Topic: Exchange transparency, or is this going too far? - page 2. (Read 1267 times)
Because its awesomely useful.
Instead of storing customer USD balances as some float in his own private database, he decides to make use of the blockchain.
why do people always think its a good idea to put the blockchain into everything?
Imagine a new service called Dave's BTC Exchange.
Dave wants to be trusted so he decides to make his service as transparent and accountable as possible.
Instead of storing customer USD balances as some float in his own private database, he decides to make use of the blockchain.
Whenever Dave receives a bank transfer from a Bob, he makes a symbolic (colored coin) transaction to Bob's secret address, representative of the quantity of fiat sent.
This way Bob can always prove that he has X amount of fiat stored with Dave. It helps to keep Dave honest.
Anyone would be able to see the amount of fiat that is stored at Dave's exchange and no-one (apart from Dave and the customer) can make the link between address A and real-life identity, I.
How would people feel about this? Is it too much? Not enough privacy?
Would it count as blockchain spam? Or could it be seen as helping the Bitcoin economy by paying a fair amount of transaction fees to our miners.
Dave wants to be trusted so he decides to make his service as transparent and accountable as possible.
Instead of storing customer USD balances as some float in his own private database, he decides to make use of the blockchain.
Whenever Dave receives a bank transfer from a Bob, he makes a symbolic (colored coin) transaction to Bob's secret address, representative of the quantity of fiat sent.
This way Bob can always prove that he has X amount of fiat stored with Dave. It helps to keep Dave honest.
Anyone would be able to see the amount of fiat that is stored at Dave's exchange and no-one (apart from Dave and the customer) can make the link between address A and real-life identity, I.
How would people feel about this? Is it too much? Not enough privacy?
Would it count as blockchain spam? Or could it be seen as helping the Bitcoin economy by paying a fair amount of transaction fees to our miners.
Jump to: