Open Transactions -- new release, with Use Cases and Diagrams

[fellowtraveler]

Hey guys, the latest version of Open Transactions now supports "Destruction of Account History" (accomplished through signed balance agreements and transaction numbers.)
I suppose if you use it in cash-only mode (no accounts) then you don't care about that feature, but I thought it was pretty cool.

I also thought you might like to see the new article on Use Cases:
https://github.com/FellowTraveler/Open-Transactions/wiki/Use-Cases

The article shows which OT API functions to call for each use case. For more
detailed info on each API call, check out this page:
https://github.com/FellowTraveler/Open-Transactions/wiki/API

You might also like the pretty diagrams:
Architecture Overview: http://billstclair.com/ot/ot-diagram.jpg
Fully-Anonymous (cash only): http://billstclair.com/ot/OT-Anon-CashOnly.jpg
Pseudo-Anonymous (using accounts): http://billstclair.com/ot/OT-Pseudonym-Instruments.jpg

And of course, the overall project page:
https://github.com/FellowTraveler/Open-Transactions/wiki

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[genjix]

Thanks for this great project. I'm planning to use this in my next project.

thumbs up

[jaekwon]

With destruction of history, how does anyone (like the issuer, or account holders) know that user Smith actually should have 10000 silvers? Both Smith and Server M can produce receipts, but how can user Alice and the silver issuer trust this receipt?

It seems that the only thing that can be trusted, is that Server M cannot cheat my account, and I cannot cheat Server M. But this does not guarantee that Smith and Server M collude and turn on the printing presses, so to speak. What am I missing?

[fellowtraveler]

The issuer (or voting pool members) must audit the transaction server:

https://github.com/FellowTraveler/Open-Transactions/wiki/Auditing

This is what prevents inflation.

[becoin]

The issuer (or voting pool members) must audit the transaction server:

https://github.com/FellowTraveler/Open-Transactions/wiki/Auditing

This is what prevents inflation.

I can hardly follow all the developments in this project. 24 hours a day is not enough.