Bitcoin Tangible Trust
Here is some feedback.
Item 1:
Use Case:
User A purchases 10 "Gold Coins" from Bitcoin Tangible Trust. BTT issues 10 coins of type GLDAEA and transfers ownership to User A. User A sells these coins to User B, via the distributed exchange.
After 6 months, User B would like to take physical delivery of their gold coins. So, user B would contact BitcoinTangibleTrust, provide evidence of the private key and request withdrawal. Would this scenario work? As the original purchaser is User A , can they be traded on the distributed exchange?
For redeeming the 10 coins, the current process is to provide evidence of private key. However, this might cause some confusion as the 10 GLDEA coins will still reside in the wallet of user B.
Shouldn't the user be sending you back the 10 GLDAEA coins and provide proof of private key by message signing. Once the transaction is confirmed, you should probably destroy those GLDAEA coins(send it to a burn address). This will greatly simplify the accounting as the total number of outstanding coins will equal the number of physical coins stored in the vault. (Also, this will prevent User B from fradulantly selling the re-demmeded GLDAEA coins to User C).
Item 1 Answer: When A sells these coins to User B, via the wallet, once BTCPay is complete, the asset is now linked to User B's public address, let's call it PublicAddressB. After 6 months B can bring his private key for his PublicAddessB to our custodian redemption site, provide their contact information, and sign our confirmation message they they own the private key. Once we have private key confirmation for PublicAddressB, the asset can be delivered to User B.
Yes. We instruct User B to send back the 10 GLDAEA coins when finalizing redemption, but we won't depend on them to do that. If we do not receive the 10 GLDAEAs (say within 30 minutes) of redemption, we will call the coins back to our public issuance address with our recorded Custodian confirmation that the coins will be shipped to User B. We are aware that there could be a window of time (15 - 20 minutes) that User B tries to fraudulently offload the 10 GLDAEA for millions of dollars to an unsuspecting buyer who thought the coins were backed. We're monitoring these edge cases.
Item 2:
Once the webwallet is released. You might want to consider marketing the Gold for Bitcoin service to the broader Bitcoin community and not just the XCP community.
Item 2 Answer: Yes. We've started off in this community because we know that the folks here are mighty forgiving as we all want to see Counterparty assets succeed. We have some ways to go to clean up our value proposition (and website look/feel) before we are ready for increased awareness even on Bitcointalk.org. We've already turned down an interview by Bloomberg this week.
Item 3:
This item is probably already on your list. Once the content for the website is finalized, you might want to consider hiring a professional Designer to give the website a more polished look.
Item 3 Answer: Yes. We launched to be ugly and to verify that we had a value proposition that was more compelling than the UI. As we continue to absorb and incorporate feedback, we plan to revamp and relaunch a much nicer and less offensive appearance. We appreciate that finance applications must look polished, but before we pour on the web design, we desperately need to know:
Does anyone really care about betting and trading gold coins on the blockchain with Counterparty?What are your thoughts on the use case we proposed?
Humble thank yous for the excellent questions you took time to share today.
Bitcoin Tangible Trust Team
