As you may heard that Bits of Proof will provide the ticket technology for this event.
The reason is that BOP can create a solution that is worthy for this watershed event, demonstrating the world that Bitcoin's ledger is
capable of much more than a payment solution. Here are the unique features of the ticket sale:
1. Payment requests for 1 Bitcoin is generated via bopshop.
bopshop is unique if compared to other similar services as it generates addresses using the BIP32 master public key of the
merchant, therefore the payment flows from customer to merchant without BOP taking the funds in possession, not even
temporarily. BOP can facilitate processing without being a payment processor in any legal sense, since it has no
access to the funds transferred. See
http://bopshop.bitsofproof.com for details and API.
2. The 1 Bitcoin received by the organizer will be immediately split into two parts 999 mB goes to the Vault, see point 3
and 1 mB goes to the address of a paper wallet you generate, that will act as an entry ticket.
3. The Vault is a P2SH address (see
https://en.bitcoin.it/wiki/BIP_0016) for a 2 out of 3 multi signature script. The three organizer
generated their own key and sent the public part to BOP, so it could compute the P2SH address and automate the
transfer of the 999 mB to it. This Vault address will be public, so you may use any block explorer to audit the holding and spend
of the funds by the organizer.
4. At entry to the event you will be required to show your paper wallet's private key as a QR code, so it can be swept by a BOP
mobile program that the same time spends and validates that the mB you presented is in fact a mB that was the part of a
payment to the Vault. Since the mB will be taken no copies of the same paper wallet will be admitted at the second attempt.
Note that the organizer might stop ticket sale if the event is sold out. Direct payments to the Vault
bypassing Step 1 can be identified and will be considered as donations, not as entry fees. The process is a simplified
demonstration of colored coins.
5. The organizer will be supplied with a special purpose Wallet by BOP, so they can spend the Vault to any address they need to
fund the event, provided 2 out of them signs the same transaction. Note that, BOP will be at no point in possession of the
funds, nor any of the organizer individually.
6. All tools involved and specific to the process, such as the coin splitter, event entry validation mobile application and the special
purpose wallet will be open sourced to demonstrate Bitcoins' and BOP capabilities to go far beyond simple payments without
requiring trust into the technology provider.
All above was agreed by BOP and the event organizer as Bitcoin was far away from its current value. As you know Bitcoin rose
much faster than most of us imagined, and this project became much more urgent than anticipated by any of us.
I hope you agree that above technology demonstration adds to the anticipated positive media effect of the party, and therefore
forgive us for being not able to match the stunning speed of Bitcoin's appreciation with development and testing.
Our current plan is to start ticket sales on 9. December.
thank you very much for the detailed explanation. cheech300, bulleric and me are very happy that the pro's from BOP are contributing their know-how towards this event for everyone to see the astonishing elegance of programmable cash.
every professional in the payment providing field, every promoter or event manager, everyone in the field of ticket sales that discovers this nice little example of what bitcoin is capable of, will raise eyebrows here. bitcoin is not only disruptive to banks and the btc 1k event is an excellent showcase.
postponing ticket sale for a week is not really cool, but it will not hurt anyone. reservations can be done, so it is no problem. we better play it safe here.
bitcoin price had a rush, the btc 1k event cannot be rushed accordingly. maybe we will indeed have it in the spring.
thanks again, grau, for this informative post.
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