Now that you have an idea of the definitions, let's move on.
So A wants to place an order:
The wallet creates a smart contract, and sends it directly to safenet without being kept on site while being encrypted in double sha256. The decryption key remains on the blockchain.
I'm sorry, but I'm really baffled as I keep reading about this mysterious "double sha256" encryption. - Never heard of it in the context of asymmetric encryption.
To my knowledge, sha256 is a hashing algorithm, - not an encryption algorithm.
(For those not in-the-know, hashing algorithms are one-way computations by definition and purpose, and one cannot reverse the operation to get the original data from a hash.) Yes, it does
transform information and produce a hash value of that information. But in practice, there's no routine mechanism to reverse that computation, - only some very elaborate hacking
may be able to do that.
So, yeah - it's kinda secure, if all you need is to compare it with another such hash to determine if the original data for the two hash values was the same (with a 99.9999% probability, as in very rare cases two very different pieces of data may actually produce the same hash).
But there are no keys ever involved in calculating sha256, therefore no private key would ever be able to reverse the operation (one can only use a salt value to obfuscate input data and prevent dictionary attacks on the hash).
And then,
double-sha256 merely adds another round of computations where the first computed hash itself is hashed again using sha256.
I'd really like to get an explanation for the "
double sha256 encryption" term, as that would constitute an incredible mathematical breakthrough.
I feel that you are really limited, you try to make the clever for nothing by giving definitions that everyone knows. I'm going to explain what a blockchain is, it is like a database, and I'll save hash in that database.
So when the smart contract will be hashed in sha256, it will serve as an id.
Now A wants to make a trade, it leaves coins for sale and goes offline, how the database will call its smart contract? She will call it using using the hash.
I will help you learn a few things, when you read definitions ask yourself what are they for, you will be able to understand them better, so after the definitions, it is the functions.
I will give an example for others who do not know the development:
https://satoshimines.com/play/c1397e2164317bcb411d91cc0799610a0d954368/#DONT_SHARE_URL
This is a satoshimine link, it serves to identify the player. What you see in red is the hash, no one except you and the database of satoshimines can have it, if you modify it you lose your account.
How will NVO work? It is necessary to ask about the double sha256, to bring more security. Now this pseudo blockchain, where does it come from? NVO will fork ? Which blockchain NVO will use? Which technology will be used?
It is necessary to ask all these questions, I answer you, we will use the technology of Bitcoin, because in my eyes it is the best, with many developers who maintain it, the one that succeeds best, and the oldest in term Of experience, in addition it uses sha256. We can say that we are going to use a bitcoin sidechain, it will not be a fork.
The sidechain will work as a RAM, a cache for the duration of the trades, once the trades end, it erases the information and does not keep history, because NVO is a decentralized and anonymous exchange, it is not Not meant to track its users. And how will safenet be? Like a hard drive, where the smart contract will be sent for offline use.
So what's the utility of the user's wallet? It will be the CPU to connect the other two. He will link his signature to the sidechain so that the smart contract is made, and to launch the algorithm for the multisig, the result will simply register on the safenet, so the user will have access to nothing, apart from the Calculates and bandwidth.
Nemgun
So contribute with XRP and doge. Do not send Bitcoins. If I now change the address of the electrum by the address Counterwallet, will the tokens be deposited in the Counterwallet or still going to the address Electrum?
Grateful.
Thanks for participating, you can change the address normally, the tokens will be sent to counterwallet.
Hi
I created a Wallet on Counterwallet and Transferred Some BTC to the bitcoin escrow address mentioned on the NVO ICO Dashboard
Now what will happen..? Will i see the bitcoin balance that is transferred or any token amount on my ICO page or anything..?
Or just the Tokens will get credited to the same wallet from which funds are sent after the crowdsale ends
As it is already a day and i cannot check anything regarding transaction Came through or balance thing on my NVO.io dashboard
Fast reply will be appreciated
Thanks
So we will not able to see the coins till the end of the iCO? so how do we know that we did it right? I send BTC from blockchain wallet, is that ok too?
If you sent from blockchain.info, please join slack, as your nvo tokens may get stuck.
".
More over, later you are accusing people of being limited, because they don't understand you.
Please also learn something: hashing is not encrypting - don't call hashing operation an encryption.