Bitcoin Forum
December 11, 2016, 06:37:48 AM *
News: Latest stable version of Bitcoin Core: 0.13.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Proposal for a decentralized BitBank  (Read 525 times)
omerioun
Newbie
*
Offline Offline

Activity: 14



View Profile
July 27, 2011, 05:53:21 PM
 #1

.
1481438268
Hero Member
*
Offline Offline

Posts: 1481438268

View Profile Personal Message (Offline)

Ignore
1481438268
Reply with quote  #2

1481438268
Report to moderator
1481438268
Hero Member
*
Offline Offline

Posts: 1481438268

View Profile Personal Message (Offline)

Ignore
1481438268
Reply with quote  #2

1481438268
Report to moderator
1481438268
Hero Member
*
Offline Offline

Posts: 1481438268

View Profile Personal Message (Offline)

Ignore
1481438268
Reply with quote  #2

1481438268
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1481438268
Hero Member
*
Offline Offline

Posts: 1481438268

View Profile Personal Message (Offline)

Ignore
1481438268
Reply with quote  #2

1481438268
Report to moderator
Ente
Legendary
*
Offline Offline

Activity: 1834



View Profile
July 28, 2011, 03:15:24 PM
 #2

I dont exactly get the difference this decentralized BitVault makes..
You still need to keep a "secret", just like you need to have a conventional wallet.dat at the moment. Lose either of them, lose your balance.

What do you want to accomplish?

If, what I assumed, you want to have your Bitcoins secure without your current wallet.dat, how about this:

-get the Sipa-patched client
-get the scripts and everything to create public-private keypairs from freely chosen passphrases
-create 10 such pairs from passphrases you can remember and/or write down
-import those 10 pairs into a new wallet.dat

voila, you can recreate your wallet.dat in case you lose all backups just by remembering the 10 passphrases!

This doesnt help in case your wallet.dat gets stolen and emptied, of course..

ente
jorijnsmit
Jr. Member
*
Offline Offline

Activity: 36



View Profile WWW
August 12, 2011, 09:27:57 AM
 #3

Just posting what started as an amusing thought and not 100% in the know on the technical details of the bitcoin software as of yet to understand if this would be feasible but here goes....

Based on current bitcoin technology....
1)  Public wallet system, stored in a P2P network
2)  Block chains performing transaction validity
     a) correct balance to transfer
     b) valid destination and origination wallets
3)  User creates account, private client issued to user.
     a) Private wallet shows account balance
     b) Provides authentication mechanism to initiate transactions
4)  Miners block chains help ensure the security and functionality of the bank
     a) Miners are rewarded with a nominal transaction fee for banking operations


Obviously a lot more could go into this, but this could help further the bitcoin cause if it is feasible.   Smiley

Sounds like you are describing the existing Bitcoin network.
Paramecium
Newbie
*
Offline Offline

Activity: 6


View Profile
August 12, 2011, 09:57:54 AM
 #4

Just posting what started as an amusing thought and not 100% in the know on the technical details of the bitcoin software as of yet to understand if this would be feasible but here goes....

Based on current bitcoin technology....
1)  Public wallet system, stored in a P2P network
2)  Block chains performing transaction validity
     a) correct balance to transfer
     b) valid destination and origination wallets
3)  User creates account, private client issued to user.
     a) Private wallet shows account balance
     b) Provides authentication mechanism to initiate transactions
4)  Miners block chains help ensure the security and functionality of the bank
     a) Miners are rewarded with a nominal transaction fee for banking operations


Obviously a lot more could go into this, but this could help further the bitcoin cause if it is feasible.   Smiley

Sounds like you are describing the existing Bitcoin network.

yeah, you might aswell just send your bitcoins out into the void and then load up a second client when you want to grab them.

Mining at  *Link Removed*  - 0% fees, ~0% stales
To be found at #bitp.it on irc.freenode.net
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!