Coin that motivate sellers

[toresto]

this is a project a started developing in 2013, and it has a serval good reason why.

The growth and development of Crypto with time brought not only
a new technology to the world, but also various scams.

a supposedly legendary digital cash without chargeback became an ideal honeypot for scammers

you can't deal with all the problems but I was trying to do something with the most  of them
and it's not going to eliminate all the scams but at least it will motivate to do things more legit
and better faster service(including packing and shipping the product fast and good as possible)
and at least motivate people to use their crypto instead of holding (today it HODL) but yet it still gives the answer
and return the true property to cryptocurrency as digital cash as currency.


SCAM SITES
scam sites that present their self as a legit website, and that you buying something but you never receive it
and it's just another bogus trade transaction.





PHISHING SCAMS
pretending to be some other famous  website, that once again when you buying something you first send the money
and only then receive your goods but because it's a phishing site you losing your money and not receiving any of the goods.


MALICIOUS  JAVA CODE INJECTIONS
injecting java code that replacing coin address on the website and you just sending your coins to some scammers, without realizing that.


ESCROW SERVICES
people that supposed ESCROW you deal with the seller and to release your money to the vendor, was running away with your coins after receiving.


STRAIGHT FORWARD BUYING DEAL
Bob wants to sell computer for  X coins to Alice sending the coins
Bob said he shipped and give her tracking number Alice happy thinking that her new computer on her way
and happily giving Bob her Coins, but for her surprise, she received an empty envelope and not a package.


THE SOLUTION
chargeback, you can buy safer knowing that if you bought something over the net
and it didn't ship or fake shipped,  similar to PayPal or you sent to wrong address you can create a dispute case and claim your money back.


Although  this solved the majority of the problems, this is creating another problem
the decentralized become centralized and you need a third party involved and that is not good
and kinda defeats the whole point of cryptocurrency.


and also become sort of place for scammers, I sending Bob coins to buy other coins after receiving them I doing a chargeback
and Bob losing his coins and I remain.

so how can we use our CryptoCurrency and motivate the buyer to buy and the seller to ship or deliver what promise?


THE REAL SOLUTION

to motivate the sellers to ship  give buyer what he paid for and eliminate at least most of the scams

the solution that I start developing in 2013 was "one-way hold" that allows you to send a transaction from A to B
just like you do with all other cryptocurrency but with one exception that change everything:

you can put transaction amount on "hold" and release it after the seller shipped as promised or you receive the promise.

how does it work:

it's a littile bit more complicated than that but in short:
when  putting transaction with "hold" the sender entering passkey and it's added to transaction tx  additional data to block
to release from the hold that can be done only from the same wallet or same private key, after entering the passkey
and sent as subtransaction that miners validate after the validation the balance released from hold

because releasing from transaction it sort of the transaction to avoid spam and pay the miners
releasing and putting on hold have a fee

and this is for 2 manly reasons:

1) avoid spam on the blockchain
2) and since adding additional sha256 pass is additional bytes which
increase the block size to avoid people just sending holds for fun, or without any real use


I sorry for the quality of the video this is the only video I've got from 2013
i sending 15 test coins from wallet A to wallet B
and instead of regular transaction I put hold entering password for this "hold"
wallet B receving the transaction with status "received with hold"
and red lock, the wallet show that the 15 coins is on hold

then I going back to wallet A clicking on the transaction I sent
entering the password and un-hold it wallet B received notification
that the funds released from hold and now  the Status went from
"received with hold" to "received" and changed to green
now wallet B can use this coins




one-way hold  in real life usage:


Alice wants to buy From Bob ps4 Bob knowing the nature of crypto and Alice also
so Bob say first where is my guarantee that you will pay me after I ship?
and Alice say what our my if I paid what are my guarantee that you not going to disappear after the transaction?
so they both agree on soon as Bob see that Alice sent Bob Money
Bob will ship ps4 with tracking number.

Alice sent Bob coins and set that transaction with "one way  hold"
Bob Received coins and waited for 3 transaction confirmations to see it's legit and no double spending.

Bob see that he received coins and they confirmed, so now he knows that Alice send all money as promised

Allice after receiving the PS4  as promise release Bob's coins from hold and Bob able to use it.




The motivation for Seller

Why Scam or phishing?  even that you received your coins  you not able to use the coins until client release from hold after receiving everything as promised
and a motivation to pack it nicely and ship it as fast as he can to release from hold


The motivation for Buyers

upper hand when making a deal online or even offline, and since this is only one-way hold  he already sent the coins
the transaction irreversible even if Alice not going to release from hold her money is already sent she can't reverse the transaction it's only one way hold,  there is no point to not unhold,  unless the seller is a scammer, or she just want to screw him up but still she doesn't get her coins back doing so they are gone forever.

before you say something like: this is maybe a problem what if someone forgot his password what if he doesn't want to release the money
I'm aware of this but I also aware that till this day only one side is capable of doing this and it was always the one who received the coins and from here most of the scams
and those who sent the coins never had an upper hand.
but this time the coins are flipped and both sides have the motivation, to do things right.

I was thinking to implement expiration time i case someone forgot to release from hold
so if you forgot to release the funds after X period of time the hold will be released
but then if you put the hold and didn't release it Deliberately
so after X of time you will receive
a reminder inside your wallet "you didn't release the funds it's about to expires"

and if you choose to ignore than you probably just forgot to release and they will be released automatically
but if you not ignoring and clicking than it remain  with hold because you probably don't want that that person
receive the funds.


in 2013 I stopped  the development  because my hard drive died and because  later when I want to restore the development in 2014 VItalik
introduced the Ethereum and the smart contract concept and begin with crowdfunding theoretically with the smart contracts can eliminate the problems
that I tried to solve but after almost 5 years I still see there is not really a solution for that and even Ethereum
you have the smart contact but does the average consumer or user will able to program this smart contract and use this
and honestly how many people know how to program with Solidity hardcore.
Ethereum is super excellent platform, but it is a programming platform I want to make things easy for daily use.

and for buying and using crypto as currency digital cash over the internet and local shops.


Specifications

it was built upon Litecoin Scrypt and  to be released not pre-mine and fair
since in 2013 most of the coins price was based on trust, remember we talking about 2013
no ICOS' and tokens at that time. in order to give miners a motivation to mine and using this,  coins
I went and drove to other cities and went physically to local shops that are shipping worldwide.

explained the concept I wanted to create online mall for this coin where I put all vendors that agree to accept my coin

some of the vendors that agree

Business Printing- that offered printing solutions business cards flyers promotion products
Gift shop- cool gifts,t-shirts mugs and many other cool stuff
computer and hardware store

I actually contacted again a few days ago and they still willing a specially after hearing all the buzz about bitcoin on the news.
anyway I wanted to create interest  to give coin some value(no ICO and no tokens this is 2013 coin value is worth only with trust)


and the reason I choose scrypt in 2013 was that sha256 was facing already Asic problem
and most of the people can't really afford to invest in Asic
and as for Scrypt there wasn't yet solutions like Asic but you able to mine it with your CPU or GPU
i also was considering quark to restrict only with CPU but i went with Scrypt.

and that seems fair to me to spread that kind of coin that almost every one with a computer able to mine it.

I can tell you about the coin information

 algorithm maximum coins and all other good stuff
but since all my consideration was based on 2013 and the technology and need of that time in 2018 it's useless.

since scrypt is not that effective  and much more interesting algorithms released and people learned many other
things about the technology and uses such the problem with bitcoin block size


so my only question is does the world need another cryptocurrency?
I will answer my self: maybe.

but does the word need cryptocurrency with this concept: definitely yes

so I asking the kind people in this forum

is this worthy to continue developing?
and if so

since almost 5 years past and scrypt is not really an option anymore

if the community say yes that I suggest this time let's create it together

since 5 years a lot have been changed and most of the work needed to be done from scratch to fit 2018 needs

so first we need to select:
the name of the coin
coin algorithm
maximum supply
difficulty
transaction confirmations

and all other essential components that the community wants and need.



and if such function available in another coin that I not familiar well, this why I created this post at least to know if I should continue with this.

and if you do think that this is worthy than I promise to create this in a most transparent way always updating writing blog posting videos on any tiny progress.
something that I till days see not many of coins do.
so please first let me know if it's worthy to continue to develop and to release and I would really like to hear your suggestion.


*update 02.28.2018
since I got my question  answered many people contacted me and in other forums asking to relive this project and to get more information
right now working on first prototype wallet a lot of change since 2013 and the new code is not SCRYPT and based on another algorithm,
also assembling a team, more detailed update will be soon.

[worldzuber]

wow honestly though it announces the new coin this is the why I registered to this forum to find new coins, but now that you mention this you know I actually never seen this in any coins and it's actually quite interesting, I'm, not a software developer but I am more than happy help you with many of another aspect, I can design in photoshop if you need, and I really would like to see this project in real life.

[toresto]

wow honestly though it announces the new coin this is the why I registered to this forum to find new coins, but now that you mention this you know I actually never seen this in any coins and it's actually quite interesting, I'm, not a software developer but I am more than happy help you with many of another aspect, I can design in photoshop if you need, and I really would like to see this project in real life.

thank you for your interest, I will definitely need some help with a graphic in the near future.

[hase0278]

wow honestly though it announces the new coin this is the why I registered to this forum to find new coins, but now that you mention this you know I actually never seen this in any coins and it's actually quite interesting, I'm, not a software developer but I am more than happy help you with many of another aspect, I can design in photoshop if you need, and I really would like to see this project in real life.

thank you for your interest, I will definitely need some help with a graphic in the near future.

It definitely is an interesting idea but does it really the solve the problem at hand? It seems to me that the system itself needs more improvements in order to fully prevent scams using the project. If the buyer needs to released the hold coins, what if he/she didn't release it on hold and left the seller waiting? I think escrow would be much more efficient if this system stays as is. I think that every transactions made in it should have an expiration(ideally at least 3 months) and when it expires without the buyer complaining, the seller would receive his pay.

[toresto]

wow honestly though it announces the new coin this is the why I registered to this forum to find new coins, but now that you mention this you know I actually never seen this in any coins and it's actually quite interesting, I'm, not a software developer but I am more than happy help you with many of another aspect, I can design in photoshop if you need, and I really would like to see this project in real life.

thank you for your interest, I will definitely need some help with a graphic in the near future.

It definitely is an interesting idea but does it really the solve the problem at hand? It seems to me that the system itself needs more improvements in order to fully prevent scams using the project. If the buyer needs to released the hold coins, what if he/she didn't release it on hold and left the seller waiting? I think escrow would be much more efficient if this system stays as is. I think that every transactions made in it should have an expiration(ideally at least 3 months) and when it expires without the buyer complaining, the seller would receive his pay.

this is why I created the post to hear people thoughts, so let's say I bought something from seller A and transferred to him X amount of coins let's say I forgot to release the funds so within 3 months they will be released automatically but what if i did because the seller is a scammer and i didn't released the hold because of this.

but the scammer will wait 3 months and then it be released, what if to implement the second hold that sending a sort of reminder to the wallet as "you didn't release the funds it's about to expires"
and then if the wallet owner chooses to ignore it will be released automatically, but if not he will click to leave this on hold because it was a scammer this is much safer and eliminated the problem if you forgot to release it from hold what do you think?

[worldzuber]

wow honestly though it announces the new coin this is the why I registered to this

thank you for your interest, I will definitely need some help with a graphic in the near future.

It definitely is an interesting idea but does it really the solve the problem at hand? It seems to me that the system itself needs more improvements in order to fully prevent scams using the project. If the buyer needs to released the hold coins, what if he/she didn't release it on hold and left the seller waiting? I think escrow would be much more efficient if this system stays as is. I think that every transactions made in it should have an expiration(ideally at least 3 months) and when it expires without the buyer complaining, the seller would receive his pay.

this is why I created the post to hear people thoughts, so let's say I bought something from seller A and transferred to him X amount of coins let's say I forgot to release the funds so within 3 months they will be released automatically but what if i did because the seller is a scammer and i didn't released the hold because of this.

but the scammer will wait 3 months and then it be released, what if to implement the second hold that sending a sort of reminder to the wallet as "you didn't release the funds it's about to expires"
and then if the wallet owner chooses to ignore it will be released automatically, but if not he will click to leave this on hold because it was a scammer this is much safer and eliminated the problem if you forgot to release it from hold what do you think?

This is actually a very practical idea, expiration date

[hase0278]

wow honestly though it announces the new coin this is the why I registered to this forum to find new coins, but now that you mention this you know I actually never seen this in any coins and it's actually quite interesting, I'm, not a software developer but I am more than happy help you with many of another aspect, I can design in photoshop if you need, and I really would like to see this project in real life.

thank you for your interest, I will definitely need some help with a graphic in the near future.

It definitely is an interesting idea but does it really the solve the problem at hand? It seems to me that the system itself needs more improvements in order to fully prevent scams using the project. If the buyer needs to released the hold coins, what if he/she didn't release it on hold and left the seller waiting? I think escrow would be much more efficient if this system stays as is. I think that every transactions made in it should have an expiration(ideally at least 3 months) and when it expires without the buyer complaining, the seller would receive his pay.

this is why I created the post to hear people thoughts, so let's say I bought something from seller A and transferred to him X amount of coins let's say I forgot to release the funds so within 3 months they will be released automatically but what if i did because the seller is a scammer and i didn't released the hold because of this.

but the scammer will wait 3 months and then it be released, what if to implement the second hold that sending a sort of reminder to the wallet as "you didn't release the funds it's about to expires"
and then if the wallet owner chooses to ignore it will be released automatically, but if not he will click to leave this on hold because it was a scammer this is much safer and eliminated the problem if you forgot to release it from hold what do you think?

Well if scammer will only wait 3 months, the user can just complaint about it before 3 months comes to pass in order for it to not expire. If the transaction is a success, then the buyer can just ignore it and it will be released automatically. If transaction failed, buyer can email team for complaints or there should be a dedicated button for that while looking in the transaction history.

[Vit83]

What difference between this and for example PayPal or Alipay with customer protection? Don't see anything new in this. You will have to resolve disputes manually, this is not the decentralised solution. Or you will going to take information from postal service automatically? Or how will it be if buyer will decide that quality is not that he wanted? Or send the parcel back? How will be a chargeback?

[toresto]

it's decentralized there is no third party involved the wallet owner doing the "hold" and after X time if he forgot to release he will receive a notice in his wallet "hold about to expired" if he choose to ignore the hold will be released probably forgot to do so, and if not the hold remain probably because he doesn't want this individual to receive the coins

[worldzuber]

Can you implement built in time to release the hold in case you forgot?

[NutellaboY]

One more advertisement thread with a strong words at the title? God, when will u stop putting your average coins everywhere?

[toresto]

One more advertisement thread with a strong words at the title? God, when will u stop putting your average coins everywhere?

where are you seeing that someone advertisement something?
here is nothing to advertise did you read the whole post and what it's all about? ,
 and what average coins putting where you talking about?

[kryptqnick]

The idea seems quite interesting. I believe the reason we still need this is that smart contracts are too hard to be used in real life by ordinary people, right?
This one-way hold is an attempt to avoid using extra people who provide escrow, while ensuring safe shopping. Let's say the money is in the hold area and the buyer is waiting for the product to come. If the product doesn't come then the 'hold' is not released. Where does it go? Can it be withdrawn by the buyer? And what if the buyer is the scammer and attempts to get the product without paying for it? Who/what will decide who's right in such cases? Basically, that's what escrow is needed for. Trusted members are not just holders of the funds, but also the judges in cases of problems.
Could you explain how your project deals with such things?

[toresto]

The idea seems quite interesting. I believe the reason we still need this is that smart contracts are too hard to be used in real life by ordinary people, right?
This one-way hold is an attempt to avoid using extra people who provide escrow, while ensuring safe shopping. Let's say the money is in the hold area and the buyer is waiting for the product to come. If the product doesn't come then the 'hold' is not released. Where does it go? Can it be withdrawn by the buyer? And what if the buyer is the scammer and attempts to get the product without paying for it? Who/what will decide who's right in such cases? Basically, that's what escrow is needed for. Trusted members are not just holders of the funds, but also the judges in cases of problems.
Could you explain how your project deals with such things?

first, thank you for interest

"This one-way hold is an attempt to avoid using extra people who provide escrow," yes this is the idea

" 'hold' is not released. Where does it go?" -> when you sending your coins to the wrong address they are gone if you sending your coins to scammer they are gone
here the same thing
if you are not released the coins from the hold they are gone just like in any other coins no one can use them
or else the buyers could become the scammers and we want to avoid the scamming this go to both side buyer and seller.
they will stay in the scammer wallet with "hold" forever
I was thinking maybe it will go to charity, but I prefer to keep it this way, let the scammers eat their hearth,

but because of the hold option, it will motivate the seller to be more legit

if you have other suggestion I will be more than pleased to hear that

while the escrow is great but sometimes when you just want to use the coins to buy things, and you just downloaded the wallet to buy something
like my girlfriend, she knows about bitcoin she know that this is a digital coin but I told her
you just download a digital wallet and you can use your coins to buy thing

and she "what digital coins" "what digital wallet"
imagine what will be her reaction if I told her but in order to buy something you need to use "escrow service"

i don't want people to start looking for escrow i want people to use this as a coin straightforward without the need of the third party involved

i want to simplify things for daily users like my girlfriend new to crypto because of me  :-)

and i still think escrow is a good thing just trying a little bit to do something to avoid it but not in all cases sometimes you do need escrow

the project is from 2013, I created the post exactly to raise this type of question, and develop a project that answers the needs of the community in 2018 after crypto already established some blocks it's almost
5 years  and we learned things like the bitcoin block size problem and many other things so, please suggest

[toresto]

Can you implement built in time to release the hold in case you forgot?

this is a good idea, some instead of doing fixed timer you can send the hold with a date to release in case you forgot
something like this?

[toresto]

in 2012 it was a " wild a west" many scams many "shit coins" without any use, it was hard to trust sending you coins to"anonymous address ".
and I decided to at least tried to do something with blockchain transaction other than sending, receiving, sending a message, and using anonymous
 address, and deliver some trust in people when making deal with crypto coins, and in an easy way anyone to use.


my question and the whole point of this post:

is what I tried to solve and deliver in 2012-13 when I start the development, do this project and the idea worthy To revive in 2018, and continue the development with the consideration and needs for 2018?

[luongdk]

It is something like safe deal, it is a good idea, but I think there will be some minuses and arrive more scammers, not sellers, but buyers, that will get their product, it will be delivered but they will still hold coins and may use, as example, button "not delivered". Yes, of course this garant service will be good, if it will be, but just imagine how many people that now are using carding will level up?)
Think about that

[toresto]

It is something like safe deal, it is a good idea, but I think there will be some minuses and arrive more scammers, not sellers, but buyers, that will get their product, it will be delivered but they will still hold coins and may use, as example, button "not delivered". Yes, of course, this garant service will be good, if it will be, but just imagine how many people that now are using carding will level up?)
Think about that

that's a good question


regular transaction when you buy something and sent the coins and them in seller wallet balance they gone.

 the transaction with hold he will receive as normal but unable to use it and you even if not did release the hold you won't receive it back
 the transaction is a transaction after sent it gone no matter if you put hold, just this time you got some upper hand over the receiver  and not only the receiver

what's the point to hold, if you not going to get it back no matter the hold or un hold?

if people forget to release it from hold:
there will be an automatic expiration time
with notification in your wallet, you can ignore
and the hold will be released and if not it remains
and you can set your own date if needed.



but your question points me to something else that needs to be solved.

if the buyer wants to manipulate the seller:
"yeah I received but you promise this gift. "
and I not releasing the hold till you send this gift etc..."

yes, my money has gone i paid I received the good but why not to squeeze more from this poor seller to release his money.
of course, there are people that will do so, but then again what the difference between this and when you sending your coins to anonymous address and not receiving anything from the other side?

bad people and scammers will be always no matter what we do but at least we can try to do something about it.


 it doesn't solve this  "buyer hostage" situation same as in another cryptocurrency with seller hostage" situation.
but I try to eliminate some of them as much as I can and keep updating this post to let you know the progress.

[Crypt0BHunter]

The idea is quite well, and what would you do next, how will you implement your mvp in mass adoption?

[toresto]

The idea is quite well, and what would you do next, how will you implement your mvp in mass adoption?

a lot of things changed since 2013, so I combine my solution from 2013 to fit the crypto world needs in 2018.
aiming give the buyer the upper hand when making deals online and offline against scammer seller, and protect against scammer buyers.
own blockchain.
and will be more than glad to give more  detailed information after I finish my research and writing.