C will basically introduce NuBits to Bitcoiners, Litecoiners and any other people who hold cryptos featured on the exchange. Many of these people have never used NuBits, but will need to in order to use the decentralized exchange, since they’ll need a dollar substitute for trading. This will result in many people in various crypto communities being exposed to the stability of NuBits and getting them accustomed and comfortable with using it for trading. I believe B&C was a brilliant move as the next Peershares implementation. It’s just what we need right now to increase adoption and use.


@Cybnate could you elaborate by what you mean with API’s?

@Sentinelrv Do you have a link to B&C?

@seki and @cryptog thanks, I am glad you like the idea


It’s right here…

We already achieved our $200k minimum funding goal and development is underway. Logos were released recently and a teaser website is being released soon.

The discussion thread on the Nu forum is here, but the bitcointalk thread is the main one…

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I feel the same. Users have a lot of pre-conceived ideas about NuBits. But that will go away when they see how convenient NuBits is.

It seems that B&C has already some ideas about using itself for escrowing…If implemented, that would be a nice alternative to your service!

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Something like this: but then of course for your service.
E.g.functionality to setup a new escrow, release funds to pre-determined address when conditions are met etc. I envisage that the process can still be followed on the website and people need to go there for specific functionality e.g. for disputes, but that a standard escrow transaction on both the consumer and merchant side can be handled entirely in the wallet by just calling the APIs pulling and pushing the data required for the escrow transaction.

Not sure whether your website requires a sign-up or will be operating trustless like and maybe it is too early for you to tell. Authentication complicates things a lot, to the extent I would wait for a trustless service like B&C to implement.

Let me ask an uninformed question. Could the Bitcoin lighting network, if it’s ever implemented, be applied on NuBits? For example, to get faster microtransactions. Just feels like this could be the next big thing for Bitcoin, and NuBits should be ready to leverage.

Not sure about the context of your question to this topic. Escrow transactions and micro transactions are almost opposites of each others. Unless your interpretation of microtransactions is e.g everything under 500 NBT. Under 10 NBT transactions are not likely to be put in escrow.

One of the people in the Reddit thread was talking about Bitcoin as the one blockchain to rule them all, so I had to contrast it with the Peershares philosophy of separate blockchains for diverse business models. I really don’t understand how people see the “one chain” philosophy as sustainable…

I agree with you on the modular aspect.
As for the size of the blockchain, i think that if nu is successful in becoming the first currency of the Internet, the blockchain is likely to get enormous.
So most of users (except shareholders) will not download it, we can speculate.
Is it a problem?
Well, no, if b&c can provide decentralized wallets, decentralized bank accounts in fact, using the multisig mechanism, we have a very robust solution to the blockchain cloating problem, whether for nubit, bitcoin or peercoin.

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You made the difference (e.g. to bitreserve according to @starsoccer). Thank you!

It’s amazing to see what forms around something as badly needed as a stable crypto currency :smile:
NuDroid (together with in its current form already is a masterpiece.
Imagining NuDroid with a built-in escrow service using makes my eyes shining with joy!

That doesn’t align with my understanding of the current design of B&C exchange. The decentralized wallets you’re speaking of are the wallets of the foreign blockchains. The multi signature transactions are negotiated on the B&C Exchange blockchain, but they are sent to and saved in e.g. the Nu blockchain.
Users can only bypass downloading complete blockchains if they choose lightweight wallets.