Revisiting the Risks of Bitcoin Currency Exchange Closure ...

Moronic Monday - It's your weekly stupid questions thread. Please upvote for visibility. I receive no karma for this post.

Hey /SilkRoad , it is time for Moronic Monday!
Post your question - stupid or otherwise - here to get an answer. Anyone can post a question and the community as a whole is invited and encouraged to provide an answer. Many questions get submitted late each week that don't get a lot of action, so if your question didn't get answered before, feel free to post it again.
I do ask that you refrain from abusing noobs in this thread. Feel free to link to guides, wikis, forums, other subreddits (particularly /bitcoin and /drugs [though many on the Bitcoin subreddit don't take real kindly to SR]), or the FAQ, though.
The Chinese scammer is still doing his thing here. They'll be using a rotating array of URL shorteners to evade reddit's spam filters. This scam's site is called emocoe (also bitswing and bitcoinestore [not to be confused with the legitimate bitcoinstore]), and they are doing the same thing: claiming to offer bitcoin for far under market value in exchange for Paypal or debit or whatever. No legitimate exchange does this. Please report it when you see it. Your reports make deleting it much easier, and train reddit's spam filter to start catching the URL shorteners.
iam_Astrid is joining us as a mod in order to assist with CSS stuff.
Useful resources:
http://erowid.org
http://dkn255hz262ypmii.onion
http://dkn255hz262ypmii.onion/wiki/index.php?title=Main_Page
reddit.com/Drugs
reddit.com/askdrugs
reddit.com/SilkRoadDeals
reddit.com/nootropics
http://gwern.net
The sidebar -----
Fire away!
submitted by RacistConspiracy to SilkRoad [link] [comments]

Moronic Monday - It's your weekly stupid questions thread. Please upvote for visibility. I receive no karma for this post.

Hey /SilkRoad , it is time for Moronic Monday!
Post your question - stupid or otherwise - here to get an answer. Anyone can post a question and the community as a whole is invited and encouraged to provide an answer. Many questions get submitted late each week that don't get a lot of action, so if your question didn't get answered before, feel free to post it again.
I do ask that you refrain from abusing noobs in this thread. Feel free to link to guides, wikis, forums, other subreddits (particularly /bitcoin and /drugs [though many on the Bitcoin subreddit don't take real kindly to SR]), or the FAQ, though.
The Chinese scammer is still doing his thing here, and has kicked it into high gear. They'll be using a rotating array of URL shorteners to evade reddit's spam filters. This scam's site is called emocoe, and they are doing the same thing: claiming to offer bitcoin for far under market value in exchange for Paypal or debit or whatever. No legitimate exchange does this. Please report it when you see it. Your reports make deleting it much easier, and train reddit's spam filter to start catching the URL shorteners.
The official forums appear to be back up after a day of spottiness and downtime.
SpydaKrazy has left us to recover from a benzodiazepine issue. I don't think they'll be back. 8'|
Useful resources:
http://erowid.org
http://dkn255hz262ypmii.onion
http://dkn255hz262ypmii.onion/wiki/index.php?title=Main_Page
reddit.com/Drugs
reddit.com/SilkRoadDeals
reddit.com/nootropics
http://gwern.net
The sidebar -----
Fire away!
submitted by RacistConspiracy to SilkRoad [link] [comments]

Moronic Monday - It's your weekly stupid questions thread. Please upvote for visibility. I receive no karma for this post.

Hey /SilkRoad , it is time for Moronic Monday!
Post your question - stupid or otherwise - here to get an answer. Anyone can post a question and the community as a whole is invited and encouraged to provide an answer. Many questions get submitted late each week that don't get a lot of action, so if your question didn't get answered before, feel free to post it again.
I do ask that you refrain from abusing noobs in this thread. Feel free to link to guides, wikis, forums, other subreddits (particularly /bitcoin and /drugs [though many on the Bitcoin subreddit don't take real kindly to SR]), or the FAQ, though.
Link semi-related:
https://www.youtube.com/watch?v=5aeukmFc3sU
Also, I wanted to mention that scam attempts are ongoing in this subreddit. It's mostly the same guy, probably from China (based on the domain registrar) posting links to a fake Bitcoin exchange with a similar name to a legitimate bitcoin ecommerce site. The site claims to accept Paypal and debit/credit cards for Bitcoin, which no legitimate Bitcoin exchange does directly. He's using a rotating array of obscure URL shorteners to evade the automatic sitewide spam algorithm. His usernames are usually, but not always, gibberish, and usually, but not always, only used to post one comment or link. Some of you report it when you see it, and I'm thankful for that. Downvotes don't put things in the moderation queue, so please always report it when you see it. I delete and ban it when I see it and I know other mods do as well. There are other scams, but that's by far and away the most common one.
Another thing I want to mention is that you should never use onion.to for SR-related tasks. You lose all anonymity by going that route. Your ISP and/or your university IT department can tell exactly what you're looking at if you use it. Even if you visit onion.to using Tor, malicious Tor exist nodes could be used to compromise your anonymity. The Tor Browser Bundle is a seriously easy thing to install and use, and Orweb/Orbot is not much worse.
Useful resources:
http://erowid.org
http://dkn255hz262ypmii.onion
http://dkn255hz262ypmii.onion/wiki/index.php?title=Main_Page
reddit.com/Drugs
reddit.com/SilkRoadDeals
reddit.com/nootropics
http://gwern.net
The sidebar -----
Fire away!
submitted by RacistConspiracy to SilkRoad [link] [comments]

Moronic Monday - It's your weekly stupid questions thread. Please upvote for visibility. I receive no karma for this post.

ALL CREDIT TO u/RacistConspiracy FOR THE BELOW INFORMATION:
Hey /SilkRoad[1] , it is time for Moronic Monday!
Post your question - stupid or otherwise - here to get an answer. Anyone can post a question and the community as a whole is invited and encouraged to provide an answer. Many questions get submitted late each week that don't get a lot of action, so if your question didn't get answered before, feel free to post it again.
I do ask that you refrain from abusing noobs in this thread. Feel free to link to guides, wikis, forums, other subreddits (particularly /bitcoin[2] and /drugs[3] [though many on the Bitcoin subreddit don't take real kindly to SR]), or the FAQ, though.
The Chinese scammer is still doing his thing here. They'll be using a rotating array of URL shorteners to evade reddit's spam filters. This scam's site is called emocoe (also bitswing and bitcoinestore [not to be confused with the legitimate bitcoinstore]), and they are doing the same thing: claiming to offer bitcoin for far under market value in exchange for Paypal or debit or whatever. No legitimate exchange does this. Please report it when you see it. Your reports make deleting it much easier, and train reddit's spam filter to start catching the URL shorteners.
iam_Astrid [4] is joining us as a mod in order to assist with CSS stuff.
Useful resources:
http://erowid.org[5]
http://dkn255hz262ypmii.onion[6]
http://dkn255hz262ypmii.onion/wiki/index.php?title=Main_Page[7]
reddit.com/Drugs[8]
reddit.com/askdrugs[9]
reddit.com/SilkRoadDeals[10]
reddit.com/nootropics[11]
http://gwern.net[12]
The sidebar -----
Fire away!
submitted by SilkRoadGuru to SilkRoad [link] [comments]

Compiling on linux and how do exchanges handle multiple cryptonote wallets?

My big question, how do exchanges handle per user XMR addresses? Simplewallet and the docs I found suggest that it is impossible to handle multiple addresses at the same time. So how can major exchanges handle seemingly 100s of monero users depositing to XMR addresses. Is the suggestion to instead use Payment ID to identify transactions/crediting of incomming users? Anyone know any other tricks that can enable per user addresses? I am a novice programer and I would like to play with some projects on the test net.
I can't see running monero in a non sandboxed environment until I can compile from source, has this been a show stopper for anyone else? I have attempted to build with debian 6,7 and ubuntu 12.04,14.04,14.10, has anyone had success with this(for me it dies during make)? Considering attempting a build on BSD. I will write a guide and post it once I can figure it out. It seems like the defacto method for installation is a shellscript, which dies for me like compiling from hand. This is the second time I have spent the better part of a few days trying to get involved with monero. The first time was during the summer - unfortunately not much has changed, I should have bit the bullet then and just used the provided binaries.
Reminds me of when I got into bitcoin - took me forever to figure out those pesky wx libraries. next thought.. is there purpose when devs choose such obscure libraries?
submitted by freeborn to Monero [link] [comments]

Subreddit Stats: bitcoin top posts from 2016-11-05 to 2016-12-04 23:10 PDT

Period: 29.72 days
Submissions Comments
Total 1000 39770
Rate (per day) 33.65 1317.40
Unique Redditors 635 5193
Combined Score 79721 141041

Top Submitters' Top Submissions

  1. 4004 points, 1 submission: btg643
    1. Excuse me? (4004 points, 293 comments)
  2. 2344 points, 1 submission: AndreAbdel27
    1. What 30$ looks in Venezuela's Currency. (2344 points, 310 comments)
  3. 2000 points, 1 submission: sk221
    1. California just legalized marijuana - a $22 billlion industry can't open a bank account. Bitcoin, here's your chance! (2000 points, 202 comments)
  4. 1378 points, 14 submissions: eragmus
    1. Peter Thiel (member of President-Elect Trump's Transition Team): "It becomes a threat to fiat money at a point where Bitcoin is encrypted in such a robust way that the tax authorities can't break the encryption, can't tell how much money you have, and what transactions you are doing." [x-post] (498 points, 152 comments)
    2. Henry Brade: "Based on new transaction stats SegWit will more than double the #bitcoin tx capacity. And it enables secure LN for real scaling. We need it!" (275 points, 162 comments)
    3. Alex B.: "Back before the block size limit debate was even relevant, @gwern hit the nail on the head. Features are secondary, resilience sine qua non." ['Bitcoin’s greatest virtue is not its deflation, nor its microtransactions, but its viral distributed nature; it can wait for its opportunity.'] (155 points, 135 comments)
    4. An ELI5 on small vs. big blocks, and the importance of node decentralization. (67 points, 105 comments)
    5. SF Bitcoin Devs - Blockstream's Andrew Poelstra discusses MimbleWimble ["Is a blockchain design w/ no script support & blinded amounts. Like proverbial black holes, tx outputs have no hair. This simplicity allows aggressive compaction & aggregation, resulting in much better scalability."] (64 points, 11 comments)
    6. Avtar Sehra (CEO and Product Architect at Nivaura): "Nivaura has been approved by UK regulator to commercially test debt structuring, issuance, and [life cycle management of decentralised debt instruments] settlement on Bitcoin" (50 points, 5 comments)
    7. Bitcoin Core - IRC Meeting Summary (November 10, 2016) (48 points, 8 comments)
    8. The Status of the ‘Hong Kong Hard Fork’: An Update (46 points, 19 comments)
    9. Bitcoin Core - IRC Meeting Summary (November 17, 2016) (39 points, 2 comments)
    10. Bitcoin Core - IRC Meeting Summary (November 3, 2016) (36 points, 0 comments)
  5. 1167 points, 6 submissions: Coinosphere
    1. Marijuana now legal in eight more US States while vendors get more bitcoin options (698 points, 54 comments)
    2. Cell 411 launches decentralized ride sharing in Austin accepting Bitcoin (106 points, 24 comments)
    3. Hacker holds San Francisco railway to ransom, demands 100 bitcoins (98 points, 21 comments)
    4. IRS agrees to major cryptocurrency strategy overhaul following audit (96 points, 22 comments)
    5. Blockchain (most popular) wallet adding an instant bitcoin buying option for credit and debit cards (86 points, 15 comments)
    6. The oldest bitcoin exchange, BTCC, moves into the US market (83 points, 11 comments)
  6. 1085 points, 2 submissions: The_Arctic_Wolf
    1. Block #440,000 was just mined. There are 16 million bitcoin now. (1025 points, 132 comments)
    2. Turmeric launch, Rootstock's Testnet (video) (60 points, 18 comments)
  7. 952 points, 4 submissions: Onetallnerd
    1. Lawyers say they've found signs of a third rogue cop tied to the Silk Road case (768 points, 114 comments)
    2. Segwit Signaling. [Note that those signaling now will not affect consensus until the start of the next difficulty retarget] (75 points, 34 comments)
    3. The Bitcoin Lightning Spec Part 1/8 (63 points, 10 comments)
    4. [bitcoin-dev] Forcenet: an experimental network with a new header format (46 points, 19 comments)
  8. 844 points, 18 submissions: quadrilliondollars
    1. One of the four biggest accounting firms in the world adopts bitcoin! (169 points, 16 comments)
    2. Good news for Bitcoin: Iceland's Pirate party invited to form government. Anti-establishment group receives mandate for power-sharing pact after talks to build five-party coalition fail. (71 points, 5 comments)
    3. India just hard-forked the rupee. (70 points, 15 comments)
    4. Venezuela's currency now worth so little shopkeepers weigh vast piles of notes instead of counting them (68 points, 15 comments)
    5. Gold above 500 gm owned by married women can be seized: Fin Min (India). (66 points, 25 comments)
    6. Andreas Antonopoulos on London Real! (61 points, 15 comments)
    7. Please make your voice heard here. We can request bitcoin support from the next President. (58 points, 22 comments)
    8. IMF approves $12 billion bailout for Egypt after austerity measures including lifting currency controls last week which made the Egyptian pound drop by almost 50 percent against the dollar (43 points, 5 comments)
    9. The War On Cash Goes Nuclear In India, Australia and Across The World (36 points, 7 comments)
    10. (AA) Exponential Innovation - Hackers Congress (33 points, 2 comments)
  9. 831 points, 9 submissions: _smudger_
    1. WOW! China's Huiyin Group Launches $20 Million Bitcoin Fund (274 points, 32 comments)
    2. Winklevoss twins see bitcoin as better than gold. Brothers hope to launch ETF soon (227 points, 80 comments)
    3. India: ZebPay adding 25000 bitcoins customers per month !!! - reports enquiries up 20 to 30% in the past couple of days (108 points, 30 comments)
    4. Another record volume for LocalBitcoins including regional records in Europe,Pakistan,Russia,Saudi Arabia,USA and Venezuela (70 points, 11 comments)
    5. R3 blockchain opens to all (51 points, 59 comments)
    6. Liberland, Bitcoin Utopia: The man who created a tiny country he can no longer enter - BBC News (34 points, 25 comments)
    7. Go India!!! (31 points, 5 comments)
    8. Get voting! (19 points, 2 comments)
    9. China Imposes New Capital Controls; Bitcoin Price Optimistic (17 points, 20 comments)
  10. 819 points, 3 submissions: jmw74
    1. Coinbase pledges to fight IRS request in court (727 points, 242 comments)
    2. IRS requesting info from Coinbase on users transacting 2013-2015 (68 points, 57 comments)
    3. Hasn't segwit activation already failed for this difficulty period? (24 points, 37 comments)

Top Commenters

  1. nullc (3550 points, 273 comments)
  2. luke-jr (1988 points, 276 comments)
  3. Frogolocalypse (1668 points, 555 comments)
  4. bitusher (1587 points, 270 comments)
  5. BashCo (1127 points, 194 comments)
  6. dellintelbitcoin (1039 points, 274 comments)
  7. belcher_ (976 points, 189 comments)
  8. jcoinner (880 points, 208 comments)
  9. manginahunter (853 points, 307 comments)
  10. smartfbrankings (788 points, 184 comments)

Top Submissions

  1. Excuse me? by btg643 (4004 points, 293 comments)
  2. What 30$ looks in Venezuela's Currency. by AndreAbdel27 (2344 points, 310 comments)
  3. California just legalized marijuana - a $22 billlion industry can't open a bank account. Bitcoin, here's your chance! by sk221 (2000 points, 202 comments)
  4. Block #440,000 was just mined. There are 16 million bitcoin now. by The_Arctic_Wolf (1025 points, 132 comments)
  5. "If Trump Wins, here's what I'll do..." User Coincle pledges to give away 25.47 bitcoin to those who commented on his post if Donald J. Trump is elected president. So, where's my bitcoin? by ILikeGreenit (806 points, 355 comments)
  6. Banking in India Right Now by surge3d (801 points, 198 comments)
  7. $12 B worth of the world's currency is uncontrolled and independent from the governments of the world. by ztsmart (795 points, 135 comments)
  8. Lawyers say they've found signs of a third rogue cop tied to the Silk Road case by Onetallnerd (768 points, 114 comments)
  9. Monthly reminder for newbies: The Bitcoins you store on an exchange ARE NOT YOUR BITCOINS - they are an IOU. If you hold a decent amount of bitcoins, please make the intelligent decision NOW to transfer your coins to a secure mobile or hardware wallet that you control. by GabeNewell_ (759 points, 237 comments)
  10. Coinbase pledges to fight IRS request in court by jmw74 (727 points, 242 comments)

Top Comments

  1. 534 points: EgoTrps's comment in "If Trump Wins, here's what I'll do..." User Coincle pledges to give away 25.47 bitcoin to those who commented on his post if Donald J. Trump is elected president. So, where's my bitcoin?
  2. 334 points: SuperPuffin's comment in BREAKING: Trump advisers considering $JPM CEO Dimon for Treasury post
  3. 292 points: AndreAbdel27's comment in What 30$ looks in Venezuela's Currency.
  4. 262 points: Myrmec's comment in Excuse me?
  5. 247 points: jtoomim's comment in Core is the new big blocker. 3.7Mb mined on testnet with segwit.
  6. 216 points: paperraincoat's comment in Excuse me?
  7. 190 points: brokenskill's comment in "If Trump Wins, here's what I'll do..." User Coincle pledges to give away 25.47 bitcoin to those who commented on his post if Donald J. Trump is elected president. So, where's my bitcoin?
  8. 181 points: amnesiac-eightyfour's comment in Banking in India Right Now
  9. 173 points: deleted's comment in Peter Thiel (member of President-Elect Trump's Transition Team): "It becomes a threat to fiat money at a point where Bitcoin is encrypted in such a robust way that the tax authorities can't break the encryption, can't tell how much money you have, and what transactions you are doing." [x-post]
  10. 171 points: butters1337's comment in BREAKING: Trump advisers considering $JPM CEO Dimon for Treasury post
Generated with BBoe's Subreddit Stats (Donate)
submitted by subreddit_stats to subreddit_stats [link] [comments]

The timechain: an idea to solve TX malleability in smart contract protocols with minimal involvement and without requiring a fork. | Matthew Roberts | Jun 13 2015

Matthew Roberts on Jun 13 2015:
I've been tossing around an idea in my head that involves time-locked
encryption [0] and I wondered what the devs here think about it. In a
nutshell: the timechain is a serial chain of time-lock encrypted GPG keys
at N minute intervals (meaning that it requires N minutes to decrypt a
single link / key in the chain and each link must be fully decrypted before
decryption can start on the next link.) For those not aware of how
time-lock encryption works it goes something like this:
  1. Choose some random, unique text - this is the initialisation vector or
IV.
  1. Hash that text -> output.
  2. Hash the output -> output.
  3. Hash the output -> output.
  4. ...
  5. Process is repeated for N minutes.
  6. Result is then used to generate encryption keys and the public key can
be used to time-lock encrypt an arbitrary number of plaintexts.
  1. All intermediary results are discarded -- only the pub key is kept and
giving out the IV forces an individual to have to repeat the same amount of
work used to generate the encryption key.
What's interesting about this is that the keys can be generated in parallel
and then "stitched" together to form a single serial chain of keys. So
potentially, if a person had access to a GPU cluster then they could
generate a years worth of keys in only 5 minutes. Now imagine if one were
to stitch these keys together into a chain of keys at five minute intervals
(a structure I refer to as the "timechain"): you could use this structure
to encrypt ECDSA keys which could then be used in multi-signature contract
schemes as a 100% decentralized, trustless way to execute refunds in
contract protocols.
Unexpected benefit: time-lock encryption can be used to build unbreakable
DACs.
Peter Todd has already done work on using Bitcoin to incentivize the
decryption process of time-lock encryption [1] but what he may not be aware
of is how important this process is for the construction of DACs.
Imagine a true peer-to-peer cryptocurrency exchange [2] that time-lock
encrypts a chain of ECDSA keys using the timechain and then sets up
contracts to pay a small portion of their fees "into" the ECDSA keys.
Essentially the exchange has created a DAC that pays its participants to
decrypt itself. This is the incentive for the decryption. The reason for
the incentive is that another chain of keys can be generate at 5 minute
intervals which can be used in contract protocols in place of nTimeLocked
refund transactions (which are vulnerable to transaction malleability.)
Sample contract using the timechain:
3 of 4 multi-sig: Owner, Owner, Recipient, Timelock
Pay N coins to recipient sequentially (micropayment channel) before [time /
date], otherwise fall back on timelock decrypted refund key to give full
leverage back to owner. This is how smart contracts would work using the
timechain for refunds (instead of nTimeLock TXs.)
Using the DAC, it might also be possible to force participants to reveal
their solutions to the decryption of the timechain (otherwise the first
person who starts on the chain would receive all the fees which isn't very
fair.) One way to do this would be to use the public key for the fee ECDSA
key as the IV used to generate the next key on the chain. To spend the fees
would therefore require revealing the public key if the fees were paid to a
pay-to-pub-key-hash transaction.
A further precaution would be to generate the pay to fee transaction in
such a way that the amount needed to be redeemed before a certain
time-frame otherwise another transaction would burn the coins. (I haven't
worked out the full details for this yet but similar schemes have been used
successfully, for example in BitHalo [3] and the Lightning Network [4]
offers another potential solution.) Perhaps a custom blockchain or
sidechain could be used to award coins for successful (and timely
solutions) but this is a subject for future work.
In conclusion: I have described a simple way to solve the TX malleability
problem in smart contract protocols without requiring a fork or relying on
a third-party escrow services to hold keys. My solution doesn't require any
trust beyond the initial need for the timechain to be generated in a secure
environment and the solution remains secure so long as participants stick
to using future keys in the chain regardless of how far along the
decryption is.
Critique / flaws
Obviously the biggest flaw here is that the integrity of a timechain can't
be known before-hand but if a timechain were to be generated securely by a
reputable party, the biggest benefit of using it is that it basically runs
itself: it does not require any third-party to manage its functionality and
the entity which originally generated it can completely disappear without
interrupting service. This could, for instance - allow companies to create
entirely secure and reliable systems that couldn't be hacked as the
behaviour of a timechain is deterministic. I think this is a huge
improvement over existing systems which require third-parties to be
perpetually trusted with managing key-pairs on their web servers.
You could even use collateral as a way to incentivize the reliable
construction of the timechain by collecting collateral into a multi-sig
controlled by a number of neutral parties and only releasing the coins back
to the entity if the chain behaves as expected. I imagine some kind of
signed copy of a GPU cluster bill + proof of code executed would be
additional proof.
Anyway, that's the basic idea. Let me know what you think.
Sources:
[0] http://www.gwern.net/Self-decrypting%20files
[1]
https://www.mail-archive.com/[email protected]/msg05547.html
[2] http://www.uptrenda.com/uptrenda.pdf
[3] https://bithalo.org/wp-content/uploads/2014/06/whitepaper_twosided.pdf
[4] https://lightning.network/lightning-network-paper-DRAFT-0.5.pdf
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submitted by bitcoin-devlist-bot to bitcoin_devlist [link] [comments]

The timechain: an idea to solve TX malleability in smart contract protocols without requiring a fork. | Matthew Roberts | Jun 13 2015

Matthew Roberts on Jun 13 2015:
I've been tossing around an idea in my head that involves time-locked
encryption [0] and I wondered what the devs here think about it. In a
nutshell: the timechain is a serial chain of time-lock encrypted GPG keys
at N minute intervals (meaning that it requires N minutes to decrypt a
single link / key in the chain and each link must be fully decrypted before
decryption can start on the next link.) For those not aware of how
time-lock encryption works it goes something like this:
  1. Choose some random, unique text - this is the initialisation vector or
IV.
  1. Hash that text -> output.
  2. Hash the output -> output.
  3. Hash the output -> output.
  4. ...
  5. Process is repeated for N minutes.
  6. Result is then used to generate encryption keys and the public key can
be used to time-lock encrypt an arbitrary number of plaintexts.
  1. All intermediary results are discarded -- only the pub key is kept and
giving out the IV forces an individual to have to repeat the same amount of
work used to generate the encryption key.
What's interesting about this is that the keys can be generated in parallel
and then "stitched" together to form a single serial chain of keys. So
potentially, if a person had access to a GPU cluster then they could
generate a years worth of work in only 5 minutes. Now imagine if one were
to stitch these keys together into a chain of keys at five minute intervals
(a structure I refer to as the "timechain"): you could use this structure
to encrypt ECDSA keys which could then be used in multi-signature contract
schemes as a 100% decentralized, trustless way to execute refunds in
contract protocols.
Unexpected benefit: time-lock encryption can be used to build unbreakable
DACs.
Peter Todd has already done work on using Bitcoin to incentivize the
decryption process of time-lock encryption [1] but what he may not be aware
of is how important this process is for the construction of DACs.
Imagine a true peer-to-peer cryptocurrency exchange [2] that time-lock
encrypts a chain of ECDSA keys using the timechain and then sets up
contracts to pay a small portion of their fees "into" the ECDSA keys.
Essentially the exchange has created a DAC that pays its participants to
decrypt itself. This is the incentive for the decryption. The reason for
the incentive is that another chain of keys can be generate at 5 minute
intervals which can be used in contract protocols in place of nTimeLocked
refund transactions (which are vulnerable to transaction malleability.)
Sample contract using the timechain:
3 of 4 multi-sig: Owner, Owner, Recipient, Timelock
Pay N coins to recipient sequentially (micropayment channel) before [time /
date], otherwise fall back on timelock decrypted refund key to give full
leverage back to owner. This is how smart contracts would work using the
timechain for refunds (instead of nTimeLock TXs.)
Using the DAC, it might also be possible to force participants to reveal
their solutions to the decryption of the timechain (otherwise the first
person who starts on the chain would receive all the fees which isn't very
fair.) One way to do this would be to use the public key for the fee ECDSA
key as the IV used to generate the next key on the chain. To spend the fees
would therefore require revealing the public key if the fees were paid to a
pay-to-pub-key-hash transaction.
A further precaution would be to generate the pay to fee transaction in
such a way that the amount needs to be redeemed otherwise another
transaction would burn the coins. (I haven't worked out the full details
for this but similar schemes have been used successfully, for example in
BitHalo [3]. The Lightning Network [4] offers another potential solution.)
Perhaps a custom blockchain or sidechain could also be used to award coins
for successful (and timely solutions) but this is a subject for future work.
In conclusion: I have described a simple way to solve the TX malleability
problem in smart contract protocols without requiring a fork or relying on
a third-party escrow scheme to manage coins. My solution doesn't require
any trust beyond the initial need for the timechain to be generated in a
secure cluster and the solution remains secure so long as participants
stick to using future keys in the chain regardless of how far along
decryption is.
What do you think of the idea so far?
Obviously the biggest flaw here is that the integrity of a timechain can't
be known before-hand but if a timechain were to be generated securely by a
reputable party, the biggest benefit of using it is that it basically runs
itself: it does not require any third-party to manage its functionality and
the entity which originally generated it can completely disappear without
interrupting service. This could, for instance - allow companies to create
entirely secure and reliable systems that couldn't be hacked as the
behaviour of a timechain is deterministic. I think this is a huge
improvement over existing systems which require third-parties to be
perpetually trusted with managing key-pairs on their web servers.
Anyway, that's the basic idea. Let me know what you think.
Sources:
[0] http://www.gwern.net/Self-decrypting%20files
[1]
https://www.mail-archive.com/[email protected]/msg05547.html
[2] http://www.uptrenda.com/uptrenda.pdf
[3] https://bithalo.org/wp-content/uploads/2014/06/whitepaper_twosided.pdf
[4] https://lightning.network/lightning-network-paper-DRAFT-0.5.pdf
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