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Author Topic: [ANN] [ICO][COP] СopPay - cryptofying your business  (Read 11292 times)
AUruHM
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October 31, 2017, 08:33:02 PM
 #221

How is the immediate transfer confirmed? If there is no confirmation time, then what is the mechanism to keep the chain from being abused and cheated? I looked at the website, the FAQ's and I just don't have the time and patience for a white paper today, is there some place the system itself was covered that I am missing?

That's a good question and requires a long answer.

To make transactions fast we let merchants operating in exchange mode perform transactions with zero (minimum) confirmation. That means merchants and consumers will not have to wait long till the transaction gets  into new block.

How we do that?

For bitcoin and altcoins we pay attention to 3 parameters:type of transaction, spread of the transcation in the web transaction fee.

When a standard transaction gets into a full node's mempool, can not be replaced, and we can spend it for certain. By a standard transaction we mean a paytohash transaction without the possibility of replacing it by fee (bip125). Also we check what percentage of complete nodes that also received this transaction. The standard transaction + spread on the network gives a good percentage of that there can't be a double spending attack.

We also check the transaction fee so that it corresponds to the average level at the moment to ensure that the transaction will get into one of the new blocks.
This altogether gives us a good percentage of probability (90+) to judge that the transaction will get into the blockchain even before it actually happens.
This allows you to make a payment in 8-10 seconds.

But this approach does not work with ether. Here any transaction in mempool can be replaced by another with a larger gas price. Therefore, here we use one confirmation and check the distribution of the confirmed block in the network in order to guarantee a high probability that the transaction will remain in the blockroom.
This, with sufficient gas price, it reduces the transaction to 15-20 seconds.

We also take into account the individual solutions of different coins of the InstantSend type in dash, which allows you to make payments within seconds.

In addition, to make transactions even faster, we use our reputation system. Buyers registered in our system and committing a large number of successful transactions will not have to wait for confirmation at all. Transactions for them become instant.

Moreover, since this function works in the exchange mode, we take all the risks associated with the transaction not being confirmed on ourselves.

To protect ourselves from probability that something goes wrong we limit the amount that can be made without confirmations to 200 euros. For registered customers with a high rating this limit can be extended.

You write "We check". Who is this? One center, master node, application code? On what side will be all those verifications? Or may be some scheme with interoperation's?

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November 01, 2017, 03:30:36 AM
 #222

Good start DEV! Congratulations! Perhaps I will also go to your project! Good luck
AUruHM
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November 01, 2017, 05:06:04 AM
 #223

Hi, admin!

do you have any video about your CopPay terminal? How it works and where? Because I really like the concept of your project but I want to have a look how it works in real life.

We even have a youtube channel:)
Join!

And actually we can show you how CopPay operates in real life Cool
Our network expands and recently we installed CopPay software in Vilnius cafe The Town Bar&Grill!
Watch a video about it!

O, I see. And real example give more understanding about working process. Sorry for question. I want to have much full details as I can

Reb Klimrod
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November 01, 2017, 08:14:57 AM
 #224

Are there any preliminary arrangements in any exchanges?

At the moment we are in negotiations. we consider HitBTC, Bittrex, Kraken
It will be cool, if at least one of the exchanges agreed quickly after the ICO)
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November 01, 2017, 08:53:47 AM
 #225

What kind of business is your main support? Can you give us an example of this.

BitByata
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November 01, 2017, 09:22:35 AM
 #226

keep good work dev!
ostrogoto2012
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November 01, 2017, 09:38:48 AM
 #227

when the ico will start, on the OP it says the ico will start on the 30th October any news? it is started already, please dev could you confirm?

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ConPay
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November 01, 2017, 10:29:24 AM
 #228

How is the immediate transfer confirmed? If there is no confirmation time, then what is the mechanism to keep the chain from being abused and cheated? I looked at the website, the FAQ's and I just don't have the time and patience for a white paper today, is there some place the system itself was covered that I am missing?

That's a good question and requires a long answer.

To make transactions fast we let merchants operating in exchange mode perform transactions with zero (minimum) confirmation. That means merchants and consumers will not have to wait long till the transaction gets  into new block.

How we do that?

For bitcoin and altcoins we pay attention to 3 parameters:type of transaction, spread of the transcation in the web transaction fee.

When a standard transaction gets into a full node's mempool, can not be replaced, and we can spend it for certain. By a standard transaction we mean a paytohash transaction without the possibility of replacing it by fee (bip125). Also we check what percentage of complete nodes that also received this transaction. The standard transaction + spread on the network gives a good percentage of that there can't be a double spending attack.

We also check the transaction fee so that it corresponds to the average level at the moment to ensure that the transaction will get into one of the new blocks.
This altogether gives us a good percentage of probability (90+) to judge that the transaction will get into the blockchain even before it actually happens.
This allows you to make a payment in 8-10 seconds.

But this approach does not work with ether. Here any transaction in mempool can be replaced by another with a larger gas price. Therefore, here we use one confirmation and check the distribution of the confirmed block in the network in order to guarantee a high probability that the transaction will remain in the blockroom.
This, with sufficient gas price, it reduces the transaction to 15-20 seconds.

We also take into account the individual solutions of different coins of the InstantSend type in dash, which allows you to make payments within seconds.

In addition, to make transactions even faster, we use our reputation system. Buyers registered in our system and committing a large number of successful transactions will not have to wait for confirmation at all. Transactions for them become instant.

Moreover, since this function works in the exchange mode, we take all the risks associated with the transaction not being confirmed on ourselves.

To protect ourselves from probability that something goes wrong we limit the amount that can be made without confirmations to 200 euros. For registered customers with a high rating this limit can be extended.

You write "We check". Who is this? One center, master node, application code? On what side will be all those verifications? Or may be some scheme with interoperation's?
As we provide exchange services, that's us who check all characteristics on our servers after the merchant makes an order in exchange mode. It's us who decide whether the payment is instant or not.
But the more the user user our system the more his reputation influences the decision on the instant confirmation of payment.
the reputation will be kept in CopPay blockchain and we can not influence how it forms.  
Thanks to the reputation system we will get independent from cryptocurrency mechanism of instant confirmation of transactions. and the users will be able to check the quality of our work.
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November 01, 2017, 11:09:35 AM
 #229

give me please the link to your FB!
Here it is!
https://www.facebook.com/CopPay
ConPay
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November 01, 2017, 11:39:22 AM
 #230

when the ico will start, on the OP it says the ico will start on the 30th October any news? it is started already, please dev could you confirm?

hello! yes, it has already started. You can join us: all info is avalible on the official web-site: coppay.io
ConPay
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November 01, 2017, 11:40:41 AM
 #231

How much did everyone invest in this ico?

On our web-site coppay.io there is a real-time info update on the tokensale
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November 01, 2017, 11:43:10 AM
 #232

Please, do more video updates!


OK! Will try to do them more often!
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November 01, 2017, 12:17:26 PM
 #233

Will there be any online AMA with devs?

ostrogoto2012
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November 01, 2017, 12:20:05 PM
 #234

when the ico will start, on the OP it says the ico will start on the 30th October any news? it is started already, please dev could you confirm?

hello! yes, it has already started. You can join us: all info is avalible on the official web-site: copay.io
Thank you dev really appreciate for your quick reply, just was looking your website look nice, anywhere we can see how much the project raise so far?

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'BTC MULTI-WALLET SOON'
▬▬▬▬ Download WHITEPAPER ▬▬▬▬

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AUruHM
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November 01, 2017, 12:23:40 PM
 #235

Thank you dev really appreciate for your quick reply, just was looking your website look nice, anywhere we can see how much the project raise so far?
Fund raiser counter on site - under calendar Wink 2 days in current conditions is too few for non-massive PR ICO

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November 01, 2017, 12:33:03 PM
 #236

Yes! I finally took a chance: made a contribution and now Im waiting for profits. Good luck!
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November 01, 2017, 12:46:10 PM
 #237

Thank you dev really appreciate for your quick reply, just was looking your website look nice, anywhere we can see how much the project raise so far?
Fund raiser counter on site - under calendar Wink 2 days in current conditions is too few for non-massive PR ICO

seems they have two different website https://copay.io/ and  https://coppay.io/ which one is the official website people will get confused about it! thanks for the info

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█║█
║║║
║║║
█║█
██
'BTC MULTI-WALLET SOON'
▬▬▬▬ Download WHITEPAPER ▬▬▬▬

                    ▄██▄
                  ▄██████▄
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November 01, 2017, 01:01:12 PM
 #238

Give me the telegram link if you have one, please!
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November 01, 2017, 01:03:19 PM
 #239

Nice project! Good luck!
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November 01, 2017, 01:04:27 PM
 #240

Will there be any online AMA with devs?

Is it like ask me anything, you mean? q&a?
we think about a webinar. would it be interesting for you???Smiley
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