Re: [NXT] NxtTechnologyTree.com Discussion - The dev plan that keeps on delivering
I think, full Account Control is most important feature in 1.7.
I've been waiting for this feature for a long time. I thought it was originally going in 1.4
Well it shouldn't be too log to wait now
It will be a big step forward, these are the planned features from Aug 2014.. (as Account Control is being implemented in 3 phases, one already complete, then some of these are live now)1. Disable non-SmartContract transactions
Removes ability to initiate manual transactions. After they are disabled only virtual transactions initiated by smart contracts (hosted on this account) will be processed. This subfeature is necessary to unlock extra potential of Smart Contracts and should be done before I complete Smart Contracts.
Manual transactions can be enabled again only if a smart contract does it. A possible application is funding an account for a kid who will get access to this account only after some conditions r met (like becoming 18 y.o.)
2. Send money/assets only to predefined accounts
Defines a list of acconts that can be recipients of transactions initiated by the account. Besides extra protection some other schemes can use this subfeature, for example, an escrow service that can send money only to Alice or Bob, but not to himself.
3. Enable/Disable "Instant Transactions" mode
Enables/disables "instant" transactions mode described by BCNext here - https://bitcointa.lk/threads/nxt-instant-transactions-with-guaranteed-confirmation.179540/
Pay attention, that it doesn't automatically create IT feature. Mczarnek is working on another IT approach proposed by anon136, but I think that we need legacy IT mode just in case.
4. Allow/Disallow only some outgoing/incoming transaction types
Allows/disallows different transaction types. Besides extra security it's handy to prevent anyone from sending trash assets to ur account.
5. 2FA with hash chains
This brings 2-factor authorization into Nxt. Actually it's possible to have N-factor auth, it's similar to Multisig of Bitcoin, but requires to send two transactions instead of one. This also adds protection against quantum computers.
6. Transfer of everything to another account (at will, dead man's switch, incoming transaction)
Can be used to transfer everything from one account to another. It can also be used to "merge" multiple accounts into one.
7. Setting spending limits
As title says. Can be used for stronger security and also to limit amounts ur wife/kid spends.
Removes ability to initiate manual transactions. After they are disabled only virtual transactions initiated by smart contracts (hosted on this account) will be processed. This subfeature is necessary to unlock extra potential of Smart Contracts and should be done before I complete Smart Contracts.
Manual transactions can be enabled again only if a smart contract does it. A possible application is funding an account for a kid who will get access to this account only after some conditions r met (like becoming 18 y.o.)
2. Send money/assets only to predefined accounts
Defines a list of acconts that can be recipients of transactions initiated by the account. Besides extra protection some other schemes can use this subfeature, for example, an escrow service that can send money only to Alice or Bob, but not to himself.
3. Enable/Disable "Instant Transactions" mode
Enables/disables "instant" transactions mode described by BCNext here - https://bitcointa.lk/threads/nxt-instant-transactions-with-guaranteed-confirmation.179540/
Pay attention, that it doesn't automatically create IT feature. Mczarnek is working on another IT approach proposed by anon136, but I think that we need legacy IT mode just in case.
4. Allow/Disallow only some outgoing/incoming transaction types
Allows/disallows different transaction types. Besides extra security it's handy to prevent anyone from sending trash assets to ur account.
5. 2FA with hash chains
This brings 2-factor authorization into Nxt. Actually it's possible to have N-factor auth, it's similar to Multisig of Bitcoin, but requires to send two transactions instead of one. This also adds protection against quantum computers.
6. Transfer of everything to another account (at will, dead man's switch, incoming transaction)
Can be used to transfer everything from one account to another. It can also be used to "merge" multiple accounts into one.
7. Setting spending limits
As title says. Can be used for stronger security and also to limit amounts ur wife/kid spends.
Remember, this is only a guide. Features have been switched around and new ones added that weren't (like the cold storage integration). But I think the devs have proved in the last two years that they have the expertise to deliver what they say they will.