[ANN] USSC Crypto-P2P-Server | Decentralized P2P Exchange & Application

[usscfounder]

Append the Sec-Coin Wallet Address To The Name Of The Node
Name the sever nodes on the network with their corresponding sec-coin wallet address appended so that users and end-user clients can view the sec-coin blockchain to verify that the server performing the transaction actually has sec-coins and enough of them to perform the task. If a rogue server-node spoofs a sec-coin wallet address and attempts to perform a transaction on the p2p network, the transaction will be denied because the rogue node doesn't have any or enough sec-coins to complete the transaction.  Verify the transaction afterward by examining the sec-coin blockchain to see if the balance has changed.  If the balance is still the same then you know a rouge server was spoofing a valid servers wallet address.  When the transaction confirmation comes back to you, deny the confirmation.  If you know that a sec-coin transaction costs five sec-coins and the balance has changed by four; again, deny the transaction confirmation when it arrives.





(I AM GOING TO TAKE A BREAK... BE BACK LATER)

[usscfounder]

Use a Proof Of Stake Alt-Coin
As much as I do not like "Proof of Stake" coins, I have to admit that they are better to use for sec-coins.  The reason for this is because sec-coins are purposely pre-mined. What that means is that the pre-miner should be the largest stake holder.
Being a "Proof of Stake" sec-coin, any attack against the sec-coin will be far more expensive for the attacker as opposed to using a "Proof of Work" sec-coin.

Keep The Sec-Coin Secret
Once you download the open source version of this p2p software (when it is made) and are going to customize and use your sec-coin; do not release the newly customized alt-coin that you are going to use as a sec-coin.  Do not release the customized source code. Do not release the software clients binaries after you have compiled them. What I am saying is, keep the sec-coin secret and confidential. This is going to be the foundation of your p2p network security. Do not announce pre-mining operations to anyone.  You don't want anyone else mining your sec-coins while your pre-mining operation is going on.

*I am not saying that I will develop this p2p software that I am designing, but I imagine the developer of the software will release the code as open source (as per my request at the beginning of this thread).


Set a Hard Limit on each Sec-Coin you create
Pre-mine each set of sec-coins to the hard limit.  If you set a hard limit on each set of sec-coins that you pre-mine and you mine it to the hard limit; no more coins can be made after your pre-mine operation is over.  If you pre-mine one million sec-coins then make sure no more can be made afterward.  Pre-mine multiple sets of sec-coins for different purposes and security levels.

Keep Track of the Sec-Coins You Pre-Mine
Keep count of the sec-coins that you have pre-mined. Since you pre-mined the sec-coins to the hard limit, you now are obligated to keep count of the coins. If you lose any sec-coins that you have pre-mined, they can potentially be used against you if a hacker gets his hands on them.

Wholly Abandon Any Set of Sec-Coins If Some Of The Coins Are Lost or Stolen
If a rogue admin sells some of the sec-coins that you made, or you somehow lost some; then you need to wholly abandon that particular set of the pre-mined coins. If you have pre-mined multiple sets of sec-coins just replace the set with another or pre-mine some more. Whatever you do, I urge you - Do not use any of the sec-coins from the set that was compromised. Dump them on the market (they may have value if your p2p exchange is popular) or throw them away.  Once again I tell you: If you lose any sec-coins that you have pre-mined, they can potentially be used against you if a hacker gets his hands on them.


 




(CHECK BACK TOMORROW FOR MORE UPDATES...   THANKS EVERYONE!)

[usscfounder]

More tomorrow.  I may show how to deploy sec-coins and best practices.  If you have any questions, please post.


Note for tomorrow:

Sec-coins can be used in email to validate email in place of a signing key.

[mberg2007]

Hello,

Things seem to be drifting in a direction which is pretty far away from the original goals. Users creating alt coins?

All the end user wants is some software he can run, which will facilitate a secure currency exchange without any need for a central server. That is the goal. I think you should focus on that and keep all the other good ideas for another time and another project.

-Michael

[usscfounder]

Hello,

Things seem to be drifting in a direction which is pretty far away from the original goals. Users creating alt coins?

All the end user wants is some software he can run, which will facilitate a secure currency exchange without any need for a central server. That is the goal. I think you should focus on that and keep all the other good ideas for another time and another project.

-Michael

Sorry I have been away a few days. Been a little under the weather. But I am back now.

Michael,

The end-users would not have to create anything.  Just install a plug-in into their bitcoin software.

You asked me in a previous post about security measures in the p2p exchange. The security coins (sec-coins) are a supplemental method keep secure the p2p network infrastructure.

The processes that I am writing about on here are background processes that the end-user does not see.

The end-user would not ever see the sec-coins. His client would perform all of the validations. All the user does is click yes or no to confirm the transactions.

Please understand that p2p networks are decentralized by nature; so, not all of the server operators are going to be honest, good hearted people. So the network must be designed to be functional while keeping a good measure of security to protect the end-user accounts.

This thread and my design are geared mostly toward software developers and system admins who would be interested in developing or deploying such a system.

[usscfounder]

Blockchain vs "Federated" p2p system.

I must admit that the system being designed on this thread is indeed a "federated" type system. Any p2p exchange is going to have to have some sort of federation in order to be successful.

What will make the system liberated are the various p2p exchanges interlinked through contract agreements enforced by protocols built into the system. As I explained in an earlier post, a group such as Anonymous could produce a p2p exchange in their name then interlink it to another group such as Kim Dotcom's Mega. Both could have connections to Fiat converting sites such as MTGOX and BTC-e.  Users could choose which p2p exchange they wanted to have their account on, then be able to move that account to another p2p exchange if so desired.

Because this system is built on an application stack there is no need to "reinvent the wheel". The blockchain would still be utilized by the bitcoin/litecoin/cryptocurrency clients at the bottom of the stack.

Being a federated system the owners of the system should allow anyone to join as an admin (so they both can make money). The admin would charge a transaction fee to the end-user if his server is used in any transactions. This allows the federated system to be open to anyone interested in becoming an admin and deploying a physical server to house virtual-servers on the network.

The sec-coins would allow a measure of control over the entire p2p network. The sec-coins would only be seen by administrators on the network.



 

[usscfounder]

User Account Consensus

By keeping more than one instance of a specific virtual-server online it is now possible to have them use a consensus to perform valid transactions. (I will get back to Bob and Alice's transaction later).

[usscfounder]

Sorry for taking so long to update this thread.

I am currently researching & meditating on other ways to solve some of the problems we are facing for a decentralized p2p exchange.

(I WILL POST TOMMOROW OR DAY AFTER NEXT...   CHECK BACK THEN.)

[peloso]

Hi! so.. what abt your meditating? did you leave p2p exchange idea?

[kumarrajuiitd]

Bitcoin and other altcoins are best suited to operate as lower level applications and should not be designed for direct end-user control or use. Like web browsers use tcp/ip for lower level operations, the Bitcoin application and protocol should operate much the same way. End-user applications and services need to be built on top of the Bitcoin protocol and application.


I left out:
"Should use client side passphrase and server side passphrase to give access to encrypted user account on virtual server."

The above should stop any server admin/owner from trying to hack any specific users account. Client side passphrase + server side passphrase = access key to access user account on virtual server. Using combined key, client side can access server side Db for that specific user account only. Kind of like how the truecrypt client accesses an encrypted hard drive. Nothing is stored on the users client side. Server side can be configured to use third-party authentication if necessary [i.e other website, yubi-key, etc...]

An europian platform is launching cryptocurrency exchange named as blockchain.io. One can visit the webpage and get more information about the same. This exchange ensures quick transaction in lesser time and will work globally.