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Topic: AWARDED [BOUNTY] split key wallet escrow - 1 BTC - page 2. (Read 3905 times)

newbie
Activity: 11
Merit: 0
Why split the wallet? Split just the private key used to generate the pay-to address.

edit: eeh i've just read the thread title Smiley
qwk
donator
Activity: 3542
Merit: 3413
Shitcoin Minimalist
just a little
hero member
Activity: 686
Merit: 504
always the student, never the master.
visit http://coinbit.tk and create a vanity address, or atleast read their explanation. sheds some light on how easy this could be made http://coinbit.tk/about.html. take note of their split key process where part of the key is given to you and the rest is sent to the server once the form is submitted. this might be something you are atleast partially interested in. a good starting point maybe. just my .02(thought i'm quiet out of depth here honestly. hope that helps)
qwk
donator
Activity: 3542
Merit: 3413
Shitcoin Minimalist
cool idea. bounty is too cheap

Feel free to chip in  Wink
I'm not buying a software here, so 1 BTC is all it's worth to me.

I don't even usually do escrow, just get asked from time to time.
qwk
donator
Activity: 3542
Merit: 3413
Shitcoin Minimalist

That covers multisig, not really what I have in mind.

I've chosen m-of-n-wallets for a reason. I think they are the easier concept to grasp for the majority of users, and that might just be most important for adoption.
qwk
donator
Activity: 3542
Merit: 3413
Shitcoin Minimalist
I'm curious why you'd want that over casascius' utility. It's fairly easy to use, so long as all parties are willing to try it, and there's much less trust involved.

Mainly for extendability, I'd like to go in the direction of 3-of-5 later on. Also, as far as I understand casascius' approach, it requires a lengthy process chain with sending invitations, accepting, sending on, etc. That's probably quite a hassle if all you want is a one-of-escrow for a smaller transaction.
Also, from a psychological point of view, a lengthy, complicated process does not inspire confidence.

Technically, though, the casascius tool is much more secure than what I'm looking for.
Aww, it's not that lengthy. Escrow generates two codes - one for buyer, one for seller. Seller uses code from escrow to generate another code ["SellerCode"] and the BTC address. SellerCode is sent to buyer, which he combines with his own escrow code to verify the BTC address. From there, it works like normal escrow, except buyer releases a code to seller instead of telling escrow to release funds (to redeem, seller combines the two escrow codes and the "SellerCode" in the utility for privkey).

Oh, well. I'm not very ambitious anymore, I guess. I hear you.  Smiley

I understand you very well  Wink

See, the above process even reads lengthy and tiresome. It also requires you to "install" extra software. Just imagine, you're a noob trying to buy something and the seller proposes to install software from some strange guy who calls himself casascius and you'll have to work some magic on some strange alphanumeric codes. Does that inspire confidence?

I've always said that the majority of people will use bitcoin over web services of some kind. That's just the way it is. They're used to entrusting google with their email, facebook with their family photo album, paypal with their money, why would they start using "real" software for something like bitcoin?  Grin
donator
Activity: 1218
Merit: 1015
I'm curious why you'd want that over casascius' utility. It's fairly easy to use, so long as all parties are willing to try it, and there's much less trust involved.

Mainly for extendability, I'd like to go in the direction of 3-of-5 later on. Also, as far as I understand casascius' approach, it requires a lengthy process chain with sending invitations, accepting, sending on, etc. That's probably quite a hassle if all you want is a one-of-escrow for a smaller transaction.
Also, from a psychological point of view, a lengthy, complicated process does not inspire confidence.

Technically, though, the casascius tool is much more secure than what I'm looking for.
Aww, it's not that lengthy. Escrow generates two codes - one for buyer, one for seller. Seller uses code from escrow to generate another code ["SellerCode"] and the BTC address. SellerCode is sent to buyer, which he combines with his own escrow code to verify the BTC address. From there, it works like normal escrow, except buyer releases a code to seller instead of telling escrow to release funds (to redeem, seller combines the two escrow codes and the "SellerCode" in the utility for privkey).

Oh, well. I'm not very ambitious anymore, I guess. I hear you.  Smiley
qwk
donator
Activity: 3542
Merit: 3413
Shitcoin Minimalist
I'm curious why you'd want that over casascius' utility. It's fairly easy to use, so long as all parties are willing to try it, and there's much less trust involved.

Mainly for extendability, I'd like to go in the direction of 3-of-5 later on. Also, as far as I understand casascius' approach, it requires a lengthy process chain with sending invitations, accepting, sending on, etc. That's probably quite a hassle if all you want is a one-of-escrow for a smaller transaction.
Also, from a psychological point of view, a lengthy, complicated process does not inspire confidence.

Technically, though, the casascius tool is much more secure than what I'm looking for.
legendary
Activity: 1176
Merit: 1280
May Bitcoin be touched by his Noodly Appendage
donator
Activity: 1218
Merit: 1015
I'm curious why you'd want that over casascius' utility. It's fairly easy to use, so long as all parties are willing to try it, and there's much less trust involved.
legendary
Activity: 1176
Merit: 1280
May Bitcoin be touched by his Noodly Appendage
One of the reasons why I don't like to do escrow has always been that I don't want to hold the funds of someone else.
So, I had the idea of making that unnecessary for an escrower.

I'd like to offer a bounty of 1 BTC for a developer who will make a nice, clean software that creates a split 2-of-3-wallet and directly emails each one of the three keys to the email-adresses of the buyer, seller and escrower.

In the end, no single one of the involved parties will have access to the funds in that wallet, but whenever two of the three parties agree, they will be able to sweep the contents. If it's extendable to, for example, 3-of-5, that could even make a "voting" escrow team possible.

That will greatly reduce the amount of trust needed in an escrower.

I would like to see a software that may be installed as some kind of web service, where you would (unfortunately) have to trust the web site's owner again, but for the moment, I just can't think of a better solution.
I'm also open to any suggestion for improving this idea.

My bounty will be awarded solely on my discretion, I will decide whether or not I like your software, and whether or not I want to award it.

Obviously, it has to be full open source under a free license.
I can do it and I'm kinda interested in doing it

Nope, if I understand your proposal correctly it's not the same thing.

where you would (unfortunately) have to trust the web site's owner again
I think this can be avoided
hero member
Activity: 686
Merit: 504
always the student, never the master.
cool idea. bounty is too cheap
qwk
donator
Activity: 3542
Merit: 3413
Shitcoin Minimalist
One of the reasons why I don't like to do escrow has always been that I don't want to hold the funds of someone else.
So, I had the idea of making that unnecessary for an escrower.

I'd like to offer a bounty of 1 BTC for a developer who will make a nice, clean software that creates a split 2-of-3-wallet and directly emails each one of the three keys to the email-adresses of the buyer, seller and escrower.

In the end, no single one of the involved parties will have access to the funds in that wallet, but whenever two of the three parties agree, they will be able to sweep the contents. If it's extendable to, for example, 3-of-5, that could even make a "voting" escrow team possible.

That will greatly reduce the amount of trust needed in an escrower.

I would like to see a software that may be installed as some kind of web service, where you would (unfortunately) have to trust the web site's owner again, but for the moment, I just can't think of a better solution.
I'm also open to any suggestion for improving this idea.

My bounty will be awarded solely on my discretion, I will decide whether or not I like your software, and whether or not I want to award it.

Obviously, it has to be full open source under a free license.

As a starting point, you might want to take a look at:
https://bitcointalksearch.org/topic/ann-m-of-n-fragmented-backups-now-in-armory-command-line-only-149820


Edit: this bounty has been claimed. Fulfillment on 2013-11-27 at 1 BTC = $1000 Smiley
https://blockchain.info/de/tx/5b445f6126be4e0aa4d284ee7f910ca9f46c2b3885b6e10553ba5971709d1371

https://github.com/knowitnothing/webescrow_nm
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