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The growth and development of Crypto with time brought not only
a new technology to the world, but also various scams.
a supposedly legendary digital cash without chargeback became an ideal honeypot for scammers
you can't deal with all the problems but I was trying to do something with the most of them
and it's not going to eliminate all the scams but at least it will motivate to do things more legit
and better faster service(including packing and shipping the product fast and good as possible)
and at least motivate people to use their crypto instead of holding (today it HODL) but yet it still gives the answer
and return the true property to cryptocurrency as digital cash as currency.
SCAM SITES
scam sites that present their self as a legit website, and that you buying something but you never receive it
and it's just another bogus trade transaction.
PHISHING SCAMS
pretending to be some other famous website, that once again when you buying something you first send the money
and only then receive your goods but because it's a phishing site you losing your money and not receiving any of the goods.
MALICIOUS JAVA CODE INJECTIONS
injecting java code that replacing coin address on the website and you just sending your coins to some scammers, without realizing that.
ESCROW SERVICES
people that supposed ESCROW you deal with the seller and to release your money to the vendor, was running away with your coins after receiving.
STRAIGHT FORWARD BUYING DEAL
Bob wants to sell computer for X coins to Alice sending the coins
Bob said he shipped and give her tracking number Alice happy thinking that her new computer on her way
and happily giving Bob her Coins, but for her surprise, she received an empty envelope and not a package.
THE SOLUTION
chargeback, you can buy safer knowing that if you bought something over the net
and it didn't ship or fake shipped, similar to PayPal or you sent to wrong address you can create a dispute case and claim your money back.
Although this solved the majority of the problems, this is creating another problem
the decentralized become centralized and you need a third party involved and that is not good
and kinda defeats the whole point of cryptocurrency.
and also become sort of place for scammers, I sending Bob coins to buy other coins after receiving them I doing a chargeback
and Bob losing his coins and I remain.
so how can we use our CryptoCurrency and motivate the buyer to buy and the seller to ship or deliver what promise?
THE REAL SOLUTION
to motivate the sellers to ship give buyer what he paid for and eliminate at least most of the scams
the solution that I start developing in 2013 was "one-way hold" that allows you to send a transaction from A to B
just like you do with all other cryptocurrency but with one exception that change everything:
you can put transaction amount on "hold" and release it after the seller shipped as promised or you receive the promise.
how does it work:
it's a littile bit more complicated than that but in short:
when putting transaction with "hold" the sender entering passkey and it's added to transaction tx additional data to block
to release from the hold that can be done only from the same wallet or same private key, after entering the passkey
and sent as subtransaction that miners validate after the validation the balance released from hold
because releasing from transaction it sort of the transaction to avoid spam and pay the miners
releasing and putting on hold have a fee
and this is for 2 manly reasons:
1) avoid spam on the blockchain
2) and since adding additional sha256 pass is additional bytes which
increase the block size to avoid people just sending holds for fun, or without any real use
I sorry for the quality of the video this is the only video I've got from 2013
i sending 15 test coins from wallet A to wallet B
and instead of regular transaction I put hold entering password for this "hold"
wallet B receving the transaction with status "received with hold"
and red lock, the wallet show that the 15 coins is on hold
then I going back to wallet A clicking on the transaction I sent
entering the password and un-hold it wallet B received notification
that the funds released from hold and now the Status went from
"received with hold" to "received" and changed to green
now wallet B can use this coins
one-way hold in real life usage:
Alice wants to buy From Bob ps4 Bob knowing the nature of crypto and Alice also
so Bob say first where is my guarantee that you will pay me after I ship?
and Alice say what our my if I paid what are my guarantee that you not going to disappear after the transaction?
so they both agree on soon as Bob see that Alice sent Bob Money
Bob will ship ps4 with tracking number.
Alice sent Bob coins and set that transaction with "one way hold"
Bob Received coins and waited for 3 transaction confirmations to see it's legit and no double spending.
Bob see that he received coins and they confirmed, so now he knows that Alice send all money as promised
Allice after receiving the PS4 as promise release Bob's coins from hold and Bob able to use it.
The motivation for Seller
Why Scam or phishing? even that you received your coins you not able to use the coins until client release from hold after receiving everything as promised
and a motivation to pack it nicely and ship it as fast as he can to release from hold
The motivation for Buyers
upper hand when making a deal online or even offline, and since this is only one-way hold he already sent the coins
the transaction irreversible even if Alice not going to release from hold her money is already sent she can't reverse the transaction it's only one way hold, there is no point to not unhold, unless the seller is a scammer, or she just want to screw him up but still she doesn't get her coins back doing so they are gone forever.
before you say something like: this is maybe a problem what if someone forgot his password what if he doesn't want to release the money
I'm aware of this but I also aware that till this day only one side is capable of doing this and it was always the one who received the coins and from here most of the scams
and those who sent the coins never had an upper hand.
but this time the coins are flipped and both sides have the motivation, to do things right.
I was thinking to implement expiration time i case someone forgot to release from hold
so if you forgot to release the funds after X period of time the hold will be released
but then if you put the hold and didn't release it Deliberately
so after X of time you will receive
a reminder inside your wallet "you didn't release the funds it's about to expires"
and if you choose to ignore than you probably just forgot to release and they will be released automatically
but if you not ignoring and clicking than it remain with hold because you probably don't want that that person
receive the funds.
in 2013 I stopped the development because my hard drive died and because later when I want to restore the development in 2014 VItalik
introduced the Ethereum and the smart contract concept and begin with crowdfunding theoretically with the smart contracts can eliminate the problems
that I tried to solve but after almost 5 years I still see there is not really a solution for that and even Ethereum
you have the smart contact but does the average consumer or user will able to program this smart contract and use this
and honestly how many people know how to program with Solidity hardcore.
Ethereum is super excellent platform, but it is a programming platform I want to make things easy for daily use.
and for buying and using crypto as currency digital cash over the internet and local shops.
Specifications
it was built upon Litecoin Scrypt and to be released not pre-mine and fair
since in 2013 most of the coins price was based on trust, remember we talking about 2013
no ICOS' and tokens at that time. in order to give miners a motivation to mine and using this, coins
I went and drove to other cities and went physically to local shops that are shipping worldwide.
explained the concept I wanted to create online mall for this coin where I put all vendors that agree to accept my coin
some of the vendors that agree
Business Printing- that offered printing solutions business cards flyers promotion products
Gift shop- cool gifts,t-shirts mugs and many other cool stuff
computer and hardware store
I actually contacted again a few days ago and they still willing a specially after hearing all the buzz about bitcoin on the news.
anyway I wanted to create interest to give coin some value(no ICO and no tokens this is 2013 coin value is worth only with trust)
and the reason I choose scrypt in 2013 was that sha256 was facing already Asic problem
and most of the people can't really afford to invest in Asic
and as for Scrypt there wasn't yet solutions like Asic but you able to mine it with your CPU or GPU
i also was considering quark to restrict only with CPU but i went with Scrypt.
and that seems fair to me to spread that kind of coin that almost every one with a computer able to mine it.
I can tell you about the coin information
algorithm maximum coins and all other good stuff
but since all my consideration was based on 2013 and the technology and need of that time in 2018 it's useless.
since scrypt is not that effective and much more interesting algorithms released and people learned many other
things about the technology and uses such the problem with bitcoin block size
so my only question is does the world need another cryptocurrency?
I will answer my self: maybe.
but does the word need cryptocurrency with this concept: definitely yes
so I asking the kind people in this forum
is this worthy to continue developing?
and if so
since almost 5 years past and scrypt is not really an option anymore
if the community say yes that I suggest this time let's create it together
since 5 years a lot have been changed and most of the work needed to be done from scratch to fit 2018 needs
so first we need to select:
the name of the coin
coin algorithm
maximum supply
difficulty
transaction confirmations
and all other essential components that the community wants and need.
and if such function available in another coin that I not familiar well, this why I created this post at least to know if I should continue with this.
and if you do think that this is worthy than I promise to create this in a most transparent way always updating writing blog posting videos on any tiny progress.
something that I till days see not many of coins do.
so please first let me know if it's worthy to continue to develop and to release and I would really like to hear your suggestion.
*update 02.28.2018
since I got my question answered many people contacted me and in other forums asking to relive this project and to get more information
right now working on first prototype wallet a lot of change since 2013 and the new code is not SCRYPT and based on another algorithm,
also assembling a team, more detailed update will be soon.
