Bitcoin Forum

Looking at Bitcoin, it is probably the most secure tokenized system the world has today. But how can I use either Bitcoin, or maybe even the block-chain/miner & nodes validation, for third party projects.

I could imagine this in a project where Bitcoin would act as timestamp for certain routines, or for validating certain requests historically, but that would mean I need to lean towards Bitcoin itself, and not fork the project, which in turn gives me an obsolete/insecure alt-coin that does not give the hashing protection Bitcoin has, and can be tampered with. My point is that I want a decentralized database, protected by miners. It is great for sessions, storage, proof of work, proof of ownership etc.

So what is the suggestion in the community about this? Fork? Build a layer on of Bitcoin somehow? Fork the block-chain, and keep the hash power? (not even possible I assume)

I'm not developer but I wold build a layer on top of  Bitcoin you don't need a lot of bitcoin to do it you can send one between parties and just pay transaction fee.

https://en.bitcoin.it/wiki/Script

There is a service that uses bitcoin blockchain to prove that certain data exists at a certain moment of time http://www.proofofexistence.com . This is done by generating a  bitcoin transaction (unspendable) to two specially crafted addresses.

This is a very inefficient and destructive way to perform this tasks. I would not recommend using or promoting this service.

I wrote a system that does the same thing, but without spamming the blockchain with unspendable junk.

I never released it.  If there is some demand for such a service, I can finish it up and put it online.

Bitcoin may have these capabilities already, but will bitcoin have turned into a fading fad by the time your project gets to field trials? Do these capabilities translate into mining rewards and fees for your network's guarantors?

What are you on about? Even IF Bitcoin was to turn into a so-called fad, the existence of block-chain/mining security based applications are a great feature for any project.


Could you expand more on your thoughts for this? From my point of view this service already done a lot of neat things. What is the downfall?

I would also like to know more details on how to prove that some data exists without
creating unspendable outputs (I have no affiliations to proofofexistence service).

Basically, if we can identify a user by a coin, this would allow for interesting things, such as bearer certificates, aka. bearer shares, and would allow for transfer of dividend or proof of ownership to a certain something. The block-chain + nodes + miners is the creme dela creme in the whole game. Utilizing those 3 parameters to lay something on top would give us a perfect system of any form of proof of ownership, dated, timed and completely visible.

If we can actually get this working, it would bring back the dividend payouts and allow people to have "bearer shares" once again. Are there more examples out there on how to make this work, and use Bitcoin as validation for assets?

Wouldn't the easiest be to use the hash of the file as the private key like a brain wallet and send to the address and empty the address back to another address you control? It's very simple and easily checked by anyone and doesn't leave coins unspendable.

You could even create a text file listing many hashes of files on the computer and prove them all in one transaction just by creating an address from the hash of the text file and bounce the coins to the address and back.

Yup, exactly.  Pretty easy to do, too.

Hashcash?