Can anyone tell me if this is possible:
Since people want to sell genesis addresses, but there is no way of proving that the seller does not have access to the address after selling it, there is just no market.
So, what I thought about was writing a smart contract, that can be signed with the private key of a genesis address, that can only be signed once and that limits all further actions this address can do to send MNE to a single specified address.
This way, even if the seller still has access to the genesis address, all they could do would be sending MNE to the address of the buyer.
Now, even if this was possible (which I don't know), there are some caveats:
This only works, if there is no way to reverse the contract. This means that making a mistake, such as entering the wrong receiving address, forgetting to state an address, or any other way of missing the correct form would lead to locking in the MNE for good.
Since it only works once, a buyer wouldn't be able to resell the genesis address. In theory, the seller could sign the same smart contract with their receiving address, but at some point, a buyer would have to send their MNE though so many addresses, that the work and gas cost would render the effort not worth it.
any thoughts?
Since people want to sell genesis addresses, but there is no way of proving that the seller does not have access to the address after selling it, there is just no market.
So, what I thought about was writing a smart contract, that can be signed with the private key of a genesis address, that can only be signed once and that limits all further actions this address can do to send MNE to a single specified address.
This way, even if the seller still has access to the genesis address, all they could do would be sending MNE to the address of the buyer.
Now, even if this was possible (which I don't know), there are some caveats:
This only works, if there is no way to reverse the contract. This means that making a mistake, such as entering the wrong receiving address, forgetting to state an address, or any other way of missing the correct form would lead to locking in the MNE for good.
Since it only works once, a buyer wouldn't be able to resell the genesis address. In theory, the seller could sign the same smart contract with their receiving address, but at some point, a buyer would have to send their MNE though so many addresses, that the work and gas cost would render the effort not worth it.
any thoughts?
For every transaction you need Eth for gas...
So even you lock the Minerium sending address your Eth in same wallet is on mercy of seller.
Good idea but ... no!
The address could still receive ETH, so paying for transactions wouldn't be a problem.
But with MNE being traded now, I think it's not worth the effort anymore.
Yes the address could receive ETH and the seller could send them out before buyer use them ...
He_she could ONLY send them to the address stated, that's the whole point. The only thing, the seller could do, would be setting the gas fees extremely high when sending a low amount of MNE, thus burning ETH. That's about it.
I wont leave this project...I saw great potential in it