If it’s built as deterministic wallet, sure. Is the Nu wallet such a wallet? Are the PPC and the NSR addresses connected that way?
You’d rather derive the public key of different currencies from the seed, right?
That’d be awesome!
Now that I think about it, I realize that I don’t understand how it really works. I mean, how can the Nu wallet, that’s used to distribute the PPC dividends derive the PPC addresses from the NSR addresses?
So I don’t know how the Nu wallet used in the seeded auction can derive the public FSN-BTC keys/addresses from the public NBT keys/addresses, which were used to send funds to the auction.
But I’m damn sure it’s possible just like the PPC distribution through NSR addresses is!
I’ve always been a fan of seeded auctions after you introduced them.
It’s good to see how useful they could be in this scenario.
They use the same private key. The process for generating the address is described here, is the same for almost every coin. The diference lies in the point 4 (where a 00 prefix is added for BTC network), if you add another prefix the final address start with other letter, such as 37 for the P of PPC or the 19 for the B in NBT addresses. So you can receive and send coins from all those address since you have all their private keys (the same one).
Nothing to do with deterministic wallets. Nothing to do with Nu. Can be done because the properties of public key encryption.
It is certainly useful for doing such linked auctions. You would only need to know the privkey of the address from where you send the auction payment to redeem any number of other blockchain’s coins.
Yes! And if it’s all in the same client we can easily make a “import priv key to other wallets” button and tada, that address is now autoregistered for all Nu auctions. You don’t have to use the same priv key for other things, this would only be important for the auctions, so there’s no sacrifice to network security in other areas. Of course, the public auction would pose a small security risk on the addresses involved because an attacker would have 2 points of data about the private key instead of the usual 1.
If you have a BTC generated address and a PPC generated address from the same private key, and you know they’re from the same private key, that’s 2 pieces of information.
They are the same public key, just represented differently. That’s the misconception I am trying to explain. Take a look at this NBT, BTC and PPC addresses. Same private key, same public key, different address representation.
Do I understand it right that registering addresses for seeded auctions isn’t necessary, because the address AND public key of the deposit is known - in fact the address is just a different representation of the public key, right?
From that public key any address of any other coin (that is compatible with regard to generation of addresses) can be generated.
The part about redeeming funds is quite clear as I understand that you can generate addresses from private keys.
The auction participant has a private key. With that he/she sends funds to the auction.
Depending on the outcome, the deposit or the proceeds get sent to one or the other address and can be redeemed by the participant.
Coming back to the original thread, I think that new people is not coming in mainly because the huge entry barrier to use Nu.
We are talking about new systems, new coins, new solutions, because we are afraid that the absence of new users marks that Nu is not so useful after all. And I think that we forget that Nu works.
From what I know, people that want a stable coin, or a hedge instrument against BTC know Nu, and use Nu. We can see that when BTC goes crazy high and NBT liquidity vanish.
Altcoin hipsters are always in the last crypto vibe, right now ETH.
But what about the rest of the people? The ones not actively involved in crypto and not technical and economically curious?
We don’t provide a clear path to them.
When I tell someone on that group about Nu, the questions that arise are like:
Why do I need it? How do I use it? Why is it better than I did before?
And then the only option is a long, intellectually intensive exercise to understand current economic problems and evaluate the proposed, equally intensive and almost visionary proposed solution: Nu.
That questions should be straightforward answered with a simple sentence.
We question why the first obvious users (bank haters) don’t come, but as I see it, it is a signal that there is a problem to join Nu, not only for bank haters, but for every average joe.
Let’s be real, even if bank haters saw us as another fed, or another conspiration, or had any other problem with Nu, there would have to be at least some of them that do not see it/do not understand/do not care; and instead, we see no one.
Unfortunately this sounds plausible. If we can attract bank haters, we might be able to attract average joe as well, if the reason for the absence of both parties really is the same.
This initiative
combined with a website, that can easily be updated by anyone (once it’s hosted on github) to make it easier to present Nu as what it is - one of the most successful stable currency projects so far! - might help a big deal.