Novel Bitcoin Payment Service

[EllenRApps]

Project Name:
Novel Bitcoin Payment Service

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

Project Description:
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 infrastructure will be put into use in this Novel Bitcoin Payment Service. 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 escrow and inheritance smart contracts 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

This project will produce an app for Linux and Windows desktops. This app is non-custodial, giving users full control of their funds. This project relies on sponsorship as the app is free, does not generate any earnings, and open source.  

Potential Impact to the Bitcoin Community:
Novel Bitcoin Payment Service aims to be one's 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". This payment service does not 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.

Milestones:
The following are the key milestones for this project:
. Partial activation of the app front-end -> Link: https://github.com/ellenrapps/Novel-Bitcoin-Payment-Service-/blob/main/front_end.py
. Complete activation of the create taproot single signature address, key-pair button -> Link: https://github.com/ellenrapps/Novel-Bitcoin-Payment-Service-/blob/main/master.py
. Complete activation of the check bitcoin address balance button -> Link: https://github.com/ellenrapps/Novel-Bitcoin-Payment-Service-/blob/main/front_end.py

Future Milestones:
. Full implementation of the Bitcoin Protocol in languages that scale up Bitcoin
. Complete activation of the app's in-built blockchain explorer
. Complete activation of the escrow and inheritance smart contracts using Bitcoin's in-built infrastructure
. Complete activation of the app's messaging system using Bitcoin's in-built infrastructure
. Official launching of the Novel Bitcoin Payment Service - Mainnet

Project Status: Ongoing


Ellen Red
Project Lead/Lead Developer

[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

[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.

[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.

[EllenRApps]

May 2025 Update

Novel Bitcoin Payment Service Project Status: Reactivated/Ongoing

If you find this project beneficial, please support this project.

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

Ellen Red
Project Lead/Lead Developer