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Author Topic: How does open transactions actually work  (Read 318 times)
danielW
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October 30, 2017, 08:18:06 AM
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I.e. If I wanted to re-implement this myself what would I need to do?

 If I do

ots stamp testfile.txt
...
   What actually happens here?
...
ots verify testfile.md.ots
..
   What happens here?



btw I know what hashes merkel trees etc are.
I have read this https://petertodd.org/2016/opentimestamps-announcement#how-opentimestamps-works
and https://github.com/opentimestamps/opentimestamps-client/blob/master/README.md

but still dont know how open timestamps actually works.

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October 30, 2017, 10:07:30 AM
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I.e. If I wanted to re-implement this myself what would I need to do?
I think you should hire Peter Todd or ask him what to do.  Grin

Quote
but still dont know how open timestamps actually works.
Hmmmm...
Have a look to https://app.originstamp.org/home
Let us call it "close timestamps" contrary to "open timestamps"
I think it is not very hard to compare these two projects and understand the technique.
If no, you must give up and switch to something else.
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November 03, 2017, 04:35:17 AM
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I'm guessing that they create an unspendable output with an OP_RETURN which allows you to embed arbitrary data in a transaction. So, they can aggregate a bunch of individual hashes into a single hash, then submit a Bitcoin transaction to an unspendable output with OP_RETURN that contains the literal bytes of the aggregated hash. So, for the cost of about 70-80 bytes or so (assuming compressed signatures), you can embed an unbounded number of hashes into a Bitcoin block, thus timestamping all of those hashes with that block.
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