Quote from: Uptrenda on May 29, 2015, 02:55:22 AM

Quote from: randy-waterhouse on May 28, 2015, 08:03:05 AM

Quote from: Uptrenda on April 09, 2015, 01:13:36 AM

You can add my paper if you like. It's a design for a peer-to-peer cryptocurrency exchange that uses micro-payment channels to transfer coins between blockchains.

Edit: wasn't aware of most of the innovations in this thread. Lightning Network looks extremely interesting.

Thanks, added. Looks interesting and useful for low trust (trustless?) transfers. When do you think you might have an implementation available for testing?

Almost trustless. -Almost- The whole process breaks down trades into a series of micro-trades which means that even without any kind of dispute system - the maximum financial inconvenience is very, very, small so you can precisely reason about the worse-case scenarios for these kind of transfers (which is still magnitudes better than security outcomes for traditional systems.) But then you add in a dispute system on top of that in such a way that contracts can become reliable without becoming less secure and you have the first p2p cryptocurrency exchange that is actually practical (and not based on a huge amount of flawed trust.) There's a lot more to it than that, but that's the basic idea.

As for the release: give me some more time to hook the UI up to the exchange stuff. I already have a working prototype I just want to release something that doesn't require 100 command line switches to work.

Actually, let me know if you're interested in helping test this and I can PM you a link to a binary when its ready. (I've barely done any promotion for this project so I'm going to need testers sooner or later :p)

Yeah, I might be able to run some tests ... not that keen on binaries though.

I did have a question why you used 4-of-6 multi-sig escrow though: if the sender has 3 keys the arbitrator 2 keys and the receiver 1 key a valid transaction needs the sender and either of the other two to sign. Can't this also be achieved with 3-of-4 multi-sig where the sender has 2 keys and the arbitrator and receiver 1 key each?

edit: scratch that last question, I read the paper in some more depth.