Topic: [ANN] BitSyncom Press Release NYC DEC 15th, 6PM (Read 2697 times)
+1 for utilizing hashcoin's proposal, forum topic:Instant TX for established business relationships (need replacements/nLockTime)
https://en.bitcoin.it/wiki/Contracts#Example_7:_Rapidly_adjusted_.28micro.29payments_to_a_pre-determined_party
Example 7: Rapidly adjusted (micro)payments to a pre-determined party
Bitcoin transactions are very cheap relative to traditional payment systems, but still have a cost due to the need for it to be mined upon and stored. There are some cases in which you want to rapidly and cheaply adjust the amount of money sent to a particular recipient without incurring the cost of a broadcast transaction.
For example, consider an untrusted internet access point, like a WiFi hotspot in a cafe you never visited before. You'd like to pay per 10 kilobytes of usage for 0.001 BTC each, without opening an account with the cafe. A zero-trust solution means it could be fully automatic, so you could just pre-allocate a budget on your phones mobile wallet at the start of the month, and then your device automatically negotiates and pays for internet access on demand. The cafe also wants to allow anyone to pay them without the fear of being ripped off.
To do this, a protocol similar to one proposed by hashcoin can be used:
Request a public key from the access point.
Create but do not sign a transaction (T1) which sets up a payment of (for example) 10 BTC to an output requiring both the access points public key and one of your own to be used. The value to be used is chosen as an efficiency tradeoff.
Create but do not sign another transaction (T2) which has two outputs, one to the access points key and another which goes back to you. The initial value is 0.001 BTC to the access point and the rest back to you. Use a sequence number of zero on the input and a lock time of some point in the future (eg, 1 day).
Send both unsigned transactions to the access point. It sees that T1 and T2 are of the expected form and signs T2. It hands T2 back to you.
Check T2 is signed correctly, sign T1 and T2. Send them to the access point which broadcasts them, thus locking in the agreement. Note that T2 won't get included into a block for at least one day, unless it's replaced by a newer transaction, as determined by the sequence numbers.
Each time you want 10kb of data quota, sign a new version of T2 with a higher sequence number, the same lock time and adjust the outputs so more value is allocated to the access point and send it. The AP sees that the output sizes are correct, signs it and keeps it (does not broadcast).
This continues until the session ends or the 1 day period is getting close to expiry. The AP broadcasts the last transaction it saw, replacing the original that was pending. Once the lock time passes, the value transfer is committed. Alternatively if the session end is negotiated cleanly, the user can sign a transaction that's final (sequence number of UINT_MAX) which signals that no more data quota will be purchased, allowing instant commitment of the transaction.
The lock time and sequence numbers avoid an attack in which the AP provides connectivity, and then the user double spends the output back to themselves using the first version of TX2 thus preventing the cafe from claiming the bill. If the user does try this, the TX won't be included right away giving the access point a window of time in which it can observe the TX broadcast, and broadcast the last version it saw, overriding the users attempted double spend.
Example 7: Rapidly adjusted (micro)payments to a pre-determined party
Bitcoin transactions are very cheap relative to traditional payment systems, but still have a cost due to the need for it to be mined upon and stored. There are some cases in which you want to rapidly and cheaply adjust the amount of money sent to a particular recipient without incurring the cost of a broadcast transaction.
For example, consider an untrusted internet access point, like a WiFi hotspot in a cafe you never visited before. You'd like to pay per 10 kilobytes of usage for 0.001 BTC each, without opening an account with the cafe. A zero-trust solution means it could be fully automatic, so you could just pre-allocate a budget on your phones mobile wallet at the start of the month, and then your device automatically negotiates and pays for internet access on demand. The cafe also wants to allow anyone to pay them without the fear of being ripped off.
To do this, a protocol similar to one proposed by hashcoin can be used:
Request a public key from the access point.
Create but do not sign a transaction (T1) which sets up a payment of (for example) 10 BTC to an output requiring both the access points public key and one of your own to be used. The value to be used is chosen as an efficiency tradeoff.
Create but do not sign another transaction (T2) which has two outputs, one to the access points key and another which goes back to you. The initial value is 0.001 BTC to the access point and the rest back to you. Use a sequence number of zero on the input and a lock time of some point in the future (eg, 1 day).
Send both unsigned transactions to the access point. It sees that T1 and T2 are of the expected form and signs T2. It hands T2 back to you.
Check T2 is signed correctly, sign T1 and T2. Send them to the access point which broadcasts them, thus locking in the agreement. Note that T2 won't get included into a block for at least one day, unless it's replaced by a newer transaction, as determined by the sequence numbers.
Each time you want 10kb of data quota, sign a new version of T2 with a higher sequence number, the same lock time and adjust the outputs so more value is allocated to the access point and send it. The AP sees that the output sizes are correct, signs it and keeps it (does not broadcast).
This continues until the session ends or the 1 day period is getting close to expiry. The AP broadcasts the last transaction it saw, replacing the original that was pending. Once the lock time passes, the value transfer is committed. Alternatively if the session end is negotiated cleanly, the user can sign a transaction that's final (sequence number of UINT_MAX) which signals that no more data quota will be purchased, allowing instant commitment of the transaction.
The lock time and sequence numbers avoid an attack in which the AP provides connectivity, and then the user double spends the output back to themselves using the first version of TX2 thus preventing the cafe from claiming the bill. If the user does try this, the TX won't be included right away giving the access point a window of time in which it can observe the TX broadcast, and broadcast the last version it saw, overriding the users attempted double spend.
Yifu did a impromptu interview with the Bitcoin Show this afternoon.
http://www.youtube.com/watch?v=OTH4wcQfCts
http://www.youtube.com/watch?v=OTH4wcQfCts
Is there a website up? or some more explanation or video's?
Oh wow, he just mentioned these tablets will be soon ready to order for about 40 Bitcoins.
This is a pretty cool idea. It could provide a cost effective and easy way for the average person to monetize bandwidth they provide. The long run implications of that are pretty profound. You are no longer penalized for sharing your bandwidth, but instead, it actually could earn you income. Effectively, everyone becomes their own ISP. That in turn may lead to less dependence on large, centrally managed ISPs.
Yeah, oh man, lots of stuff was talked about,
So what's the news?
Yeah, oh man, lots of stuff was talked about,
it opened with
why our current monetary system is terrible, e.g. fiat money and interest based credit lending; and the fact nobody really knows what's going on anymore.
what bitcoin actually is, as a digital notary system as oppose to a virual or crypto-currency; mentioned a different take on the value behind bitcoin, that the technology itself gives it value, p2p, decentralization, transparency, bitcoin's rules built on top of a p2p system that makes bitcoin worth something, also mentioned the possibility to use other currency system such as TimeBank's hour, or even kilowatt per hour as units of value as other alternative currency suggested, or it can be USD and other government fiat currencies because bitcoin can be easily adapted to this.
bitcoin being a unbiased technology, I don't quiet understand my notes here, but they mentioned about how Bitcoin is anonymous because it doesn't have a obligation to connect to your social life, it's open source, and have no allegiance to any entity and other examples.
they mentioned bitcoins problems too, like how it's designed for a future, where internet access is easy and devices are cheap,
then they bought out the MIPS tablet china just announced! http://www.computerworld.com/s/article/9222417/Tablet_priced_under_100_with_Android_4.0_surfaces
and talked about the gap between technology release to consumerism and how this takes way too long, and cheap tablet solution like this is perfect for bitcoin propagation, and how this is really not a new technology at all, and they are in the talks to get NFC onto a next version of this tablet and trying raise some funds, but didn't due to some kickstarter revisions, they are still working on this. called up Stefan Thomas via Skype on this tablet and he talked about some development on the software side e.g. bitcoinjs and then they transferred some Bitcoins using a android app, I think it was Bitcoin Wallet.
then they said how these tablets runs on wifi which means they still need internet access, and Yifu Guo mentioned how he's been working down at #occupy and is the person managing the Bitcoin funds for #occuy and met some interesting people such as the freenetworkfundation who is buidling a mesh network, and that they were also pretty excited by bitcoins, and a very exciting idea was to allow each of these "super-node" towers to also act as a hosted wallet and when you provide bandwidth, bitcoins trickles in, and when you leech bandwidth, bitcoins trickle out; this in my opinion is GREAT.
Yifu is calling this the BitSyncom Initiative, and he said he going to edit the recording and upload it soon, and maybe do another presentation to give some updates and since a lot of people couldn't make it on the 15th, he also mentioned there will a site that'll be tracking this progress.
edit: oh Yifu gave a nice example such that you need infrastructure for bitcoin, like you can't sell the Phones(Bitcoin) without the PhoneLine(tablets+mesh). I say he made a amazing call a few month back because he thought
p.s.
it's was a crazy day, SOPA vote, NDAA vote, Dwolla annoucement, and this :O
it opened with
why our current monetary system is terrible, e.g. fiat money and interest based credit lending; and the fact nobody really knows what's going on anymore.
what bitcoin actually is, as a digital notary system as oppose to a virual or crypto-currency; mentioned a different take on the value behind bitcoin, that the technology itself gives it value, p2p, decentralization, transparency, bitcoin's rules built on top of a p2p system that makes bitcoin worth something, also mentioned the possibility to use other currency system such as TimeBank's hour, or even kilowatt per hour as units of value as other alternative currency suggested, or it can be USD and other government fiat currencies because bitcoin can be easily adapted to this.
bitcoin being a unbiased technology, I don't quiet understand my notes here, but they mentioned about how Bitcoin is anonymous because it doesn't have a obligation to connect to your social life, it's open source, and have no allegiance to any entity and other examples.
they mentioned bitcoins problems too, like how it's designed for a future, where internet access is easy and devices are cheap,
then they bought out the MIPS tablet china just announced! http://www.computerworld.com/s/article/9222417/Tablet_priced_under_100_with_Android_4.0_surfaces
and talked about the gap between technology release to consumerism and how this takes way too long, and cheap tablet solution like this is perfect for bitcoin propagation, and how this is really not a new technology at all, and they are in the talks to get NFC onto a next version of this tablet and trying raise some funds, but didn't due to some kickstarter revisions, they are still working on this. called up Stefan Thomas via Skype on this tablet and he talked about some development on the software side e.g. bitcoinjs and then they transferred some Bitcoins using a android app, I think it was Bitcoin Wallet.
then they said how these tablets runs on wifi which means they still need internet access, and Yifu Guo mentioned how he's been working down at #occupy and is the person managing the Bitcoin funds for #occuy and met some interesting people such as the freenetworkfundation who is buidling a mesh network, and that they were also pretty excited by bitcoins, and a very exciting idea was to allow each of these "super-node" towers to also act as a hosted wallet and when you provide bandwidth, bitcoins trickles in, and when you leech bandwidth, bitcoins trickle out; this in my opinion is GREAT.
Yifu is calling this the BitSyncom Initiative, and he said he going to edit the recording and upload it soon, and maybe do another presentation to give some updates and since a lot of people couldn't make it on the 15th, he also mentioned there will a site that'll be tracking this progress.
edit: oh Yifu gave a nice example such that you need infrastructure for bitcoin, like you can't sell the Phones(Bitcoin) without the PhoneLine(tablets+mesh). I say he made a amazing call a few month back because he thought
Quote from: Yifu with Tablet in hand
The software will come eventually, I mean it has to; but what about the hardware? and this was the result.
p.s.
it's was a crazy day, SOPA vote, NDAA vote, Dwolla annoucement, and this :O
anyone with any news? it's past the time...
Is this related to dwolla's press release on the same day?
An NFC bitcoin payment system?
I asked him for some more info, he replied:
then I inquired some more and he send me this one
and said
I'm guessing the circle represent Bitcoin.
Quote
Circle, Square, Triangle
and Attached this imagethen I inquired some more and he send me this one
and said
Quote
the Circle is easy, I'm sure you got it already.
hint: the rest has something to do hardware.
Cheers, just show up to the presentation.
hint: the rest has something to do hardware.
Cheers, just show up to the presentation.
I'm guessing the circle represent Bitcoin.
That would be awesome, please get some more information!
I gotten wind of some exciting news.
Yifu from BitSyncom(they are the people behind Operation Bitcoin and Bitcoin Navigator) is doing a presentation/press release
on the 15TH of this month,
at the Wunsch Building second floor,
at 6PM.
Stephen Thomas is apparently going to be a guest speaker.
I'll try to get some more details from him.
but it is open to the public if any of you guys are in the area and wish to show up.
Yifu from BitSyncom(they are the people behind Operation Bitcoin and Bitcoin Navigator) is doing a presentation/press release
on the 15TH of this month,
at the Wunsch Building second floor,
at 6PM.
Stephen Thomas is apparently going to be a guest speaker.
I'll try to get some more details from him.
but it is open to the public if any of you guys are in the area and wish to show up.
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