Multi sig escrow service using nubits

[Sentinelrv]

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…

OPEN BETA, Coinapult, and Multisignature Pegged to a fiat value using Nubits •...

[cryptog]

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.

Erik Voorhees (ErikVoorhees)

[Cybnate]

@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…

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

[Sentinelrv]

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.

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.

[starsoccer]

@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

[Sentinelrv]

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

It’s right here…

https://bitcointalk.org/index.php?topic=1033773.0

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…

[Passed] Motion to provide seed funding for B&C Exchange - a decentralized exchange built on the Peershares platform

As most shareholders have likely noticed by now, centralized exchanges add considerable risk to trustless payment platforms. It is an especially limiting factor for projects like NuBits that have relied on centralized exchanges for providing liquidity. The Nu network saw 99% of its trading volume disappear within a couple weeks in February 2015 after several high-profile exchange defaults. While our 1.00 USD peg has performed admirably, our trading volume has not yet rebounded in the current be…

[cryptog]

NuBits and getting them accustomed and comfortable with using it for trading.

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.

Do you have a link to B&C?

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!

[Cybnate]

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

Something like this: https://shapeshift.io/site/ 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 shapeshift.io 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.

[Sebsebzen]

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.

[Cybnate]

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.

[Sentinelrv]

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…

OPEN BETA, Coinapult, and Multisignature Pegged to a fiat value using Nubits •...

[cryptog]

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.

[masterOfDisaster]

I’ve been helping out the developer of the site the past few days.

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

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

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

Well, no, if b&c can provide decentralized wallets, decentralized bank accounts in fact, using the multisig mechanism

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.

[cryptog]

Users can only bypass downloading complete blockchains if they choose lightweight wallets.

What prevents me from creating a deposit address (nubits, or whatever accepted), sending there nubits or whatever accepted and then doing no trade = saving money for a while? In that case, the blockchain is downloaded by the signers, in my understanding.
Of course there is the problem of disappearance of signers after a while but there must be a solution using time lock, i feel.

[masterOfDisaster]

What prevents me from creating a deposit address (nubits, or whatever accepted), sending there nubits

Nothing. But where are you going to withdraw them?
That’s what I meant by pointing to lightweight wallets: if you don’t want to download a blockchain of a coin you want to withdraw from a multisig BCE address, you need another way to get hold of an address and its associated private key.
Withdrawing NBT to NuDroid would be such an option - unless you want to withdraw something different from NBT speculating on a rising value

[cryptog]

But where are you going to withdraw them?

Well in my case, i envision using b&c to store my bitcoins and then withdraw them to the address specified by the online store from which i would want to do shopping.
Isn’ t that possible?
In terms of performance, that would probably not be as efficient as using a light wallet but it could be nice for someone that does not trust a server, i guess.

[masterOfDisaster]

withdraw them to the address specified by the online store from which i would want to do shopping.Isn’ t that possible?

It is. Now I understand what you mean. This way you only need a BCE wallet to handle all currencies that are supported by BCE.
Great idea!

[starsoccer]

@Cybnate oh you just mean an api. Yes we do. Its not public quite yet but if you shoot me a pm or email I will give you access to it

@masterOfDisaster hopefully @Cybnate will do work on it tho a few people already have api access and are working on quite big things

[Sentinelrv]

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?

This is why Nu should plan ahead to use Sunny’s solution for Peercoin, where the main chain is used mainly as a settlement network and secure decentralized storage, while the majority of microtransactions happen off-chain, preventing bloating on-chain.

Mably has been preparing for this with his development of ppcd, which could hook up with Open Transactions if it is ever released. If not, perhaps it could link with Lightning or other off-chain networks once they are released. I believe Nu should be taking steps to prepare for this.

[cryptog]

while the majority of microtransactions happen off-chain, preventing bloating on-chain.

I am not sure what “off-chain” is. I feel a solution involving a full node that stores wallets in multi-sig mode on B&C is tangible though.