lunarboy



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Hero MemberActivity: 544Merit: 500 Re: The Holy Grail! I wish I could kiss the author of Bitmessage on his face. May 31, 2013, 01:10:19 PM #301 Quote from: fellowtraveler on May 30, 2013, 09:59:33 AM You might ask, why not use Namecoin instead of Bitcoin, for storing these credential hashes? The answer is because Namecoin names expire, since they must be human-readable. In my case, I don't need human-readable -- just unique. Therefore, I prefer to use a system which does not expire. (Namecoin is still very useful as a DNS replacement, however.)



So my ultimate answer is, I plan to use Bitcoin itself to replace the Certificate Authority.



Just playing devils advocate slightly, but it would seem the coloured coins idea would work equally well within the Namecoin protocol. The coins themselves do not expire, so could be used as you suggest. The added bonus here, being, each issuer could have their own public/private uncensorable DNS identity cryptographically tied into their set of coloured coins.



Their DNS identity could then act as the entry point for all information about the company/stock/commodity or even as a trading platform. The problem with names expiring is negligible as they will expire after a fixed period (36000 blocks [ DO NOT POST SESC LINKS ] i'm informed[/url]) and could be set up to automatically renew before this period if the company/stock is still currently trading.



Thoughts? Just playing devils advocate slightly, but it would seem the coloured coins idea would work equally well within the Namecoin protocol. The coins themselves do not expire, so could be used as you suggest. The added bonus here, being, each issuer could have their own public/private uncensorable DNS identity cryptographically tied into their set of coloured coins.Their DNS identity could then act as the entry point for all information about the company/stock/commodity or even as a trading platform. The problem with names expiring is negligible as they will expire after a fixed period (36000 blocks [] i'm informed[/url]) and could be set up to automatically renew before this period if the company/stock is still currently trading.Thoughts?

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NewbieActivity: 26Merit: 0 Re: The Holy Grail! I wish I could kiss the author of Bitmessage on his face. June 02, 2013, 11:27:20 PM #302 Trying to install OT right now and ran into an int casting error. Think I might need to run it on a 64bit system is all. But I wanted to ask:



I keep seeing talk of colored coins which I had to research. I think I get the idea but as far as I can tell there is no working system for them yet. Just proof of concept. Would OT be able to issue these or would it only be tied to the exchange network the coin was colored on? Or is the dream to have an exchange tie in?



I like the possibilities this offers to devs and start-ups and hope to see a functional OT server pool soon.

fellowtraveler



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Sr. MemberActivity: 440Merit: 250 Re: The Holy Grail! I wish I could kiss the author of Bitmessage on his face. June 03, 2013, 12:45:06 AM #304 Quote from: boonies4u on June 02, 2013, 11:39:36 PM Are colored coins even economical in 0.8.2? I heard some concerns that the stifling of dust transactions would effect them.



Let's assume that the smallest possible transfer is 0.00005430 BTC -- and let's assume a fee of 0.0005.



Therefore, a total transfer of: 0.00055430 BTC



As I write this, the last trade on MtGox was at the price: $121.50000 per BTC.



Therefore, 0.00055430 is (measured in dollars) worth a little less than 7 cents, aka $0.07.



Let's say that the above transfer is used to issue a colored coin with the value of 1000 Euros...



This colored coin could remain on the blockchain, but if you moved it to an OT server, you could break it up into 1000 units and trade them as individual Euros.



...From this point, you can trade in units of 1, or 5, or 20 Euros (etc) and you could trade these units with your friends for physical Euros. (Or, if you put 1000 of them together, you could go directly to the issuer and obey KYC / AML and get a bank wire.)



Let's assume that the smallest possible transfer is 0.00005430 BTC -- and let's assume a fee of 0.0005.Therefore, a total transfer of: 0.00055430 BTCAs I write this, the last trade on MtGox was at the price: $121.50000 per BTC.Therefore, 0.00055430 is (measured in dollars) worth a little less than 7 cents, aka $0.07.Let's say that the above transfer is used to issue a colored coin with the value of 1000 Euros...This colored coin could remain on the blockchain, but if you moved it to an OT server, you could break it up into 1000 units and trade them as individual Euros....From this point, you can trade in units of 1, or 5, or 20 Euros (etc) and you could trade these units with your friends for physical Euros. (Or, if you put 1000 of them together, you could go directly to the issuer and obey KYC / AML and get a bank wire.)

creator, co-founder, Monetas creator, Open-Transactions