Novel Bitcoin Payment Service Project (On Hiatus)

[EllenRApps]

Novel Bitcoin Payment Service Project

Frequently Asked Questions(FAQs)

What is the purpose of this project?
Novel Bitcoin Payment Service aims to be your very own payment service, attaining the goal of "Peer-to-Peer Electronic Cash System" as envisioned by Satoshi Nakamoto. In Nakamoto's Bitcoin white paper, Peer-to-Peer Electronic Cash System is described as enabling "online payments to be sent directly from one party to another without going through a financial institution".

Unknown to many, Bitcoin has an in-built infrastructure for senders and receivers to communicate with each other. Bitcoin also has an in-built infrastructure for smart contracts. These in-built messaging system and smart contracts within the Bitcoin blockchain will be put into use in this Novel Bitcoin Payment Service.

This payment service doesn't aim to be a financial institution. Rather, this payment service aims to be a means for ordinary folks to send bitcoin to one another without an intermediary financial institution. Specifically, this payment service allows ordinary folks to:
1. Create bitcoin addresses
2. Create smart contracts using Bitcoin's in-built infrastructure (including but not limited to an escrow system without third party)
3. Check bitcoin address balance using an in-built blockchain explorer
4. Receive bitcoin
5. Send bitcoin
6. Allow transaction parties (sender and receiver) to communicate with each other using Bitcoin's in-built messaging system


What outputs can we expect from it?
The project will produce an app for Linux and Windows desktops. This app is non-custodial, giving users full control of their funds. The app does not generate any earnings.


What are the key milestones for this project?
September 2024:
- Activate the app front-end -> Link: https://github.com/ellenrapps/Novel-Bitcoin-Payment-Service-/blob/main/front_end.py
- Activate the create taproot single signature address, key-pair button -> Link: https://github.com/ellenrapps/Novel-Bitcoin-Payment-Service-/blob/main/master.py
- Activate the check bitcoin address balance button -> Link: https://github.com/ellenrapps/Novel-Bitcoin-Payment-Service-/blob/main/front_end.py

2025:
- Activate the app's in-built blockchain explorer
- Activate the app's smart contract creation button using Bitcoin's in-built infrastructure
- Activate the app's messaging system using Bitcoin's in-built infrastructure
- Official launching of the Novel Bitcoin Payment Service - Mainnet


Who is the lead developer?
Currently, I am the only one working on this project. I have been working as a software developer for nearly a decade. Some of my software programs are now available to the public via:
GitHub: https://github.com/ellenrapps
Microsoft Store: https://apps.microsoft.com/search/publisher?name=Ellen+Red&hl=en-us&gl=US


If you support this project financially, how will the funds be utilized?
Your financial contributions will help develop and maintain this app. This Bitcoin Payment Service is a work in progress. Support this endeavor through:
GitHub's Sponsor program: https://github.com/sponsors/ellenrapps

Bitcoin donation:
3PBQZaxNh1U5pmKQ3zSboVfSedTJ5jYdBs
or
bc1p63fyummqja06a3gyvw6r4khw8puw02p7fxd5wyysmgnmsm47cz0sa363pj

GitHub link: https://github.com/ellenrapps/Novel-Bitcoin-Payment-Service-

Contact me at jetravellingATgmailDOTcom

[EllenRApps]

Front-end Preview of Novel Bitcoin Payment Service

Github link: https://github.com/ellenrapps/Novel-Bitcoin-Payment-Service-/blob/main/screencap_front_end.png


This Bitcoin Payment Service is a work in progress. Support this endeavor via bitcoin donation:
3PBQZaxNh1U5pmKQ3zSboVfSedTJ5jYdBs
or
bc1p63fyummqja06a3gyvw6r4khw8puw02p7fxd5wyysmgnmsm47cz0sa363pj

Novel Bitcoin Payment Service Github link: https://github.com/ellenrapps/Novel-Bitcoin-Payment-Service-

[Yamane_Keto]

The GitHub file doesn't have an introduction to how to install the file or some necessary questions so I dug a little bit into the code:

Code:

        self.sender_key_label = tk.Label(self.frame, text="Enter Sender Private Key (Limit to 64 Alphanumeric)", font=("Arial", 9), bg='#8fbc8f')
        self.sender_key_label.pack()
        self.input_sender_key = tk.Entry(self.frame, validate="key", textvariable=self.sender_key_var, width=85, font=("Arial", 9), borderwidth=2, relief="raised", show="*")
        self.input_sender_key['validatecommand'] = (self.input_sender_key.register(self.val_k),'%P','%d')
        self.input_sender_key.pack()

Why does the Bitcoin payment services processor need to get the private key? This can be done by usiing the MPK and creating the wallet without risking exposing the private key.

[EllenRApps]

The GitHub file doesn't have an introduction to how to install the file or some necessary questions so I dug a little bit into the code:

Code:

        self.sender_key_label = tk.Label(self.frame, text="Enter Sender Private Key (Limit to 64 Alphanumeric)", font=("Arial", 9), bg='#8fbc8f')
        self.sender_key_label.pack()
        self.input_sender_key = tk.Entry(self.frame, validate="key", textvariable=self.sender_key_var, width=85, font=("Arial", 9), borderwidth=2, relief="raised", show="*")
        self.input_sender_key['validatecommand'] = (self.input_sender_key.register(self.val_k),'%P','%d')
        self.input_sender_key.pack()

Why does the Bitcoin payment services processor need to get the private key? This can be done by usiing the MPK and creating the wallet without risking exposing the private key.

Thank you for your reply and interest.

The reason why the GitHub file doesn't have an introduction on how to install the file is because I haven't yet released a "Package" as this project is still in its early stage. Once the first Package version will be released, a number of security measures will be introduced.

You did the right thing of digging into the code itself.

The upcoming Package release and the updates thereafter will self-destruct all users data. This service will have no memory of users' data.
  
Line 3 of the quoted code has this: show="*", which means that data is not revealed just like entering a password. As the service doesn't keep any user's data, the only way to send funds is to enter that data as the address alone isn't enough to release funds. Rest assured that this part will be secured further.

The aim is for users not to be dependent on this payment service alone.


This Bitcoin Payment Service is a work in progress. Support this endeavor via bitcoin donation:
3PBQZaxNh1U5pmKQ3zSboVfSedTJ5jYdBs
or
bc1p63fyummqja06a3gyvw6r4khw8puw02p7fxd5wyysmgnmsm47cz0sa363pj

Novel Bitcoin Payment Service Github link: https://github.com/ellenrapps/Novel-Bitcoin-Payment-Service-

[Yamane_Keto]

You did the right thing of digging into the code itself.

The upcoming Package release and the updates thereafter will self-destruct all users data. This service will have no memory of users' data.
  
Line 3 of the quoted code has this: show="*", which means that data is not revealed just like entering a password. As the service doesn't keep any user's data, the only way to send funds is to enter that data as the address alone isn't enough to release funds. Rest assured that this part will be secured further.

There is still a slight possibility that a third party may be able to record the data before it is destroyed so it is better to use MKP rather than asking the user for the private key.

[EllenRApps]

There is still a slight possibility that a third party may be able to record the data before it is destroyed so it is better to use MKP rather than asking the user for the private key.

Indeed, MKP has advantages. However, it has disadvantages as well. We'll weigh the pros and cons of MKP for this project.

This Bitcoin Payment Service is a work in progress. Support this endeavor via bitcoin donation:
3PBQZaxNh1U5pmKQ3zSboVfSedTJ5jYdBs
or
bc1p63fyummqja06a3gyvw6r4khw8puw02p7fxd5wyysmgnmsm47cz0sa363pj

Novel Bitcoin Payment Service Github link: https://github.com/ellenrapps/Novel-Bitcoin-Payment-Service-

[EllenRApps]

Just updated the project's description with FAQ. See the edited first post of this thread.

[EllenRApps]

Looking forward to integrating an escrow system without third party using Bitcoin's in-built smart contract infrastructure on this Novel Bitcoin Payment Service.


This Bitcoin Payment Service is a work in progress. Support this endeavor via bitcoin donation:
3PBQZaxNh1U5pmKQ3zSboVfSedTJ5jYdBs
or
bc1p63fyummqja06a3gyvw6r4khw8puw02p7fxd5wyysmgnmsm47cz0sa363pj

Novel Bitcoin Payment Service GitHub link: https://github.com/ellenrapps/Novel-Bitcoin-Payment-Service-

[EllenRApps]

This project is on hiatus due to lack of funding.