Can we develope a micropayment system(escrow) after ver 5.0? We can become an important OFF CHAIN service provider for every Satoshi Blockchain tech based aaset such as BTC, ETH, etc. Make other blockchains into settlement network.
IMO, the blockchain should NOT and can NOT be used as micropayment platform. Scalability is their cancer.
Can B & C become Exchange, Wallet and Payment Processor simultaneously?
Touching fiat money?
With regard to fiat money, the traditional exchanges are good gateways of NBT-fiat liquidity provider.
I agree with this. It was Sunny’s belief as well and the reason why he designed Peercoin the way he did.
How exactly could B&C act as an off-chain network for other blockchains though? With Peercoin at least, we were looking at off-chain networks like Open Transactions or Lightning to do it for us. How would it work with B&C?
We’ve just welcomed @Eleven as our full time developer, his previous product is “quick wallet”. a 2 of 2 multisig wallet.
https://quickwallet.com/
https://quickwallet.com/help
The most interesting is “Transactions between Quickwallet users are confirmed instantly, even before confirmation by the bitcoin network.”.
For B&C accounts, perhaps 6 of 6 multisig or whatever, but the principle is same: instantly off chain transaction.
How Is Quickwallet Quick?
1. Because all Quickwallet transactions require two private keys, one of which we(For B&C, “we” means reputed signers) hold, it is impossible for a user to double spend.
2. Therefore, transactions between Quickwallet users can be confirmed instantly, without having to wait for confirmation on the blockchain.
So in addition to the private key B&C users have to access their accounts, reputed signers would also hold a 2nd set of private keys?
These off-chain transactions can be charged for with BlockCredits correct?
I don’t know if this is all possible, but solving blockchain scalability, microtransactions and instant payments would be a major advance for crypto, especially if we could find a way to profit from the solution.
Do customers need register an account on B&C? I believe this is feasible even the 3rd and 4th private keys are added. Could @Eleven explain the basic principle? Is quickwallet an open source project?
Signers can earn profit(BKC), a portion of income may be voted to add to development fund.
Off chain transaction is also critical for B&C itself because B&C blockchain will face bloat problem too. If most transaction take place off chain(as traditional exchange) by signers updating accounts balance rather than going to blockchain, B&C exchange performance increased a lot.
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Maybe you should change the thread title to something more obvious like the following…
“Solving Blockchain Scalability & Instant Micropayments Through B&C”
Tangential:
If there is a B&C address with exactly 1 btc, and a trade moves this btc from possession by person A to person B, is there a way to simply alter the ownership over the address instead of doing an on-chain btc txn to a new multisig address?
At least quickwallet can do this. A payment is indeed a transaction, when persion A send 1 BTC to person B, it means A buy nothing from B with 1BTC. If A buy 100LTC from B with 1 BTC, that’s normal exchange transaction.
Therefore, it is very possible for us to combine exchange, wallet and payment processor into one B&C service.
The blockchain is a tool for decision-making for business processes, in a decentralized/distributed/flat fashion –
I think we should contemplate what we want to integrate into it and not put everything in it – I would not characterize a transaction a business decision, in principle.
My understanding might be off, but I thought about the same when talking about 0-confirmation tx:
Can we maintain a public accounts database shared by B&C signers? Unlike the blockchain which contains the whole transaction history, our database only includes the latest balance for all B&C accounts.
When a B&C customer want to buy LTC with BTC, he/she sends a encrypted message to our sigers such as:
customer account ID: XXXXXXX
sell Asset ID: BTC
amount: 10
buy Asset ID: LTC
amount: 1000
from/to account ID: any
Or he/she may send 10BTC to other account as payment:
customer account ID: XXXXXXX
sell Asset ID: BTC
amount: 10
buy Asset ID: none
amount: none
from/to account ID: YYYYYYYY
Because the message is encrypted by his/her private key, it is impossible to fake.
When 8 out of 15 ( or 4 out of 6) singers receive and confirm the validity of this message, signers begin to update the accounts’ balances.
In this way, B&C customers don’t have to(although he/she can) withdraw their money from B&C on every succesful transaction, and B&C performance greatly improved.