Since this thread seems to be where everyone serious about seeing Open Transactions succeed is posting and actively funding development, I wanted to present an enhancement to OT that could truly be the Holy Grail!
Some of you may have been following BitShares, but you may not have seen the latest white paper:
http://the-iland.net/static/downloads/BitSharesWhitePaper.pdfIn this paper I outline an approach that integrates OT-like solution for enabling fast, anonymous, transactions and trades.
1) All reserves in all currencies are held on the BitShare block chain. The OT Server would no longer have to deal with issuer contracts.
2) An OT server can register with the blockchain by posting a surety bond with one or more escrow agents who are also registered in the blockchain.
3) Deposits are made to the OT server via the blockchain which will hold / control the funds.
4) The blockchain will honor the last-signed receipt from the OT server + User to withdraw funds.
5) Any user may 'challenge' any withdraw transaction posted to the blockchain, these 'challenges' will be performed by automated audit-bots.
6) When a transaction is challenged, the escrow agent (also an automated bot) validates the latest audit and determines who is at fault:
1) the server (in which case the server's escrow funds are lost and all accounts are frozen at the last successful audit)
2) the person making the withdraw ( in which case the withdraw is denied and transaction fee kept)
3) the person challenging the withdraw (in which case they forfeit a deposit made with their challenge request)
Escrow agents (bots) are anonymous and also post surety bonds with other agents. They make money on transaction fees charged by all withdraws/deposits to many different OT servers and thus have a reputation to maintain to protect their revenue stream. Escrow agents are also unable to steal funds because they can only deny withdraw requests AND they are also bonded and their actions can be challenged. Besides, an OT server would probably have N different escrow agents that must all agree for a withdraw to occur. Users would only deposit money with an OT server if they trust at least one of the escrow agents who in theory have a trusted track record serving many other OT servers.
Transaction servers make money on transaction fees and are unable to 'steal funds' because the funds are controlled by the blockchain gated by the escrow agent.
All that is needed is an automated audit protocol that keeps accounts 'anonymous' while they are on the server. OT can then use the block-chain exchange for pricing information while enabling users to transact anonymously, instantly, and trade in real time.
I have found some significant backing / funding for the development of BitShares and am attempting to put together a budget / development plan / team. If there is anyone on this thread that would be interested in a job integrating OT-like functions into BitShares and/or developing a trading GUI that has dual use for OT and BitShares then please contact me.