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July 29, 2011, 03:41:42 AM |
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Would such a thing be possible?
If it was, it would make it very simple for people to be anonymous and safely store BTC.
I'm not a programmer or an expert on crypto but is it possible in theory to have software that-
-each amount sent in must be whole Bitcoins
-the software creates a private key and address and shares it on the network database
-to deposit BTC, the person enters a long password (software would probably makes a random one for the person to prevent anyone having the same one) and the software then does a SHA256(password) over and over for how many BTC will be sent. 100 repeats for 100 BTC
-the software then transfers BTC to the address using scripts so that to spend that BTC the person must know the third last hash (the first previous one is for the person to prove they have the password and the second previous one will be broadcast for sending BTC)
-when the person takes BTC out they enter the password and the software sends the second last SHA256(password) out to the network
-the network sees that the person does in fact know the password without seeing the password since it just hashes it again and it matches what was sent initially
-the network then somehow has waiting periods and the people with proper passwords are grouped along with the addresses they want to be paid out to
-the software then has each person in the group send out 1 BTC while the remainder BTC has conditions set so that the hash for payment must be the next previous hash and sends the 1 BTC to another persons payout address
-once a confirmation is complete the next BTC is done with another previous hash
-the most someone could run with is 1 BTC before they get kicked out of the group
-since whoever knows a previous hash also most likely has the password you can know they have the password without actually seeing it
-the network would know the balance for the password since it would be contained in one address
-each person is sending their own BTC using the password but sending it to someone else
Does it make any sense at all? Or am I too tired and hung over to make sense? Or is scripting like that even possible?
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