Everything was agreed to but at the last minute the investor pulled out before the funds hit the bank.
As you can imagine, it was devastating as we had spent so much time with legals etc.
Until its in the bank, it never a surety.
The project is still there, but inactive (thats why we took the site down) until we can proceed again.
Interestingly, it has been a good thing as some developments with other online wallets has concreted our concept as extremely viable.
Also, with those recent developments, our concept has not changed at all.
Its an online walletMain Website: Nothing is actually stored on that location except a database with basic information
Site 1: Stores part of a users information, accessed via an encrypted URL
Site 2: Stores another part of a users information plus a key to unlock Site 1 information, accessed via an encrypted URL
Site 3: Stores further information with a key to unlock Site 2 plus a key to complete the chain for Site 2:, Site 1 and the Main Website, accessed via an encrypted URL
At any stage, Site 1 can be Site 2 or Site 3 and vice versa, as they rotate their roles with keys changed to express the role changes. All keys are one time usage then discarded.
Instead of a 2 factor security code, it simply sends a SMS requesting Authority to send the transaction (Yes or No) and this is randomly sent by Site 1, 2 or 3 and must be processed by that sending site. Then its all displayed on the main website, which is pulling the information from the other 3 sites, unencrypted and shown to the user. The Main website can be hacked all day and night as it doesnt matter. The 3 sites will not function if there is a break in information or if the information does not correlate with the other 2, as they check each others work request.
The reason we went this route is simply because the system needs to be as secure as possible and for Bitcoin to be used by anyone, even with basic PC skills. It has to remain as easy to use with all the complexity handled by the system and not the user, as in the case of needing to DL authority apps and so on, which if you think about it, your mom, dad, sister, brother, uncle or auntie may not grasp the next procedure with the current online practices.
There is also an APP that comes with the system, not for identification or security, but to carry out another function associated with person to person, physical meeting. Thats another story and will also be a "game changer" APP as well, which we believe will take the number 1 spot for that type of transaction.
Perhaps the time was not right for us to develop the system, but at some time, we will go forward and put it all together and hopefully change the world
If anyone is interested in helping us go ahead with the project, PM me. [edit]
Overcomes the need for escrowOne more thing. It also overcomes the need for escrow as a sender can place a release restriction on the transaction, which the recipient is fully aware of. For family trade, close friends and trusted individuals, you can set this at Instant transfer. For untrusted/new individuals, this would have a preset time frame which will be lowered with each transaction that is not challenged. Disputes effect both sender or receiver and shown accordingly during the next transactions until a predetermined time and it is then archived.
This will encourage trade, to lower release times and then with disputed trades, it will hopefully ensure clean trades thereafter, to lower those added restrictions. So for the first time trader on the system, unless they know the person, a restriction will be in place, unless authorized by the sender to not do so. Authorized removal on restrictions do not count towards lowering the automatic imposed restrictions. There are some other things added in there to avoid collaboration in lowering restrictions, but it starts to get long winded now
