dnotespool.com
i and other miners cannot withdraw coins.
can admin check on this matter
I will make sure he knows. Thanks Badamba! |
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Sorry to say he is on the plane back home as we speak.
It would be nice if we could meet and catch-up. Unfortunately, TeeGee just left and I am out of town this Friday. Perhaps we can meet another time. Have a great vacation! Ah, bummer. No worries. Thought it might be work out well like it did a few weeks ago. TeeGee, I hope that your flight back is going/has gone well. And yes, it'll definitely be a good vacation. August 4th is my wife and my 10th Anniversary. Time does indeed fly when you're having fun! Happy Anniversary! Hope you guys have a great time. I'm sure we will all be meeting up again soon, looking forward to it. |
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TeeGee and I will be heading back to Chicago shortly with a busy schedule to follow. Thank you all for your support.
Nice! What's you're schedules like on Friday? It's the first day of my vacation and my flight out to Portland doesn't leave until 8:40p. Would be great to sync up if we can manage it! Sorry to say he is on the plane back home as we speak. |
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If you ignore the specific project names mentioned in this article (I don't follow any of them, so couldn't tell you one way or another if they will succeed), there are a lot of good points made. "If there is one thing I tell my clients who are looking at blockchain for their businesses, it’s that the time is now." - A perfect fit for DNotes 2.0.  Blockchain: The time is now!As I wrote last December, I believe 2017 will be the year that blockchain gets “real”. On a recent trip to New York I saw increasing evidence that this is so. I was in Manhattan to visit clients and attend Consensus 2017, the world’s largest blockchain conference. There was an incredible amount of excitement in the air – much of it due to the recent ICO and cryptocurrency bull market. But there was plenty of substance too. From announcements like the record R3 funding, the Enterprise Ethereum Alliance tripling its membership and JP Morgan’s partnership with ZCash, to the demo of Blockstack’s new decentralized Internet browser or Toyota’s pioneering work in blockchains for mobility, you could see how this technology was making its way out of the lab and gaining toeholds in the real world. This was not lost on my clients, of course. One of the questions I get most frequently these days is where does it go from here? The six levers While we do seem to be nearing some inflection point in blockchain, much remains uncertain and hard to predict. To try and find some clarity, I have taken to analyzing near-term developments in blockchain technology in terms of six key levers I believe are needed to catalyze a full-scale breakthrough. These are: - First mover use cases. As only makes sense, first movers in this space have been focusing on the lowest-hanging fruit. We are seeing particular interest in areas like global payments, trade finance, automated compliance, and post-trade processing. With potential savings from efficiency gains of between 80 and 110 billion US dollars, we can expect some dramatic wins. It pays to keep track of how early successes are faring.
- Business networks and consortia. I believe the “end game” for blockchain will be as the backbone of large-scale, open, decentralized business platforms. A first step along this road is for companies to organize themselves into blockchain-based business networks and consortia. I don’t mean technology-oriented consortia like R3 or Hyperledger, but rather platforms around actual use cases. Ripple, for example, has built a blockchain-based direct settlement network with some 30 banks. Seven banks recently got together to form Digital Trade Chain, a project to build a blockchain-powered cross-border trade finance platform for small and medium-sized companies in Europe. Others can profit by observing how such early networks and consortia function.
- Technology convergence. Blockchain, of course, is only part of this picture. Tomorrow’s business platforms will be powered by a convergence of a number of key technologies, from big data and machine learning to edge computing and robotic process automation. A result will be a blurring of the lines between industries. It is important to understand how this blurring will transform the way we all do business.
- Decentralized business models. New, decentralized business platforms mean new, decentralized business models. While we have long talked about business model disruption, we are now starting to see it. Storj, for instance, has built the world’s largest decentralized digital storage platform on blockchain. Lykke is building a global, decentralized financial marketplace. Chronobank is doing the same with recruiting talent. Anyone looking at new models for their business should be aware of the approaches used by these pioneers.
- Tipping point. Success is often a question of timing, and it will be no different in this space. When can we expect large-scale breakthroughs? The tipping point for a new technology is generally when it approaches 15% of the market. To be a first mover you will want to be in position latest by then.
- Blockchain ecosystem Finally, a main driver of blockchain breakthrough will be successful collaboration within the blockchain ecosystem. Here is where the technology-oriented consortia like R3, the Enterprise Ethereum Alliance or Hyperledger play a big role, as well as industry specific consortia, associations, regulators and even central banks. Companies should be aware and actively manage their ecosystem landscape.
The time is now I think these levers can be a good lens through which to try and make sense of what is going on in blockchain. They can also be used as bellwethers: paying attention to developments in these areas can provide indications of where and when significant breakthroughs could appear.
The important thing – at least in my opinion – is to keep your eyes open and start to get active.
If there is one thing I tell my clients who are looking at blockchain for their businesses, it’s that the time is now.Agreed, and it appears the blockchain use cases have evolved from everything on the blockchain to much more practical use cases. It will be interesting, we are following closely, as the need for blockchain increases, immutable decentralized data and smart contracts. |
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Cryptocurrency is in Dire Need of Appropriate Exchange Regulationhttp://dnotesedu.com/2017/07/cryptocurrency-dire-need-appropriate-exchange-regulation/Cryptocurrency has a huge problem that has netted investors well over a billion dollars in losses, and that is lack of accountability among exchanges. There has been countless exchanges cease operations and flee with customer funds, as well as more elaborate schemes. Since exchanges are such a vital component to the interchangeability of cryptocurrency, it’s important that we have some oversight to prevent exchanges from engaging in questionable or illegal practices, which can have a serious impact on the investments we are trying to protect. The content of this article aims to touch on some of the important topics which need to be addressed if we expect smart regulation to protect the consumer, rather than burdensome regulation that will stifle growth and innovation. Read More Excellent article. " The content of this article aims to touch on some of the important topics which need to be addressed if we expect smart regulation to protect the consumer, rather than burdensome regulation that will stifle growth and innovation." Regulation is inevitable, and uncertainty in future regulation may be just as stifling as over regulation. Smart regulation should be clear in its intention to help and protect people. It will be critical to protect people from those who would do them harm intentionally and help reduce the chances of accidental harm, without impeding peoples freedom to take risk and without creating an environment where only some can benefit from this amazing new industry. |
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I would recommend that this wizard include hyperlinks not just to the exchanges, but to elements with in them, so that the user could click on 'create account with Coinbase' and then once they have done that while referring to the marked-up screenshots in the wizard, go back to their wizard and click on the next link, 'buy $5 worth of Bitcoin on Coinbase'. So they never feel like you've left them in the woods in some other website.
I like the wizard idea. Thinking through a little more, perhaps a document linear list of tasks, with a link to individual walkthroughs (or expanded). The walkthroughs could be wizards or videos or just instructions and screen shots. This will allow them to see the whole process while getting more details only about the ones they need help with.  Confusion can feel a lot like fear, and when someone is trying something new, it is likely to cause them to give up. To avoid this feeling, it is important that the user can manage the whole process from one familiar screen, that they can see where they are up to, and that by using cookies you can return them to where they were if they come back to it another day. The 'screenshot' I've posted above has a tick box next to the current process. Once the user ticks this, the box on the left will reflect their achievement and progress. Using the three column approach you can deliver a massive amount of information without it feeling overwhelming. They can also see how far they have progressed and explore future steps without losing where they are up to. I would recommend that the items on the right work as popup overlays on the current window, and all other hyperlinks open in a new tab. This will make it feel stable by not jumping the user through too many websites. I would also recommend short definitions for bold text working as hover-text. The screenshots on the right should be marked-up with step numbers so they never feel confused even when in a foreign website. I think it would also help if before they began the wizard, the user was told how much it is likely to cost them, broken down into stages. So it includes all the fees from putting $5 in as DNotes, and then getting it put back as fiat currency into their bank account. If typical ranges are required, use that. Thank you, TimMarsh. I am always impressed by your amazing thought process. Always quality research with great recommendations. Our training conference in Coldwater, Michigan officially ended today after 90 days of long hours, deep discussion, planning and execution, video production, and much more. We are confident that DNotes will be elevated to the next higher level soon. DNotes is a digital currency with a purpose. We are very committed to our missions. TeeGee and I will be heading back to Chicago shortly with a busy schedule to follow. Thank you all for your support. Nicely done TimMarsh! Intuitive layout. We will assume Coinbase/PoloniEX, at least for the first iteration. There are other options available, but in the US these are the two most likely choices. We can also focus on strictly purchasing DNotes and storing them at the DNotesVault. Is anyone interested in working on any of this for a bounty? -Go through the entire process and document all the steps. Including screen shots (with blank forms, or blacked out personal information). -Create a document, organize the instructions, create a title for each major step (Examples: "Create Coinbase Account", "Verify Your Identity", "Link Back Account", "Deposit Funds"). -Write the instructions, include screen shots for each step. -Take the document and turn each step into individual instructional videos. |
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Question from the DNotes board on InvestorHub:
"How does one go about making an investment? I have a friend that says a very small group of individuals around the world are getting involved and recently had quite a pow wow."
[...]
*************
NOTE: This is getting to be a very popular question - Do we have an easy to understand, standardized answer anywhere that I have forgotten about?
Thanks Chase! That is a good point as well. We should have an end to end article outlining the process to make it very clear. I know my first suggestion regarding teaching people how to buy DNotes was focused on a future where you had an exchange, but I think the solution is even more important currently because more steps are involved. [...]
With this in mind I would suggest a highly structured introduction with a focus on not wasting the customer's time. We've seen software 'wizards' used for more than a decade to step people through a complex process. This wizard should not stop at the investment point, but go all the way through to a withdrawal.
[...]
Then, once this has been developed, set up in a public space, hire a stall in the shopping centre, and pay some people $5 to invest $5 in DNotes. Watch over their shoulder and note down all of their question and complaints. Re-build your wizard based on what you learn and do it all again.
[...]
I would recommend that this wizard include hyperlinks not just to the exchanges, but to elements with in them, so that the user could click on ' create account with Coinbase' and then once they have done that while referring to the marked-up screenshots in the wizard, go back to their wizard and click on the next link, ' buy $5 worth of Bitcoin on Coinbase'. So they never feel like you've left them in the woods in some other website. I like the wizard idea. Thinking through a little more, perhaps a document linear list of tasks, with a link to individual walkthroughs (or expanded). The walkthroughs could be wizards or videos or just instructions and screen shots. This will allow them to see the whole process while getting more details only about the ones they need help with. |
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Question from the DNotes board on InvestorHub: "How does one go about making an investment? I have a friend that says a very small group of individuals around the world are getting involved and recently had quite a pow wow."I'm not sure if got the pow wow part right  , but here is my response: Hi Steven, I'm not sure if this is the 'pow wow' you are referring to, but DNotes team members from around the U.S., Canada, and New Zealand, got together for several months starting in April to work on multiple projects including the upgrade to DNotes 2.0. DNotes is available for sale on several exchanges, with Poloniex being the most popular. There are plans for DNotes to have its own exchange, but for now you still have to buy bitcoin first. Depending on where you are located, you can buy it at an ATM, an exchange such as Coinbase (I think Poloniex may also have direct buy?), or online at places like QuickBT (Canada), or similar ones elsewhere. Transfer the bitcoin to Poloniex, and use it to buy DNotes. Detailed how-to tutorials: Coinbase: your first Bitcoin wallet - http://cryptomoms.com/forum/guides/31/coinbase-your-first-bitcoin-wallet/949/ Trading platforms: your key to all other cryptocoins - http://cryptomoms.com/forum/guides/31/trading-platforms-your-key-to-all-other-cryptocoins/975/If you are not familiar with cryptocurrency this process may seem overly complicated, but somewhat typical of early investments. When purchasing becomes as easy as online banking or calling your broker, the price will reflect that ease. Your DNotes can be stored on a downloaded desktop wallet if you choose, but DNotes Vault is a much easier option for anyone new to the industry. It is fully guaranteed and is easier to set up than a bank account. The DNotes Vault Part I: your DNotes online wallet - http://cryptomoms.com/forum/guides/31/the-dnotes-vault-part-i-your-dnotes-online-wallet/990/ The DNotes Vault Part II: more than an online wallet - http://cryptomoms.com/forum/guides/31/the-dnotes-vault-part-ii-more-than-an-online-wallet/996/msg3966#msg3966 Article - "DNotes Vault – A Web Wallet Like No Other" - http://dnotesedu.com/2017/02/dnotes-vault-a-web-wallet-like-no-other/ The greatest in-depth knowledge on DNotes can be obtained by following our daily discussions on Bitcointalk, and all questions are welcomed and important to us. I hope this helps. Let me know if you have any questions.  ************* NOTE: This is getting to be a very popular question - Do we have an easy to understand, standardized answer anywhere that I have forgotten about? Thanks Chase! That is a good point as well. We should have an end to end article outlining the process to make it very clear. |
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Wow, thanks so much for the thorough responses! I have to say this could very well be the most professionally managed thread in all of Bitcointalk How about speed/scalability? I assume one of the advantages of Stratis is that it doesn't suffer from the same TPS and block size bottlenecks that Bitcoin faces? I have to admit I don't know anything about Stratis. Appreciate it percocet! We do not intend to specifically implement a scaling solution in the initial release of DNotes 2.0, though it will be capable of handling a higher TPS. The scaling issue is largely unsettled, and there are a multitude of options that require in-depth research and analysis. The most viable scale-ability solution has not been selected as of yet. If everyone in the world, all 7.5 billion of us, made a transaction with DNotes five times a day, that would be 37.5 billion daily transactions added to the blockchain. Assuming that we won't wait more than a minute per block, that is still 26 million transactions per block forged each minute. And if each transaction uses as much memory as it does in bitcoin, the blockchain will grow by 11GB per minute. The way blockchains are currently structured, you need access to the last time an address was used before you can confirm that address owns the value being transacted. If you wanted to spend value from an address that was ten years old, not even what many would consider long term savings, it would have to go back through 60,359 terabytes of data. So even if the scaling issue was resolved to enable an 11GB block to be forged every minute, the nodes would have a very hard time keeping up with the data transfer rate. And the total size of the blockchain would become unworkable very quickly. I don't think even Moore's law will get us out of this one. I believe the final solution will borrow heavily from video compression. Currently each wallet value is being stored as a transaction somewhere way back in the blockchain, in a series of transactions. Instead, the optimum blockchain will hold all wallets in parallel. At the start of each day, a new 'keyframe' of wallets will be generated from the previous 24 hours of transactions. Then through the day, each transaction will layer on top of that wallet's keyframe location. And each block will be partitioned based on localised transaction groups, and nodes will calculate partitions in parallel. This will mean that only the previous hash, the last keyframe, and subsequent transactions will need to be stored by a node. And local transactions can be processed very quickly in a way that is necessary for face to face purchases. While distant transactions can take longer, which is already well tolerated. While this might be a great final solution, people tend to solve the problem in front of them, not work backwards from the endgame. So I'm expecting to see the 'scaling problem' go through many iterations before we see general acceptance of a single cryptocurrency for daily trading. But if DNotes were to implement the endgame solution now, it would certainly give them a tremendous point of differentiation. I can just see it now, "DNotes, scales to ubiquitous world-wide daily transactions."Thank you TimMarsh for the insightful post. We agree that many of the existing proposed solutions are not complete. SegWit is a very creative approach to reducing data which allows for more transactions. Without an agreed ideal solution for the endgame (for all parties involved) as you mention, I think it is an excellent compromise and interim solution for the next step in solving these problems as Bitcoin needs a solution now. You're right, it may not be long before Bitcoin has to revisit this problem, and it will be excellent if the DNotes team is able to demonstrate a solution before it becomes it becomes a necessity again. |
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Wow, thanks so much for the thorough responses! I have to say this could very well be the most professionally managed thread in all of Bitcointalk How about speed/scalability? I assume one of the advantages of Stratis is that it doesn't suffer from the same TPS and block size bottlenecks that Bitcoin faces? I have to admit I don't know anything about Stratis. Appreciate it percocet! We do not intend to specifically implement a scaling solution in the initial release of DNotes 2.0, though it will be capable of handling a higher TPS. The scaling issue is largely unsettled, and there are a multitude of options that require in-depth research and analysis. The most viable scale-ability solution has not been selected as of yet. |
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I've been looking into Dnotes and I really like what I see so far. I would like some more details about the tech behind it....
Dnotes' current version is a POS coin, I assume forked from a Litecoin derivative back in the day?
It is my understanding that Dnotes 2.0 is being totally rewritten in C#? Is this a completely new codebase? Will any of it be proprietary/patented?
What type of blockchain will DNotes2.0 use (e.g. POS, dPOS, DAG)?
Thanks!
Welcome percocet, we are currently Proof of Work, and yes initially forked from Litecoin. The initial release of DNotes 2.0 will not be entirely written in C#, that will take some time and will need to be completely rewritten and it will eventually be open source. It will be entirely Proof of Stake building on and contributing to much of the existing open source including Stratis and many other sources. If you have any further questions please feel free to ask, it helps us to clarify for everyone reading along. |
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I have always been concerned about every item of Dnotes, each of which feels great, the current price is too low, if the developer continues to improve the value of the increase, Dnotes value must be higher than the ETC, that is now the price of 50 to 100 times Between, worthy of long-term holding, can ignore short-term fluctuations.
Thank you for your confidence in DNotes and our team. I share your frustration and will say that DNotes is significantly under-valued. I will be a fool if I agreed to sell just our ecosystem, including DNotes Global, Inc. (25% owned by DNotes’ stakeholders) for $$7,304,692, as valued by CoinMarketCap at the time of writing. It would be like selling Google or Facebook for that amount during their first year of operations. Essentially, zero value is assigned for our ecosystem – the most valuable driver towards mass acceptance of DNotes as a supplement to global fiat currencies. Yes, it is a big bold endeavor and we are the only team totally dedicated to make it happen – and we will. Everything that we have done is real and verifiable.
Wait, if we have only DNotes – the digital currency like our industry peers and spent all the money and time pumping up DNotes the value of DNotes perhaps would be worth many times more than it is today. In my opinion, our industry, as a whole, has a rather confused judgement in sorting out value investment.
Why is DNotes so different? Because we believe that digital currency is the future of money (not fluff and puff thin air). The one to succeed must meet and exceed the full functions of money as a unit of account, a store of value, and a medium of exchange. And there must be fundamental or intrinsic value behind it. For it to happen, many challenges must be overcome and many problems solved – hence it requires a complex ecosystem and substantial investment.
So, what is the difference compared to what everyone else is doing?
We all started with the same OEM (original equipment manufacturer) engine – (Satoshi Nakamoto Bitcoin engine) and changed the name plate with a few bells and whistles added to it. Without doing much more we claimed that it will magically be accepted as the transport vehicle by the masses. We don’t think so. We believe that for it to gain mass acceptance, we must use the amazing engine to build a great car along with highways, gas stations, repair shops, etc. This takes a great deal of time and investment; few in our industry would care to understand or take seriously.
Our vision is to build DNotes as a trusted, purposeful digital currency accessible to everyone world-wide to supplement, and ultimately replace fiat currencies. How much could DNotes be worth one day – well your guess is as good as mine. |
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I have always been concerned about every item of Dnotes, each of which feels great, the current price is too low, if the developer continues to improve the value of the increase, Dnotes value must be higher than the ETC, that is now the price of 50 to 100 times Between, worthy of long-term holding, can ignore short-term fluctuations.
Thanks dogemoon, that is our commitment, to continue adding value every day with very few exceptions. |
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Brief(ish) development update
[...]
Automated Invoicing
The current market solution to invoicing is to generate unique crypto addresses for each new user or invoice, meaning incoming payments aren't sent to a single receive address. Our solution bypasses this limitation and will allow users to utilize invoices directly without any additional burden to the consumer, allowing for full integration into existing payment gateways and financial systems.
[...]
Great info Tim. Automated Invoicing is a key factor here, with further recognition in the future, as day by day traders don't care about that. I also watch Stratis closely and they are way ahead of its competition. Stratis Breeze Node is their key advantage, along with other newly developed features. Privacy transactions are a MUST for a coin to succeed in crypto space.From what I'm seeing, DNotes is following Stratis path along with some unique features as you mentioned above. From my point of view, DNotes has a great potential here, most depending on your core development team skills. From a simple investor view, I would buy DNotes over Stratis for one simple reason: higher PoS reward. This all looks like everything is on track and very much heading in the right direction. I had some idea about most if it, but the Automated Invoicing both interested and confused me. I think I understand about providing a single unique address for receiving payments. But I don't understand how the current market solution to generate unique addresses to accept payments is anything other than a choice. I don't know how or why it would be enforced by a cryptocurrency. My guess is my knowledge gap here is then what leads me into not understanding the 'automated' part of the invoicing process.  Let's say you are a business and want to accept cryptocurrency payments, you currently have two options: 1) Run your own server with a hot wallet connected to your website, and for each transaction tell the daemon to generate a new address to accept payment, the new address acts as an invoice number. Of course, in order to do this you need a good amount of technical knowledge, custom integration as a payment solution, and as a result in house support processing and handling. 2) Pay a company a fee to accept the cryptocurrency for you. Neither of these options make it easy to take full advantage of the strengths of cryptocurrency. With what we have developed you have a system that can automatically invoice the transaction, integrate with blockchain and cart/payment systems, automatically verify and confirm the transaction was paid, and all with very little technical knowledge and less than 5 minutes setup time with your existing IT staff. I can see where the automated part can be confusing, from the perspective of solely a cryptocurrency / blockchain solution. Here is one of hundreds of applications. TimMarsh, you are really good at research and evaluation. Let's say you were interested in researching cryptocurrencies and providing your analysis on them. You know there is a limited market for this information and ad revenue from a website or youtube wouldn't make it worth your while. You also know that people may pay but may not want to pay a lot of money for this report and analysis, but if you could charge them a small amount, let's say 0.25 cents, they would be happy to buy access to this report. You can't accept 0.25 cents and expect to actually receive 0.25 cents, that is even if you can accept 0.25 payments. Using cryptocurrency is either too complicated, or a manual process to accept payments. But imagine if you had a wordpress blog, installed a plugin, and could automatically accept and confirm payments, automatically deliver the report once confirmed, and get the full 0.25 cents, in cryptocurrency. What we are releasing is the base for this kind of system, completely secure if you need it to be, easy to use and understand. Thanks for taking the time to explain so clearly, but the fog is only lifting slowly for me. So it is already possible for me to do some work for someone, and when it is done, send them my DNotes address and ask them to pay into it. If I'm not expecting many payments, and they are all of different values, I could spend the time working out who payed what. So accepting 0.25 cents is already possible. Creating a new address and giving it to only one customer has the advantage that I can match that address number with the customer and prove I have been paid. So the unique number doesn't allow payment, it enables attribution. But the payer can always provide their pay-from address in a remittance advice which will enable attribution. And if I wanted to automate, I suppose I could ask them to email me their from address, and then use ITTT to search the blockchain for a payment from that address, to my address, after the email date until it finds it in a block that is at least two links old. Then have ITTT email them the article. That would be automated, but a bit of mucking around. But DNotes2.0 will enable automatic event triggers that occur after a transaction has been processed? This all sounds really interesting, especially if people can set it up themselves. The paid v.s. ad-sponsored mobile application market has indicated people are willing to pay a small price rather than see advertising. And the Youtube model of paying creators with advertising revenue is skating along a cliff edge as advertisers withdraw contracts due to mildly controversial content. So the market is clearly hungry for a micro-payment solution that is secure and easy to implement. Personally, I'd like to see a browser plugin that recognises pressing a micro-payment button, and pops up an approval pane. I can mouse click a 4 digit pin on a randomized-position keypad to approve amounts less than a dollar. You do know your work will never end, don't you? Not to complicate the explanation, but to be specific and clear: The pay from address may not be an option, due to how transactions are sent, only under certain circumstances would the customer know the pay from address(es) or a good deal of technical knowledge they could figure out exactly what to put there. A customer could provide their txid, and you could confirm it, serving the same purpose, with much less technical knowledge. "But DNotes2.0 will enable automatic event triggers that occur after a transaction has been processed? " The DNotes 2.0 blockchain will allow for someone to create event triggers, that would confirm a transaction. But this may be a better way to explain it, it would be like a transaction specific decentralized API, that anyone could call anywhere in the world to confirm. It may be worth explaining confirmations, as this is a big part of the need for this type of solution. If I have 10 DNotes in a wallet and send you 10 DNotes, you get instant notification of payment received. However, I could do that instant notification a number of times for the same coins within a reasonable time frame, provided I had the resources and technical experience to do so, but the network will agree which one is true transaction and reject the rest. The network continues along this same chain of blocks, and each block solved solidifies previous blocks as it goes. Each block solved counts as one confirmation. When there is disagreement about which transaction is the correct transaction a new chain can be created, the fork with the majority of the network agreement continues on as the strongest chain. If I had a lot of network resources, I could continue to disagree with the strongest chain, and chose which chain should be the correct chain. But I have to continue using my resources to keep my chain alive and compete for the strongest chain. So if that made sense to you, the result is, the more confirmations you have the more you can trust that transaction. 0 confirmations is risky, 1 confirmation is pretty safe, 2 is even safer and so on. 6 is network default where received funds are spendable. If you have say an information product, and very low risk someone would go to the effort to try and cheat you, you could get away with instant notification and deliver the product immediately. Some may cheat, but the legitimate customers will still pay you. Waiting for one confirmation would be exponentially safer, but the customer would have to wait for delivery, with DNotes usually no more than a minute, in this case you could digitally deliver the product to their email after 1 confirmation or something like that. And if you are shipping product, you might as well just use 6 confirmations. Getting back to the point, you need to be able to wait an amount of time, and check to ensure a transaction is confirmed without the customer having to wait. This system allows you to do just that, and you will be able to set any number of confirmations, depending on the value of the deliverable. "Personally, I'd like to see a browser plugin that recognises pressing a micro-payment button, and pops up an approval pane. I can mouse click a 4 digit pin on a randomized-position keypad to approve amounts less than a dollar." I like the idea. I would assume the risk and use that product in a way that prevents me from getting hurt in the event my micro payments account was compromised. However, would everyone learn the ins and outs, what that risk is, how to mitigate that risk, and if compromised would the user recognize they knowingly took on that risk and what they were risking. Would coordinated attacks be launched after a period of data collection, and make the headline news. The challenge is placing people in an environment where they cannot hurt themselves, or not have a bad experience that they correlate with your product. Once that bad experience has been correlated with your product, you stand a good chance to lose their trust. What if your 4-digit pin was based on one-time password software, built on isolated preinstalled hardware located inside your phone or as an attachment, and the 4-digit pin could only be verified just like a blockchain transaction (the other piece of information would be built into your plugin that you had to login to, well, I'm sure you get the idea). I think that risk could be mitigated, and we could come up with solutions to make it just that easy for the user. We've even discussed trigger based warnings for systems such as you are proposing, that would help mitigate that risk. Like if the user didn't meet 5 out of a hundred typical criteria, it would prompt them for more information, or they may get an email they have to click. "You do know your work will never end, don't you?" Of course, that is part of the excitement! |
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