Shamir's Secret Sharing does this and is already available.
http://point-at-infinity.org/ssss/
Wikileaks apparently uses it so if Julian Assange disappears the rest of them can reassemble the key and access money but apparently he has none anymore.
Topic: Cryptography for direct democratic capitalism (Read 2179 times)
in large voting systems, it is impossible for consensus to be achieved, cause there will always be someone who doesn't like what the funds are going to be spend on.
So nothing would ever be completed if all parts of the private keys are required for the transaction to take effect.
This is not the best example but it would be like having someone with multiple personalities and all personalities have to agree to do something in order for that to take action...
kinda like Alien X from Ben 10
The best way is having one person call the shots and a counter balance just in case that person starts shooting blanks.
So nothing would ever be completed if all parts of the private keys are required for the transaction to take effect.
This is not the best example but it would be like having someone with multiple personalities and all personalities have to agree to do something in order for that to take action...
kinda like Alien X from Ben 10
The best way is having one person call the shots and a counter balance just in case that person starts shooting blanks.
So how does the money get spent when there is no total consensus? I think what you want is a multisignature transaction where the signatures are a certain number or percentage from the set of all the public addresses that contribute to the transaction.
Let's say you have a group of 10 people.
Each person has 1/10 of the private key for an address. They pay their fees for membership the group to that address.
Then they vote on what to spend the money on by sharing their part of the private key.
A shared address can be used for each issue and the importance of each issue can be communicated by the value of each address associated with an issue.
In this basic example I use splitting the key into 10 parts but of course you would use a better method of this using cryptography.
The whole system could be polished into some kind of website which displays the results of the system and makes it easier to setup your own voting system.
I would expect this to be in the form before, where did I miss it if this is so?
Thoughts?
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