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Author Topic: Investment community (poor man's TheDAO) using pure Bitcoin Script - possible?  (Read 35 times)
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February 11, 2020, 03:13:18 AM
Merited by hugeblack (2), HeRetiK (1)


I have the following question: Using only Bitcoin Script contracts, is it possible to create an "investment community", where the investors invest funds in BTC and then vote to which address the funds should be spent?

I have thought about a way using a hashlock contract, but found no viable solution.

The problem with a hashlock contract approach seems to be that no counterparty of the single investors is known until the community vote is carried out. If the investor creates an "anyonecanspend" output providing the hash of a secret (like in atomic swap-like contracts or LN HTLCs) and the coins can be spent by someone knowing this secret, then the investor would have to reveal the secret in some way before the beneficiary of the community fund is known (so he can't simply sign it with the beneficiary's public key). Otherwise, after his vote, he could simply chose not to reveal the secret (e.g. if he doesn't like the beneficiary, even if he does not get any benefit from that), to reveal the secret off-chain to a different beneficiary, or even simply retire the funds himself.

Any ideas? Impossible? Or was this already implemented by somebody? Any hint is welcome Smiley

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