there are ways to code automated salary/dividend payment,
for example, see Memorycoin.
The issue that i struggle with is making the system bi-directional. I have some ideas but they are still very much in the pipeline.
Topic: Can bitcoin addresses be programmed to send funds to other addresses when reach- (Read 725 times)
January 05, 2015, 07:24:44 PM
January 04, 2015, 08:17:33 PM
Thanks for the response.
January 04, 2015, 07:08:49 PM
Can bitcoin addresses be programmed to send funds to other addresses when reaching previously determined thresholds?
No. For multiple reasons. The most important of which is:
At the protocol level, addresses don't exist, and can't be programmed.
I've been thinking about the ramifications of "programmable money," and am now wondering how programmable the currency itself is as opposed to how sophisticated the applications can become that can merely make use of information in the blockchain (though this is also extremely interesting).
(rambling about "imagining" and "changing of the world" and "mind-boggling" and "trying to fathom")
;tl,dr
;tl,dr
Please pass whatever it is that you're on.
January 04, 2015, 06:42:17 PM
Whilst allowing instantaneous, undeniable, uncapable, unforgeable transactions is already more than anyone could have asked for, is it only half the potential story?
January 04, 2015, 06:36:56 PM
-ing previously determined thresholds?
I've been thinking about the ramifications of "programmable money," and am now wondering how programmable the currency itself is as opposed to how sophisticated the applications can become that can merely make use of information in the blockchain (though this is also extremely interesting).
I was imagining an automated salary/dividend payment type system in which a group can invest in a scheme, while a programmed BTC address that would be used as a companies only address for profit would necessarily pay to addresses agreed upon by the investors at the pre-agreed rate/time/amount/% etc. If - then - had anyone lost their private key can the address be programmed to give to a new public address in the event of a private key loss (this sounds just like multi-sig requiring m of n signatures, but with the extra requirement of some elements of the transaction already being somewhat set in stone i.e the addresses but not the amounts)?
This whole scenario would of course be contingent on the agreed upon address being used as the destination for profits/revenue.
I then think that how bitcoin interfaces with real world requirements that become fulfilled - and then somehow rendered digitally - is one of the most interesting aspects of designing the future.
To me bitcoin's deepest feature is its programmability. I know it is not what Ethereum could be if they overcome the technical challenges in front of them - and that this is deliberate. My question is, how programmable is it?
Having to make use of third party applications will be a compromise, but not the change of the world I think blockchain tech with a reliable and strong network really allows for.
The potentially anti-corrupting mechanisms that can be included within a transaction are mind-boggling, but how real they can be within the blockchain itself I am trying to fathom.
I've been thinking about the ramifications of "programmable money," and am now wondering how programmable the currency itself is as opposed to how sophisticated the applications can become that can merely make use of information in the blockchain (though this is also extremely interesting).
I was imagining an automated salary/dividend payment type system in which a group can invest in a scheme, while a programmed BTC address that would be used as a companies only address for profit would necessarily pay to addresses agreed upon by the investors at the pre-agreed rate/time/amount/% etc. If - then - had anyone lost their private key can the address be programmed to give to a new public address in the event of a private key loss (this sounds just like multi-sig requiring m of n signatures, but with the extra requirement of some elements of the transaction already being somewhat set in stone i.e the addresses but not the amounts)?
This whole scenario would of course be contingent on the agreed upon address being used as the destination for profits/revenue.
I then think that how bitcoin interfaces with real world requirements that become fulfilled - and then somehow rendered digitally - is one of the most interesting aspects of designing the future.
To me bitcoin's deepest feature is its programmability. I know it is not what Ethereum could be if they overcome the technical challenges in front of them - and that this is deliberate. My question is, how programmable is it?
Having to make use of third party applications will be a compromise, but not the change of the world I think blockchain tech with a reliable and strong network really allows for.
The potentially anti-corrupting mechanisms that can be included within a transaction are mind-boggling, but how real they can be within the blockchain itself I am trying to fathom.
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