Looking for a solution to DESTROY altcoin in PUBLIC

OnkelPaul

legendary

Activity: 1039

Merit: 1005

Quote from: ForgottenPassword on September 30, 2014, 03:30:37 AM

Send it to an address that it would be incredibly unlikely anyone has the private key for.

See the following bitcoin address:
https://blockchain.info/address/1111111111111111111114oLvT2

Actually, that's an option I would even prefer to my convoluted scheme...
This address is computed from an all-zero 160-bit hash, so it's pretty clear that it was not produced using an actual private/public key pair.

Onkel Paul

OnkelPaul

legendary

Activity: 1039

Merit: 1005

Quote from: serje on September 30, 2014, 04:51:21 AM

Quote from: OnkelPaul on September 30, 2014, 04:26:54 AM

You can generate a random address in a way that provably involves many people, so manipulation would be pretty much impossible.
...

I vote for this but with a little change!
Everyone who wants to generate a number should pay something like 10 of this coins so you can avoid trolls and suckpuppets!

I don't know how many people hold some of these coins (I don't, and I'm not really interested in altcoins).
By including people who have no actual interest in the coin you can make the "destroyer" address more trustworthy because you can be more sure that at least some participants do not cooperate to rig the process, so it might be actually better to invite just anybody. Just make sure that the rules are fixed before everything starts, and that the address is generated according to the previously fixed rules.

Onkel Paul

serje

legendary

Activity: 1232

Merit: 1002

Quote from: OnkelPaul on September 30, 2014, 04:26:54 AM

You can generate a random address in a way that provably involves many people, so manipulation would be pretty much impossible. Finding the private key for this address is as hard as finding the private key for any given real address.

One possible procedure for generating a provably random address (assuming that addresses for your coin are basically built like bitcoin addresses):

Let arbitrary people (forum members, for example) generate a random 160-bit number each.
Everyone who generated such a number posts its hash (and keeps the number itself secret). You'd need to specify which hashing algorithm should be used here, it just serves to prove that the random number was indeed generated before any other of the random numbers were known.
On a given date, everyone posts her random number.
A list is compiled with all posted random numbers whose hash matches the previously published hash of this user. These random numbers are then combined using logical XOR.
The resulting 160-bit random number is converted into an address of your coin just like you would convert the 160-bit hash of a public key.

All steps (except the actual random number generation and hashing) can be done in public for everyone to check.
Note that no real public key is ever generated, so even if an ECDSA weakness is found it would not be possible to compute the private key for this address (unless RIPEMD-160 is also broken).

Onkel Paul

I vote for this but with a little change!
Everyone who wants to generate a number should pay something like 10 of this coins so you can avoid trolls and suckpuppets!

OnkelPaul

legendary

Activity: 1039

Merit: 1005

You can generate a random address in a way that provably involves many people, so manipulation would be pretty much impossible. Finding the private key for this address is as hard as finding the private key for any given real address.

One possible procedure for generating a provably random address (assuming that addresses for your coin are basically built like bitcoin addresses):

Let arbitrary people (forum members, for example) generate a random 160-bit number each.
Everyone who generated such a number posts its hash (and keeps the number itself secret). You'd need to specify which hashing algorithm should be used here, it just serves to prove that the random number was indeed generated before any other of the random numbers were known.
On a given date, everyone posts her random number.
A list is compiled with all posted random numbers whose hash matches the previously published hash of this user. These random numbers are then combined using logical XOR.
The resulting 160-bit random number is converted into an address of your coin just like you would convert the 160-bit hash of a public key.

All steps (except the actual random number generation and hashing) can be done in public for everyone to check.
Note that no real public key is ever generated, so even if an ECDSA weakness is found it would not be possible to compute the private key for this address (unless RIPEMD-160 is also broken).

Onkel Paul

redsn0w

legendary

Activity: 1778

Merit: 1043

#Free market

Quote from: sgk on September 30, 2014, 04:13:44 AM

Quote from: redsn0w on September 30, 2014, 04:04:18 AM

Quote from: sgk on September 30, 2014, 03:42:12 AM

Is it possible to generate a 'provably un-spendable' public address?

If yes, you could create one and then send all coins to this address.

You can generete an address and after delete the private key , but this is not "safe" .

But how do you publicly prove that you've destroyed the private key?

Ahaha

this is the (real) problem , you can't never prove to have deleted the key.

Coin.millionair

sr. member

Activity: 448

Merit: 250

WE WANT SAFE BULLETPROOF SOLUTION !!!
And it must be visible for anyone to see and check, they are DESTROYED indeed !

sgk

legendary

Activity: 1470

Merit: 1002

!! HODL !!

Quote from: redsn0w on September 30, 2014, 04:04:18 AM

Quote from: sgk on September 30, 2014, 03:42:12 AM

Is it possible to generate a 'provably un-spendable' public address?

If yes, you could create one and then send all coins to this address.

You can generete an address and after delete the private key , but this is not "safe" .

But how do you publicly prove that you've destroyed the private key?

redsn0w

legendary

Activity: 1778

Merit: 1043

#Free market

Quote from: sgk on September 30, 2014, 03:42:12 AM

Is it possible to generate a 'provably un-spendable' public address?

If yes, you could create one and then send all coins to this address.

You can generete an address and after delete the private key , but this is not "safe" .

sgk

legendary

Activity: 1470

Merit: 1002

!! HODL !!

Is it possible to generate a 'provably un-spendable' public address?

If yes, you could create one and then send all coins to this address.

ForgottenPassword

full member

Activity: 154

Merit: 100

Send it to an address that it would be incredibly unlikely anyone has the private key for.

See the following bitcoin address:
https://blockchain.info/address/1111111111111111111114oLvT2

HeroCat

hero member

Activity: 658

Merit: 500

There is only one solution on this Grin

. Pay me some BTC and I will write you.
You can PM me, if any.

Coin.millionair

sr. member

Activity: 448

Merit: 250

Not everyone would trust in it.
Until they are not DESTROYED, they can be released, used, dumped, etc... Sad

We want to SUBSTRACT the reedemed coins form the TOTAL SUPPLY !
In this way, the rest of the coins will be valued up...!

h0lybyte

hero member

Activity: 924

Merit: 511

Why not let an escrow hold the coins, instead of destroying them? The escrow wouldnt release unless valid projects come arise to redistrubte those coins, in a more beneficial matter.

Coin.millionair

sr. member

Activity: 448

Merit: 250

We, at Virtual Mining Coin DEV TEAM are looking for a working solution to DESTROY SOME VMC frequently in PUBLIC !!!

We offer reedem option for VMC on a weekly basis up to the weekly reedem Limit.
Currently it is 2.000.000 VMC

https://bitcointalksearch.org/topic/m.8997035

Read: We actually BUY up 2.000.000 VMC in every single week for a guaranteed price !
(no matter what is actual market price)

Expected reedem price for the next 10 weeks:

We wont keep the reedemed coins !
We dont want miners/buyers/traders to be afraid of DUMPING them, so we decided to DESTROY THEM !!!

We'd like to do it in PUBLIC for better tarsparency and having the trust of VMC Community.

If anyone know a reliable solution for DESTROYING VMCs on a weekly basis, please let us know about it...

Contact: [email protected]
and/or just PM me...

Waiting for contacting You !
Kind regards:
VMC DEV Team

Topic: Looking for a solution to DESTROY altcoin in PUBLIC (Read 1271 times)