In my paper it was called "Two Party double deposit trustless escrow in cryptographic networks and Bitcoin."

Best to call it "double deposit" for short.

Not only the sabotage and fud, but i had to make a decision to not hire any coders and work alone. Its stressful but i get more done this way. Also it will give me a little more firepower in the future. To make things even better, I paired up with a friend who is helping with all the back end like articles and building and other things to save time. This allows me to focus on coding only. For example, i was able to update the bitbay source with locktimes in a single day! Markets only took me 2 weeks! Templates will take a few more... so things are way faster now. Plus im staying with my friend it makes life easier than when i was traveling too much.

So expect public beta in a day or two.

Yes its very exciting. If anyone has any questions, dont forget to subscribe to the community subreddit as well r/blackcoin

PM me on Bitcointalk or reddit with any questions or desire to test before release.

Release for public beta tests should be in a few days. Templates will only be custom contracts. Full templates coming with NT microtrading exchange soon after.

Any requests for press releases please contact me directly.

Yes there is and its a good one! You see because you only have 50% control of those contracts you can give one key to your wife, lawyer friend or partner or even give them contracts.dat to assist in completion if you are incapacitated. In the future we can take this one step further and use automatic signing of escrows unless told otherwise.

But for now keep it simple. Give your friend one key to your account. They cant get your coins and they can sign for you if you die.

Perhaps parties will request a second contact address for buyers in case of incapacity. The odds of that happening are so low for now, its not worth worrying about.

If Sally has no friends and no family and she dies well... lol Bob is out of luck.

I agree it doesnt make sense but this is the first time we have ever lived without escrow. So you are 1/2 of the escrow, they are the other 1/2 think of it that way. Escrow is just a word for an intermediary that holds the paperwork and funds for the execution of the contract. Since there is no escrow agent, the agents themselves are the parties involved.

So maybe we need to invent a new word for this.

A typical contract can be seen on the blockchain from start to finish.
https://chainz.cryptoid.info/bay/tx.dws?3f5948d0b137f3d3151c5c4ecde2bd1eb6208169a1730cffed138bf66fa3810b.htm

That transaction shows the two inputs from different addresses, their temporary accounts, then also the "escrow"/joint account and the release back to the parties.

Notice the inputs of 2 and 4 from separate addresses and outputs of 4 and 2 respectively.

The bomb is held by both parties and is never broadcasted. However BitBay will automatically submit this bomb AND delete the key to the escrow destroying the funds in two ways if the time limit runs out.

Hi EMIF thanks for the support.

First of all you had it correct except its in reverse. If Bob and Sally are total strangers with no trust, then Bob would deposit 1 and advance the amount 1(for the phone). Sally would only deposit 1 to avoid extorting from Bob.

So at first Bob is -2 Sally -1.

Then Sally sends the phone worth 1

So Sally is -2 Bob is -1

If Bob says he didnt get it he is still -1 and just paid double for the phone. If customs really provably had a problem, then Bob should contact Sally and explain. Its up to Bob and Sally to agree before the time runs out or they both lose. Of course insurance is recommended with international packages!

However, if customs took the item, then both Bob and Sally then would want to agree on an extension.

If Bob ever tries to steal the phone he is -1 and will pay for his deception.

If Sally really has no trust for Bob she can even make him pay more deposit before entering a contract. Trust levels is dependent on how new the parties are to the system and what Sally thinks. There is also a rating system so deposits can be lowered after good behavior.

The best part is, BitBay will handle everything automatically. So Sally does not need to worry about deposits. The "Templates" will set those amounts based on recommended levels. She can choose the edit the template and it would show as a "Custom contract"

There is also auctioning/counter-offer system in BitBay. So they can negotiate everything in advance and everyone can bid on prices!

Thats true but the stake reward is higher for small amounts of coins. So if you have a .1% chance of getting the block your reward is higher than one who has a 99% chance of getting a block.

Also, I am adding multisignature staking to all my clients. So now, you can stake without ever getting hacked. (2fa staking)

Hey I just wanted to make a suggestion. I know we talked earlier about AT and malleability and it was concluded it still is a problem until the update of checklocktimeverify.


However, I think I have a really good idea that may help you fully avoid malleability. In BitHalo, we use "instant refund" for preventing a malleable transaction. If you have a refund based on the TXID of the transaction in question to a multisignature account controlled by both parties then you can do AT! The amount must only slightly exceed the amount being traded. Hell, even a small refund would be a deterrent if it exceeded the probability of a successful attack.

Thus if a party deliberately changes the TXID before broadcast then he loses the refund. This can help you until checklocktimeverify is added and can make 100% sure your exchange is trustless.

This way we know that p2sh is indeed more resilient. Because we should try and attack the mercury exchange to test its resilliance to these attacks. If you want, i can give you a p2sh malleability script in python.

Please read my whitepaper on instant refunds and let me know what you think. If you have a question for me please PM me since i dont always check bitcointalk. The whitepaper is here... www.bithalo.org

Best,
David

In theory no it is not. It is in fact a joint account. Please read my whitepaper on BitHalo.org to see how its done. Basically, you withhold one critical transaction to a temporary account for leverage in negotiating a time bomb. Then both parties have a copy of that and to prevent malleability both parties can either negotiate a refund or refuse to proceed until the bomb is signed. Then once its signed they fund a joint account.

The joint account has only 2 keys. So no actual escrow is needed. Both parties made a deposit simultaneously and even possibly advanced an amount. Any instant refunds would be based on the same txid as a time bomb so again malleability cant be performed. I think the same logic can be used for AT.

Hope that helps. The short answer to your question is: "It is stored in a joint account, there is no escrow, just double deposit"

Instead we could say "2 party escrow" as stated in my paper.

Also true for the Gabriel profile and about 10 others that have attempted to comment here. Some of the profiles seem neutral others not so much.

we are making sure the markets and new build work on all linux mac and windows platforms. Building a static build of everything is challenging. Different computers have different issues. However we are almost there. A few more days and public tests can begin.

You should download the new wallet, it has nodes hard coded in. The link is in the OP

Yes well this is because greed has blinded people from tech. I hate to say it but anyone who uses escrows on the darknet after sheep market losing 100 million, this recent darknet hack, silk losing 100 or so million. Not to mention centralized exchanges getting hacked people lost up to .75 billion (.5 billion by mt gox alone) by now in exchange hacks not to mention increase in distrust which alone has impacted BTC.

Why people arent flocking to double deposit escrow and pegging tech just shocks me. When is everyone going to learn? Escrow should not exist!

Bit/BlackHalo and BitBay doesnt use escrow, parties dont risk losing funds at all, it cant be hacked, it can enable barter. *sigh* ... perhaps its because I dont have enough time to do marketing so vaporware always wins.

Also, people are always speculating on crypto and they dont even use the tech they do have. Even NXT and Ripple are better than a centralized exchange still people dont learn their lessons.

The major issue is not only the cesspool bct has become which is a reflection of greed, emnity and envy. But also, the fact that people still worship the dollar and treat it as god. Its like this: Bitcoin is closest to the dollar so people stay in Bitcoin because its almost the dollar.

What does Bitcoin do except waste billions of dollars of electricity, is slow, is highly centralized (15 pools control almost 100% of transactions) and they dont even update their ancient scripting system??

They should have hard coded a centralized way to fork so at least their devs can update the codebase. But no, thier devs spend time wondering about protocol changes(they dont even have locktimes after 4 years) while altcoins can freely test any protocol they want. The "too big to fail" attitude of the Bitcoin foundation may actually turn against them. After all these hacks, probably more than 50% of btc belongs to theives, the exact same people it was meant to protect us from.

I agree with you totally. Its no mystery that most of the worlds major intelligence organizations are intimately involved. Of course they also have access to some of the most amazing hackers. There is so many backdoors even in the hardware we use. So honestly this is always going to be a fight for the best security. However, thats why decentralized markets and control of supply/hedging/pegging are so important. Eventually this market will change and tech will be the most valuable thing of all.

After all it was the tech behind bitcoin that got us here... i think the manipulators and thieves always forget that. Also, worshiping Bitcoin is almost worse than worshiping the dollar. People tend to forget that the true innovation is decentralization.

Maybe? Can you please pm the guy and find out? I'm not sure he is reading this thread.

Maybe nobody donated yet? We can leave the link in and see as long as the faucet is legit if we find out its not being maintained then we can change to another faucet. Hopefully they will respond here.

Thank you!
I have added the faucet to BitBays wallet in the links inside the client.

So I wanted the entire community to know, anything you develop for Bitbay and any services or news sources and possibly blogs will probably be listed in the links in the BitBay client. This way all of the communities contributions will be easy to find!

Lol of course no, the reputation system is just an added bonus. You cant steal or lie in this system because of double deposit escrow. Did you want to test the markets? PM me.

This one and only this one.

You point about Doge/BTC in a contract secure by BLK is 100% accurate. Doge is slowed down because it had to wait for the slow Bitcoin confirmations. Sadly, there is no way around this. However, i think we can use give the users an option to use a 3rd party service that checks Bitcoin mempools to have faster Bitcoin confirmations (this can be if both parties have agreed to it). That only works on Bitcoin because Bitcoin is very centralized.

Regardless, if you trade Node/Doge then the Node confirmations would be instant and they would have to wait for Doge. However, NightTrader does everything for you automatically! It loads all 3 wallets, it watches for all the transactions and it automatically fulfills the contract. So as long as you leave your client running, your trade should normally take no more than an hour(depending on how many transactions). IF for example you chose to trade 1 BTC for 1 BTC of Doge under a BlackHalo NT contract, we have to know how many transactions it needed to fund. Lets say it funds .1 btc at a time. So the BC contract would create a .2btc deposit contract and trade .1 10 times. So it would take about an hour.

However, if you traded BitBay for BC under the same contract it would take 10 minutes. So faster currencies would fund really quick in NT. And besides it is worth it, decentralized exchange with no trading fees and no middle coin!



You may be right about DRK coin mixer. Even Tor had security issues though so we know that security will always need improvement. As for Zero Knowledge proof, your point about "impossible to set up the network" is true for non-interactive proofs such as Zk-Snarks. For interactive proofs, then that trust issue isnt required. To make it "non-interactive" trust is required for the person who set up the network, they would know the secret and could take advantage of that knowledge. Additionally, interactive proofs would eat up a lot of bandwidth and processing time. Zk-Snark is much lighter in weight.

Actually, the bigger challenge with zero is simply figuring out a protocol!! Think of how many questions need to be asked to generate a proof. Aka "Is it a wallet on the network?", "Yes", "Are there coins in it?". "Yes"... and so on for each programming step you want to hide. Its intense. However, I do think it CAN be done and done efficiently. Unfortunately, i dont have the time to work on zero.


The best ANON is still in Halo/NT because when I send you DRK(especially with the mixer) and you send me BTC there is absolutely no way to prove that was done because its two totally unrelated networks. There is no link from A to B and because no exchange was used its not possible to know the users who performed that trade. At best, you would need to collect data from the Markets to somehow try and solve who was trading at that specific time (but actually, the same attack can be used on interactive zero).