Topic: [ANN][CrowdSale Ended]🌟🌟🌟🌟 NVO Decentralized Exchange | MultiWallet 🌟🌟🌟🌟 - page 130. (Read 170140 times)

An article about the ICO:

https://hacked.com/ico-analysis-nvo/

I appreciate NEM's technology and development, NVO is blockchain friendly, and we consider all the technologies used by blockchains as NVO won't be a competitor but will try to complete and support them.
Thanks for your support.

Make sense, thanks nemgun. You should consider NEM's supernode concept in securing and decentralizing the validators beyond the safenet. Best wishes for NVO future.

As the validator is divided in three parts, each wallet have the capacity to create a part of the validator, no one have access to the validator. It would have been centralized to allow such access.

Correct me if am wrong: then you as an operator will have access to all private keys of all the validators which in my opinion considered a single security point of failure in the design. Still much better than all current available exchanges. Do you have plans to secure such attack surface?

Thanks for reposting Allo.

NEMergizer, I don't remember that you asked, but no problem.

To begin with, I do not want you to suppose without knowing the thing, because you could lose yourself.
There will be no centralized processor because you already have it on your computer, and the program that will use it is called safebrowser (before it was safelauncher), it is it that connects you to safenetwork and that encrypts your data To secure them.
The only flaw that I had that I resolved is that the person who had to send the private key to the safenetwork could crack it, or even keep it on his computer, this is why it will be encrypted then hashed in double sha256, and the one that looks like a blockchain will have access to the decryption key.
Now what you need to keep in mind is how the safenet works, how it will use the computation and make its logical calculation.
In safenet, you have your wallet which is the safebrowser, it uploads your information on the safenetwork by encrypting them in order to secure them, then they are duplicated at the farmers, so I will use some of the code of safebrowser and adapt it for The encryption process, so that users do not have access to the private key of the validator.

Hello,
just two basic questions
1. private keys = backup phrase? (e.g. bitpay uses as backup just this phrase or it is possible to export private key from bitpay e.g. like is in paper wallet?)
2. who will guarantee 99 cents for NVOS? It would be possible to sell it e.g. on poloniex? If so, who will guarantee price? because every week there will be lots ot NVOS tokens for sale ... if price on poloniex cant be fixed at 99 cents, how could people sell it in this price?

In my view this has already been a success with more investment coming into NVO tokens. It's a step away from the other wallet service to attract more users. Than us, already the team might have thought of such plans, because they're much involved into the project than Us.

We still don't know what might happen, we still need to advertise these wallet before we go there, it is like a game where you need to finish the first level before you go to the second level. Either way, if these was a great success, there is no doubt that there will be an amdroid app kust like the other successful wallets.

Thanks for the link. This still doesn't answer my questions.

It is mainly these two points that I find kinda unclear from a security perspective:
* The private key of the address will be stored in the safenet
* The decryption key for the private key that is stored in the safenetwork will be stored on a blocked encrypted blockchain this blockchain is the inverse of a standard blockchain it encrypts the information.

The private keys will be stored encrypted in blockchains/safenet to be decrypted and used at some points. The question is how these keys will be used safely in a decentralized manner? The only way I can think of that would make such process secure is to have couple of offline/centralized processors. Having all the logic running on the cloud of safenet/blockchains might not be free of security flaws.

Everything will get implemented little by little. Now the entire focus seems making the crowdsale successful and getting a good value to the tokens. An application development is quite a brilliant approach to maximize the usage as now majority of the users all around prefer Mobile usage.

With many investors entering this project will grow even with the crowdsale live more developed by the team work is very professional in it if must count the people who have invested in it it is difficult if must calculate accurately.

Re-posting @nemgun's response from https://safenetforum.org/t/nvo-decentralized-exchange-crowdsale/13608/630

In our typical scenario, user A has BTC and wants to buy ETH, and user B has an ETH and wants to sell them for BTC.

1. At any given time User A shall submit an order expressing its intention to purchase 100 ETH @ 0.1 BTC / ETH prices
The order will be the procedure of creating address 2of2
* The validator part in the wallet named safe browser will create a 2of2 address with the amount, price, ETH reception address, it will call the smart contract encrypted in double sha 256.
* The private key of the address will be stored in the safenet
* The decryption key for the private key that is stored in the safenetwork will be stored on a blocked encrypted blockchain this blockchain is the inverse of a standard blockchain it encrypts the information.
* The mini blockchain will place the order in the order book
* The mini block chain has the role of syncronizing the wallets and it allows communication between them.

2. At another time, User B will issue an order to sell 50 ETH Awards @ 0.1 BTC / ETH

The validator part in the wallet named safe browser will create a 2of2 address with the amount, price, ETH reception address, it will call the smart contract encrypted in double sha 256.
3.Calculation Exchange Procedure
* The mini block chain will detect the deal by logical price
* She will call the two smart contracts that will be compared
* At the end of this verification, the active wallet will engage the safebrowser
* The safebrowser vas creates the ultimate smart contract that will be named the smarcontract swap
* The smartcontract swap will compare the amounts to deduct the excess with the exchange addresses.
* The excess will remain on the smart contract which will be returned on the safenetwork waiting for another deal the ride will be 0.04994 btc all from hangs from sending fee.
* The smartcontract swap will be copied into 4 online wallets in case of disconnection, the blockchain will specify the wallets online in a way aleatoir.
* It will take 4 copies of the smart contract for the deal to be realized, once synchronised the smartcontract swap realises the swap en then is deleted.
* Arrive at this stage the smart contract will be deleted.

This is where my logic model stops because for the following I am in test phase for the 0conf.

I am confused about one point regarding multi-sig and how the validators are going to handle their own private keys.

In the abstract section in the white paper you have mentioned:

"The validator process raw transactions and doesn’t hold any private keys or assets nor can it sign transactions resulting in a trustless decentralized exchange using the Safenetwork to validate orders."

Will the validator hold their own private keys "that will be used in the multi-sig exchange operations"? If so, will these private keys get stored in the safe net? Now I am confused on how the private keys will be handled in a decentralized manner. Will the validator make use of it's own private keys at all? I assume yes cause the validators will have to authorize the multi-sig transactions during the exchange process to prevent double spending attacks. How are you planning to secure the validators private keys in the safenet with the fact that the private keys has to be decrypted in memory to authorize transactions.

Will the NVO team have access to the validator's private keys? If so isn't that a centralized point of failure in case of any sort of validators manipulation due to private keys hacks?

I am quite sure I am missing something about the NVO validators design. Please explain how the validators are gonna secure their own private keys.

Probably you don't see it cause of you pairs the lowest transaction fee and it takes like 1+ hours to get the money. Be patient and of course write us about your success.

Hey guys, more one question... The deposits with altcoins can be made through exchanges? Or do they follow the same rule as bitcoins?  I made a deposit by Bitcoin from my private address to the escrow address, but I cant view it in my balance in ICO web site, is this normal ?

Happy to advertise about a going to be a successful venture in the near future, When I was introducing Nvo to my friends, one of the random question which arose was having an app in Android as well as in iOs. Whether there is a plan regarding this and a mobile wallet with it??

Ahh! I'm glad, I missread! Went to look at what the highest exchanges currently trade daily - and for some reason saw it as 500,000 - my mistake.

The rest was correct though - at 500,000 daily it would be an extremely bad investment, but if it goes higher than could be quite good.

There are no "NVO coins". There is NVOT/NVOS, both of which are counterparty tokens. You will need to import your private key into counterparty.

In what fantasy world does this statement make sense? The current market leader, Poloniex, does about ~$500 000 000 in daily volume¹. That is 500 Million USD. You are confused.

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[1] - https://coinmarketcap.com/exchanges/volume/24-hour/

Taken from the comment in page 3.

Given the new information, of funding of about 3,000,000 USD

Let's do a hypothetical, and say on average each person invested $1500 worth of bitcoin.

That would make 2000 investors. Give the maths above - if a daily volume on the exchange of $500,000  - that would leave $7000 split between 2500 people every week.

$2.8 per week. or just over $10 a month.

To recoup their investment - they would have to be collecting that for 150 months - or just over 12 years - to break even.


If we go with the hypothetical "reachable" $5,000,000 then that changes to

$28 a week - or just over $100 a month - and it would be a year and a few months to break even. However $5,000,000 is about 10x more than the most successful crypto exchange currently deals with.




I'm thinking the maths doesn't look good.