If I understand this correctly Ryan.... you created a more secure place {Vault} to store coins, used on APPs and services linked to it, in a central location?
Did you do this, due to the lack of security you might have had, with the funds you kept at the old "MoneyPot" game? and you expanded this service to incorporate future projects and also willing partners with their Apps and services to keep it funded?
I am in the process to test it out for myself and will give my feedback and comments soon.
Did you do this, due to the lack of security you might have had, with the funds you kept at the old "MoneyPot" game? and you expanded this service to incorporate future projects and also willing partners with their Apps and services to keep it funded?
I am in the process to test it out for myself and will give my feedback and comments soon.
In short, ryan is making this as a gambling bitcoin wallet . the different than the ordinary wallet is that, the funds can be only use in a sites that has intergrated with the vault.
Not that the old "moenypot" got some security issue, but mainly because ryan wanted to created a system which will protect the player from a mailicious or unfair sites, since every sites that intergrated with the vault will be provably fair, otherwise if they cheat, you can know it directly
What do you mean by funds only can be used on sites that have integrated the vault? How does the vault know which addresses come from which gambling sites? Does it use API?
let me rephrase it once more
your funds in there can be used as a usual transaction to someone else or another sites
By actually mentioning another sites is that the sites which is not integrated with the vault
In easy words,
A is opening a dice sites and promote it here in bitcointalk, since it is a new sites, no one trust the sites with their deposits.
A then considering to intergrate the sites with the vault.
The benefit will be that A's dice sites is proven to be provably fair, since the vault will notify that if a site is not provably fair and also the your funds will never be on the possesion of A unless you lose them.
Well This is how the system on the vault is, at least it is what I think it is
for better explanation, see up dooglus post about this
As I understand it, one of the selling points of MoneyPot is that the gambling sites you deposit to using it never get access to the coins you deposit unless you lose them, and so players don't need to trust new gambling sites which use MoneyPot, they only need to trust you. As the player loses coins on a MoneyPot-linked gambling site the player's balance (at MoneyPot) is debited and the site's balance (at MoneyPot) is credited. To get their coins the gambling site requests a withdrawal from their MoneyPot account.
great!! 