Bear Bonds
P2SH 2/2 bearer bond printer
&
Node complimentary opt-in blockchain
(FOSS & OSHardware)
goal: bearer bitcoin
Key points:
1. Full enclosed system printer (open-source hardware) using induction charging, camera and screen inside acrylic box with laser printer for printing BB paper plus melter for the plastic that has the scratchers that protect the QR codes which encapsulates printed paper.
2. P2SH multisig 2/2 wallet creator or printer using bear bonds or bitcoin core (FOSS) utilizing the bitcoin core Full nodes for validation (bitcoin core full nodes would be requested to run this software or a BIP to implement it into bitcoin core).
3. Bear Bonds (BB) after printing has 12 Qr codes in the back hidden behind scratchers (plastic) and address exposed in front with the symmetric encryption key printed from factory (check link at bottom of post).
4. Every BB (bear bond) has a unique key printed from factory as stated above, this is the key used for the encryption of the first (1/2) privkey of the (2/2) P2SH multisig and order of the 10/12 portions privkey is split and printed by printer, this is sent to the nodes, and used for verification upon request by a user, the privkey is split into 10 chunks and the remaining 2/12 portions (the last 2) contain the 2/2 privkey and the redeemscript for the P2SH multisig.
5. When a retail and user print a BB, the printer will show via screen a QR code, the user(buyer)+retail upload this information to the nodes(network). The information the nodes receive via that QR code is: the printers UID (associated to retailer), the key used to encrypt the first privkey (of two) which belongs to the printed BB, the privkey protected by the encryption and the order privkey was printed on the 10 portions.
6. Only the nodes know the privkey since they can decrypt it, also only the nodes know the order it was printed in the 10 portions 10/12.
7. Everytime someone scratches 1/10 portions, they ask nodes to confirm, if it matches the information that was initially uploaded (if it matches the priv key portion and that it is in the correct place (order it was printed) also that the printer UID matches, and the BB key (used to encrypt) matches.)
8. Nodes have encrypted result+key=privkey+order printed when a user wants to redeem funds it sends the 10/10 portions of the privkey and the key to the nodes (network) which makes network give user privkey 1/2, even if network is down since the first privkey is printed on the 10/12 portions of the BB they (user) can brute force the correct privkey since they have the second privkey and the redeemscript plus the multisig address. (3,628,800 combinations = 10!)
9. Even if an attacker has the entire privkey it does not matter as the second privkey is hidden as is the redeemscript on the 11th and 12th portion of the QR codes hidden behind the scratcher each portion is a QR code.
10. PoF – Proof of fungibility the network if suspecting of a certain BB or by default every x time could make users scratch the BB’s in its entirety and have users move funds, they could not demand this as only the holder of the BB has the choice to redeem the bitcoin but it could give a warning for other users to reject said BB as their security cannot be to a high degree of safety, guaranteed.
11. This is not a perfect system but it is a system that in my view could work while reducing the transactions needed on-chain. It’s also Verifiable from the get-go, as you can scratch the entire thing and verify that everything checks out before accepting it and sweeping the bitcoin to own wallet.
Bitcoin has as of now a limit of 7 tps (transactions per second), a year of transactions would be around 220,752,000 transactions assuming BB’s make 75% of the transactions this value would lower to 165,564,000 however even if a BB can only be used 10 times (theoretically it can be used many more times) this would increase bitcoins tps to 1,655,640,000 per year the added value for me of this system is privacy, cash is king because the privacy it provides is near supreme, cash or bearer bonds don’t need devices hence they can’t be tracked by any means, BB is my solution to make satoshis bearer bonds while still maintaining the least attack vectors possible on that bitcoin, Bear Bonds does not hold the second private key or the redeem script and the software would be entirely OSS and run by bitcoin nodes, although it is not necessarily decentralized as bitcoin since the hardware would at least initially created/manufactured by BB, BB would have 0 control of privkeys and people already use Ledger seed signer and other types of “third parties”, the advantage over lighting is the ability to have completely private transactions which are in essence trustless, the printer UID which is associated, would help weed out bad actors, and to check if a printer is compromised would not take long, in essence one could check them every day by having users audit the process and testing it, also any user can simply scratch the entire thing and redeem the bitcoin before accepting it.
This would also increase the velocity of bitcoin by manifold as it would not require on-chain transactions for every p2p transaction.
Bitcoin core is its central bank so I see no problem in minting our own bearer satoshis.
Bear Bond bundle (paper + plastic)
https://ibb.co/dKWZv2w
Would appreciate feedback, criticism, whatever you have.
Topic: BB - Bitcoin printer and verification network (Read 109 times)
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