Bitcoin central funding and distribution program

[Elwar]

I have a high level concept I am trying to figure out.

tl;dr

Create a program where multiple people can put their money into a single wallet unaccessible by anyone with criteria for when and where it will disperse payments.



tl part:
Distribution
I was thinking of several different scenarios. You can set the time of distribution, say once a week, month, year etc...or once it hits X amount, or you could have all of the people who donated vote on the distribution. You can set the vote to be 1-100% required to distribute with a threshold of sending the money back to the donors if there is no resolution by X day.

Consider a mixed group of people wanting to support cancer research. They donate to this cancer wallet and it is set up to activate either at 1000 BTC, with a vote of 66% for the location of where the 1000 BTC will be sent. If there is no resolution within two months, the BTC is sent back equally to the donors.

Or a neighborhood wants to build a park in an open lot so all of the neighbors put BTC into the park wallet. They come up with a few different ideas and companies and require a 51% acceptance for distribution. Once they get a vote of 51% then the money is sent. Otherwise it either has a date where the money is given back or it is kept there until there is agreement.

Or a club that has dues where the members get to vote on where the money goes.

The Program
This I am not too sure about. The hard part is having a wallet that is not accessible by anyone but the program. The person or server in control of the program could possibly be the weak link there. I do not want to rely on trust. There needs to be a lot of transparency and easy verification.

I could use some suggestions on this. Thanks.

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[ovidiusoft]

The Program
This I am not too sure about. The hard part is having a wallet that is not accessible by anyone but the program. The person or server in control of the program could possibly be the weak link there. I do not want to rely on trust. There needs to be a lot of transparency and easy verification.

It is not possible. It can be made difficult with complicated hardware tripwires, but in the end someone with physical access will be able to compromise the system.

[Elwar]

The Program
This I am not too sure about. The hard part is having a wallet that is not accessible by anyone but the program. The person or server in control of the program could possibly be the weak link there. I do not want to rely on trust. There needs to be a lot of transparency and easy verification.

It is not possible. It can be made difficult with complicated hardware tripwires, but in the end someone with physical access will be able to compromise the system.

Ya, I am having a hard time thinking of how it can be done as well. I was thinking at the very least you could have an auto-encrypted wallet where the password is made up of multiple characters shared by multiple people.

[brendio]

I posed a similar question on the GLBSE forum, but with regard to having a company with multiple directors and requiring multiple authorisations to operate the account or wallet file.

Following this thread with intent!

[nighteyes]

The Program
This I am not too sure about. The hard part is having a wallet that is not accessible by anyone but the program. The person or server in control of the program could possibly be the weak link there. I do not want to rely on trust. There needs to be a lot of transparency and easy verification.

It is not possible. It can be made difficult with complicated hardware tripwires, but in the end someone with physical access will be able to compromise the system.

Just a thought from my 'open books' thinking, but how about the following scenario:

1)New bitcoin client from third party
2)New bitcoin client has a feature of different levels of "hold"....in other words, the bitcoin client wont send the "money" on hold

If I were a bitcoin client, I would change that wallet.dat file of course....it wouldnt be compatible with the current bitcoin client.

 

[Meni Rosenfeld]

I was thinking at the very least you could have an auto-encrypted wallet where the password is made up of multiple characters shared by multiple people.

Secret sharing might be relevant.