[ANN] [888] [SCRYPT] OctoCoin ◦ The Power of Eight ◦ Don't Blink

[langvad]

Nice to see u guys are working on a solution, I will burn too

Thx framealife and FoldingCoin for ur work

[FoldingCoin]

Nice to see u guys are working on a solution, I will burn too

Thx framealife and FoldingCoin for ur work

No problem I think it would be an amazing thing to revive a coin from abandonment. I do not think it has been done before and i feel counterparty and the foldingcoin distribution platform can be great tools to help this get accomplished. The success of Octo will still be dependent on this communities willingness to put work in though, even though i can assist a great deal, my development priority is still FoldingCoin.

But that does not mean I will not give a helping hand where i can Part of FoldingCoin is helping in the burns and distribution of the Counterparty assets becoming part of our merged folding family, but this community has to develop future uses and features for the octo coin such as a fantasy sports coins, or gambling coin, or whatever your community wants to develop for octo. 

[SquidsIn]

<snipped>

“Proof of Burn”

We can assist in the “proof of burn” process. Now we still do want a dev from the Octocoin community taking charge and helping us help them, and it seems as framealife is the candidate looking to take this role on. However we need a provably unspendable 888 address that everyone will send their funds to. @SquidsIn here in these forums says he has the ability to create an 888 address that is something like: “8888888888888888888888888888888888888888” this address would be perfect. It is mathematically impossible for anyone to have this private key generated (assuming that the 888 blockchain is not corrupt since the beginning, which I am going to assume it is not). But the address could also look something like this “OCTOBURN8888888888888888888888888888888” to show some addition information as to what the address represents. If @Squidsln could provide this, then we (foldingcoin) can work with framealife on how the burn will work. I would recommend doing this manually for added human verification. How this would be done manually, is you the “888” holder would send an email to framealife stating BEFORE you send your 888 to the burn address with the following information:
Your counterwallet address (setup instructions can be found here http://foldingcoin.net/counterparty-guides/#wallet )
Your EXACT 888 address which your funds are coming from (so if you have multiple 888 wallets with funds in them, please move these all to one address)
The EXACT amount of 888 you will be sending (down to the satoshi)
Once framealife responds to you saying you are good to send the funds, then simply send them to the burn address.

<snipped>

Hi, just for clarity, "8888888888888888888888888888888888888888" is not the burn address, it's a RIPEMD160 hash of the SHA256 hash of the (unknown in this case) private key.  RIPEMD160 produces a 20 byte hexadecimal hash from the privatekey, this is then prepended with the version or network byte (12 for Octo) a checksum is then produced for that value whereby the checksum is the first 4 bytes of the result of applying an sha256 hashing function twice to the value.  The checksum is then appended to the value.  Finally the result is encoded as base58 to give the public address.  

Code:

so starting with...
8888888888888888888888888888888888888888 (RIPEMD160 hashed private key)

prepend version byte;
128888888888888888888888888888888888888888

derive checksum;
sha256(sha256(8888888888888888888888888888888888888888)) = 16b97e9581cffe7402a6bdb9f366e72f79992fe5ef80208f971883adc1c320c6

checksum = 16b97e95

append checksum to 128888888888888888888888888888888888888888 = 12888888888888888888888888888888888888888816b97e95

encode 12888888888888888888888888888888888888888816b97e95 as base 58 = 8TXnBYf96LvSRZrLeuhyTKn7bgaMCAYxqr (the public address)

All of this merely gives us a valid Octocoin address, which we require since the client requires a valid address to send to.  The reason it's unspendable is because since it's such a ridiculously uniform hash result to begin with and since hashing is a one way function there is (in all reasonable probability) no possibility that I or anyone else could have known or generated the private key in the first place.

Because the pubkeyhash needs to be a hex value then OCTOBURN88888888888888888888888888888888 is unfortunately not a candidate for producing the burn address but it could be any other 40 character hex string with uniformity that anyone else suggests.

[FoldingCoin]

<snipped>

“Proof of Burn”

We can assist in the “proof of burn” process. Now we still do want a dev from the Octocoin community taking charge and helping us help them, and it seems as framealife is the candidate looking to take this role on. However we need a provably unspendable 888 address that everyone will send their funds to. @SquidsIn here in these forums says he has the ability to create an 888 address that is something like: “8888888888888888888888888888888888888888” this address would be perfect. It is mathematically impossible for anyone to have this private key generated (assuming that the 888 blockchain is not corrupt since the beginning, which I am going to assume it is not). But the address could also look something like this “OCTOBURN8888888888888888888888888888888” to show some addition information as to what the address represents. If @Squidsln could provide this, then we (foldingcoin) can work with framealife on how the burn will work. I would recommend doing this manually for added human verification. How this would be done manually, is you the “888” holder would send an email to framealife stating BEFORE you send your 888 to the burn address with the following information:
Your counterwallet address (setup instructions can be found here http://foldingcoin.net/counterparty-guides/#wallet )
Your EXACT 888 address which your funds are coming from (so if you have multiple 888 wallets with funds in them, please move these all to one address)
The EXACT amount of 888 you will be sending (down to the satoshi)
Once framealife responds to you saying you are good to send the funds, then simply send them to the burn address.

<snipped>

Hi, just for clarity, "8888888888888888888888888888888888888888" is not the burn address, it's a RIPEMD160 hash of the SHA256 hash of the (unknown in this case) private key.  RIPEMD160 produces a 20 byte hexadecimal hash from the privatekey, this is then prepended with the version or network byte (12 for Octo) a checksum is then produced for that value whereby the checksum is the first 4 bytes of the result of applying an sha256 hashing function twice to the value.  The checksum is then appended to the value.  Finally the result is encoded as base58 to give the public address.  

Code:

so starting with...
8888888888888888888888888888888888888888 (RIPEMD160 hashed private key)

prepend version byte;
128888888888888888888888888888888888888888

derive checksum;
sha256(sha256(8888888888888888888888888888888888888888)) = 16b97e9581cffe7402a6bdb9f366e72f79992fe5ef80208f971883adc1c320c6

checksum = 16b97e95

append checksum to 128888888888888888888888888888888888888888 = 12888888888888888888888888888888888888888816b97e95

encode 12888888888888888888888888888888888888888816b97e95 as base 58 = 8TXnBYf96LvSRZrLeuhyTKn7bgaMCAYxqr (the public address)

All of this merely gives us a valid Octocoin address, which we require since the client requires a valid address to send to.  The reason it's unspendable is because since it's such a ridiculously uniform hash result to begin with and since hashing is a one way function there is (in all reasonable probability) no possibility that I or anyone else could have known or generated the private key in the first place.

Because the pubkeyhash needs to be a hex value then OCTOBURN88888888888888888888888888888888 is unfortunately not a candidate for producing the burn address but it could be any other 40 character hex string with uniformity that anyone else suggests.

Ok that makes sense. Is there a way you could create a public key that does show that it would be impossible to have the private key to? The one that Counterparty used was "1CounterpartyXXXXXXXXXXXXXXXUWLpVr" and that is a valid BTC address that you can look up that no one would possibly have the private key to.

Here is some information on how they got that public key, maybe it will help

• http://counterparty.io/news/why-proof-of-burn/
• https://en.bitcoin.it/wiki/Proof_of_burn
• https://gist.github.com/CoinWhisperer/6d673f1f3d13da1611cd

The above apply to Bitcoin, so i am not sure how useful they will be to you for Octo

[frameLAlife]

And this is why you guys are in charge of the burn 

[FoldingCoin]

And this is why you guys are in charge of the burn 

Yes, I sadly cannot look into your code to help create a burn address. However, using your initial provided method, so long as the community trusts that its a truely unspendable address, then you can use a generic one, but an address with the actual specialized names is preferred for those who do not know how to read code.

[balu2]

WTS
some octocoin. Message if interested.

[frameLAlife]

Nice to see u guys are working on a solution, I will burn too

Thx framealife and FoldingCoin for ur work

NP....  doing what I can.

The guys conducting the burn are the true ones to thank because i'm not technical enough to handle that. I'm more of a project manager and promoter type mindset.

[SquidsIn]

...

Ok that makes sense. Is there a way you could create a public key that does show that it would be impossible to have the private key to? The one that Counterparty used was "1CounterpartyXXXXXXXXXXXXXXXUWLpVr" and that is a valid BTC address that you can look up that no one would possibly have the private key to.

Here is some information on how they got that public key, maybe it will help

• http://counterparty.io/news/why-proof-of-burn/
• https://en.bitcoin.it/wiki/Proof_of_burn
• https://gist.github.com/CoinWhisperer/6d673f1f3d13da1611cd

The above apply to Bitcoin, so i am not sure how useful they will be to you for Octo

No problem, i'll take a look, the Octo address I generated was based on how it's done for bitcoin so it should be possible to apply the same principles again as per your links.

[frameLAlife]

squids your signature is amazing.

[Rumhurius]

BURNING

[CryptoBroker79]

BURNING

[frameLAlife]

Thanks to those that have either replied or PM me that they were BURNING.

Please, if you plan on burning your Octocoin for the new coin, reply a simple burning post like you have seen the others do. We are basically getting a head count.

Much appreciated.

[frameLAlife]

One of the best things about creating a coin on CP is the other coins that you can allow to use your applications with. I remember back when I first started getting into crypto one of my first initial thoughts was why is there no wallet to hold all of my different coins or at least some of them. Of course that idea has came and gone on a few platforms and i never really cared by the time they got here because i was about done with most alt coins.

The best thing about Counterparty is that all the applications and code should work for any Counterparty asset.

When I first started thinking about doing my own asset, which turned into asking Octocoin to becoming that asset for a few different reasons, i kept getting one question from people: why don't you just use Bitcoin?

Don't get me wrong, BTC is the big dog and I don't want to make a laundry list of reasons why having your own coin has both pluses and minuses. I will say this, I think it's cool that you can have projects, apps and websites that can all be held and controlled in the same wallet.

So then that led me to another question: so if you can have both OCTO and BTC and others in the same wallet, how do you allow other coins to be used on your apps and projects to gain more traction and customers yet keep your coin special.

There are many different ways and ideas I've kicked around and discussed with others. I also have looked far and wide on other CP assets forums to see what others say about this issue. I'm only going to talk about one, because it's really a no-brainer and it also doesn't intrude on other coins/assets ideas.

I have found that one of the best ways is early access. If everything you create will eventually accept other CP assets, then one of the easiest ideas is that when you use our coin on our apps and projects you get access to the alphas, betas and maybe even for an extended time period. You could set it to the first year to cover the testing and beta versions and then keep it to our asset until the end of the year mark. Then from that point you can allow other assets to be used to kind of kickstart a new cycle of growth.

There's more that goes into this idea that I won't go into for a few different reasons.

And of course I have some plans for another project that I want to do that I know I will keep strictly OCTO and BTC related.

If any of you have ideas or opinions on this please post them here. I'd love to hear what you think.

[Pecunia non olet]

is there a tl,dr version?

[frameLAlife]

is there a tl,dr version?

i'm sorry i don't understand the question? tl,dr version?

[SquidsIn]

...

Ok that makes sense. Is there a way you could create a public key that does show that it would be impossible to have the private key to? The one that Counterparty used was "1CounterpartyXXXXXXXXXXXXXXXUWLpVr" and that is a valid BTC address that you can look up that no one would possibly have the private key to.

Here is some information on how they got that public key, maybe it will help

• http://counterparty.io/news/why-proof-of-burn/
• https://en.bitcoin.it/wiki/Proof_of_burn
• https://gist.github.com/CoinWhisperer/6d673f1f3d13da1611cd

The above apply to Bitcoin, so i am not sure how useful they will be to you for Octo

No problem, i'll take a look, the Octo address I generated was based on how it's done for bitcoin so it should be possible to apply the same principles again as per your links.

OK, it's pretty straightforward, the last few characters are required for a checksum and the first needs to be an 8 but you can have anything alphanumeric you want for the rest excluding lowercase l, upper case O and I or 0 (zero).  For instance this is a valid address, I just sent some dust there;

8burnYouroctoHere4oCToPartyXRcdDgX

[SquidsIn]

is there a tl,dr version?

i'm sorry i don't understand the question? tl,dr version?

TL; DR = Too Long; Didn't Read = Requesting an abridged version.

[FoldingCoin]

...

Ok that makes sense. Is there a way you could create a public key that does show that it would be impossible to have the private key to? The one that Counterparty used was "1CounterpartyXXXXXXXXXXXXXXXUWLpVr" and that is a valid BTC address that you can look up that no one would possibly have the private key to.

Here is some information on how they got that public key, maybe it will help

• http://counterparty.io/news/why-proof-of-burn/
• https://en.bitcoin.it/wiki/Proof_of_burn
• https://gist.github.com/CoinWhisperer/6d673f1f3d13da1611cd

The above apply to Bitcoin, so i am not sure how useful they will be to you for Octo

No problem, i'll take a look, the Octo address I generated was based on how it's done for bitcoin so it should be possible to apply the same principles again as per your links.

OK, it's pretty straightforward, the last few characters are required for a checksum and the first needs to be an 8 but you can have anything alphanumeric you want for the rest excluding lowercase l, upper case O and I or 0 (zero).  For instance this is a valid address, I just sent some dust there;

8burnYouroctoHere4oCToPartyXRcdDgX

This is a perfect burn address! Nice job, i would recommend using this one for the burn

[frameLAlife]

Gotcha. Thanks