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Author Topic: Developing an investor (polling) platform need advice  (Read 673 times)
paulian
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September 07, 2016, 11:42:46 AM
 #1

Hello!

When I read about Ethereums public contract thing I thought this was a good idea. I even thought about turning my own 10 year old company in a DAO(-ish style polling whatever)

But turning an existing centralized company into a DAO would be a bit overkill and probably too dangerous DAO hack anyone?

What I really wanted was a way to allow external people to invest in my company and help me steer it. In return I wanted to do a dividend payout.

That's when I realized I could do the exact thing with Bitcoin in a safe way and even as a web service.

This is my plan A:
  • I'll create an open source website (more like a platform) where there is one publicy posted company BTC address.
  • Everyone who wants to invest can donate to this address.
  • Every address that has donated money can log in and vote

Plan B:
  • For every vote there is an BTC address.
  • Users vote by paying any amount to the addresses. Every choice in the poll has its own address
  • After the vote the money will be transferred back to the oners minus a fee

Login would work like this
  • The user will have to enter teir BTC address
  • The server will check if this address has donated
  • if so, a random word, sentence or string will be presented to the user
  • They have to sign that word/sentence/string with their address
  • Server checks the signature and logs them in

This way there would be total anonymously investment and login, only using your BTC account.

What do you think? Did I miss something? Is there already an open source platform like this? Would this be useful in any other BTC related applications?
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mobnepal
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September 08, 2016, 12:30:32 PM
 #2

This idea may work but you forget to add escrow word, i think you may have to find multiple reputable guy to be as escrow for that bitcoin address where people will invest. I mean you need to have multisign address for investment whose keys will be with other two indivisual trusted guys and one with you.

And also i like the idea of asking investor to sign message before being able to vote.

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September 08, 2016, 07:52:34 PM
 #3

In my example the bitcoin address would be held from a reputable company that really exists. Stealing the investors money would be the end of that company.

But yes an escrow or multisign address would be an awesome addition for anonymous investment platforms on the web, thanks for your input!

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September 09, 2016, 02:59:38 PM
 #4

updated my initial approach to a "Plan B" approach where there is no ONE address but an address for every poll and choice
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September 09, 2016, 04:05:03 PM
 #5

This is my plan A:
  • I'll create an open source website (more like a platform) where there is one publicy posted company BTC address.
  • Everyone who wants to invest can donate to this address.
  • Every address that has donated money can log in and vote
How legitimate would be the company ? How to make sure my funds are actually an investment in the company which is not going to run away ? Are you going to verify the listed companies ? Checking their legal documents ?Either way,why isn't an escrow involved in the entire scenario? You need to improvise on the practicality of the concept.

Plan B:
  • For every vote there is an BTC address.
  • Users vote by paying any amount to the addresses. Every choice in the poll has its own address
  • After the vote the money will be transferred back to the oners minus a fee
So what if I pay multiple times ? That would increase my votes right ? Seems very fishy to me.After votes the money will be transferred,who will take the responsibility of that ?
Paulin,please make a full fledged idea which is doubt free.Thinking about the concept for 10 mins gave me almost 100 bad points about it.



 

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SparkedDev
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September 11, 2016, 07:17:39 AM
 #6

Yeah there would need to be trusted escrows for this platform to be able to even trust it.



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.BITVEST DICE.
HAS BEEN RELEASED!


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paulian
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September 11, 2016, 07:42:19 AM
 #7

Thanks for your input everyone! I changed my project idea to a "login with bitcoin" PHP class so devs can implement that on their sites so the user is always logged in with a confirmed BTC address
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September 11, 2016, 07:43:39 AM
 #8

Do you plan to have a cold wallet system?



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