An Ark_ Bitcoin marketplace with trust-free escrow _ Bitcoin meaning of bitcoin

An Ark_ Bitcoin marketplace with trust-free escrow _ Bitcoin meaning of bitcoin

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Hi reddit! Introduction

We all know that we should never trust bitcoins to sites with hotwallets, but up until now there has not been a good way to do trades without one. Multi-sig promises to deliver trust-free escrow, but so far it has been difficult to make widely accessible due to wallet fragmentation and a confusing user experience.Meaning of bitcoin

After doing some research, I discovered that we could make a much more user-friendly system that is functional today while still achieving trust-free escrow similar to multi-sig. The alternate method we are using is called the casascius escrow scheme and it was invented by mike caldwell. You can read about it here: https://en.Bitcoin.It/wiki/user:casascius/escrow scheme draft it is similar to shamir’s secret sharing, but it was specifically designed for escrow. The javascript implementation can be found at www.Bitescrow.Org (this is what I used).

Using this scheme we are able to perform escrow functions (like refunds) while never actually touching the bitcoins. There is no hot-wallet, meaning funds cannot be lost or stolen from our servers. Keys are generated separately in each user’s browser and on the server in a way that prevents the server from ever having all the keys needed to spend the bitcoins.Meaning of bitcoin in fact, once the seller accepts a purchase request, the entire transaction can be completed offline by manually exchanging escrow codes with the other party.

This method is trustfree because all the important code is client-side and can be reviewed. Additionally, all the HTTP requests can be examined to ensure there is no sensitive data being passed to the server. Pros and cons

The major limitation of this method is that partial refunds from escrow are not possible, the escrow address is winner-take-all fund. Also, the transaction types cannot be very complex.

On the other hand, there’s no sending long and confusing blocks of text back and forth to be deciphered and signed. There’s no worrying about how to publish your transaction to the bitcoin network, and there’s no waiting for confirms. You can load the private key into your wallet (wif) and see the funds immediately.Meaning of bitcoin usage

So we went ahead and created a basic market place around this escrow system. Making an account is as easy as signing up with an email. The email you sign up with WILL BE SHARED with users you contact, or users who request to purchase your listing. For security reasons, we do not want to handle user communications at this time. We want to focus on providing the most secure marketplace and would encourage you to find alternate channels of communication beyond email if needed.

Every time you create or accept a transaction, you must make an escrow transaction password. This password protects the sensitive bits of the transaction from the server, meaning if you lose it you will have to release the escrow funds to the other party. If both people lose it, the funds in the escrow address will be lost.Meaning of bitcoin

Right now we are looking for feedback and have made no decisions about account limits or pricing. Currently the system is 100% free to use. Please let us know your thoughts! If you have any questions, concerns, or ideas just reply to this thread or email support@anark.Re and I will get back to you asap.

Https://www.Anark.Re – buy and sell anything including fiat, real estate, and more!

Bitcointalk: https://bitcointalk.Org/index.Php?Topic=520047.0


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