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August 07, 2014, 09:57:21 PM
Last edit: August 07, 2014, 10:28:07 PM by Severinian |
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I heard some guy say that it is possible to use bitcoins, and its open-source network, to enforce contracts without fraud. Is this true? What I have in mind is a bit hard to explain, but I'll try. Could I, for instance, do something like this:
1. I promise that the first people/organization to do Act X (charitable/innovative stuff) will be guaranteed a donated pot of bitcoins.
2. Let's say that my goal is that this pot reaches 50 Bitcoins, of which I will get 5% and the rest will be saved for Act X. Can people "reserve" a certain amount of their own coins for this pot, not lose them at once, and as soon as people have "reserved" 50 bitcoins in total, then the coins will be transferred? Before we reach 50 bitcoins, if people get impatient or regret their reserved donation, they can cancel their reservation and keep their coins?
3. If we reach 50 bitcoins, could I then, with the approval of the open-source network to ensure that I stick to my deal and don't take more money than promised, take my 5%, and later in the future, when Act X happens, these people will get the whole pot (the open source network will ensure this), but as soon as 50 bitcoins are in the pot, none of the donators can take their coins back? (This is to preserve the incentive for Act X, that they're guaranteed to get the pot)
I hope this was understandable.. Is this possible?
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