Since there are people working on various OT clients, I get images and screenshots in the email sometimes. Below is an example.

I never understood why people say that OT is "way too complicated for the average Joe" since those people have probably never actually SEEN an OT client. Plus, in my own personal opinion, the OT-API is retard-easy to use. In fact, I can't imagine a system doing all the things OT does and having an easier interface than it already does. A trained monkey could code an OT client!



Of course, every OT client will have a different interface, so above is only an example of what could be done.

There are also some screenshots of the test GUI: https://github.com/FellowTraveler/Moneychanger
(But keep in mind that a Test-GUI isn't meant to have the prettiest interface. Rather, it's meant for testing the protocol.)


In OT, the issuer is the one being trusted. (The magical part about OT is not having to trust the transaction server.)

In the case of Bitcoin (using Bitcoin as a "backing currency" on an OT server) then you could have a trusted issuer also, the same as with gold or anything else. While this is no different than what the Bitcoin world is doing now (MyBitcoin, MtGox, etc) it is certainly not good enough for me, which is why I have written on this forum on how to use voting pools to eliminate entirely any need for an "issuer" (for Bitcoin on OT.)


If you want to learn more about OT's concept of "low trust servers", check out the post Stephen already referenced:
http://forum.bitcoin.org/index.php?topic=20425.0

"Seek and ye shall find."

As well as this related post:
http://forum.bitcoin.org/index.php?topic=28565.msg363945#msg363945

FYI, OT is open source.


Given that the first clients haven't been released yet, other than the test client, I think marketing copy is a bit premature.  However, there is a pretty easy description at the top of the OT Wiki:

WHAT IS “Open Transactions” ?

• Open-Transactions allows users to issue and manipulate digital assets. Users may create many pseudonyms (public keys), each of which may own asset accounts of various types. Users can transfer digital assets securely between accounts (even a server cannot change balances or forge transactions.) Users can also operate “cash-only” (without accounts) for maximum anonymity.
• Open-Transactions supports a range of financial instruments, such as cheques, vouchers, and untraceable digital cash. These are all analogous to the same financial instruments that we all use at normal banks today. Everyone already has an intuitive understanding of these financial instruments, because we use them regularly in our normal daily lives.
• Open-Transactions also implements higher-level, contract-based transactions such as payment plans and markets with trades. The markets on Open-Transactions support market orders, limit orders, fill-or-kill orders, day orders, stop orders, and stop limits, just like trading on a real market. OT also supports basket currencies.
• All of this is accomplished in such a way that all parties are able to prove, at all times, which transactions have cleared and which instruments are authorized, without having to store their entire transaction history, but instead by merely keeping the last signed receipt.
  (Without the special mechanism that makes this possible, all parties would otherwise be forced to store all receipts forever--no matter which system you are actually using.)

OT is not a "killer app" but rather, a SOFTWARE LIBRARY. There are MANY possible different interfaces that could be built.

The basic use cases are:

-- Issue a new currency (by uploading the new currency contract to an OT server.)
-- Open accounts of any asset type.
-- Withdraw / Deposit in untraceable digital cash.
-- Use "cash only" (no accounts) for full anonymity.
-- Write cheques, cashier's cheques, and perform account transfers (all with signed and unforgeable receipts.)
-- Trade on markets (like MtGox.)

Who could use OT?
-- A market site (like MtGox) where users are able to trade currencies, including Bitcoin, on markets.
-- A "Wallet" website (like MyBitcoin or whatever).
-- A client application. (OT works on all platforms...Android, Windows, Linux, Mac, etc)
-- A gambling site.
-- Etc.

The above are just basic uses which I mention first, since you are all mostly building such things. However, much more useful applications of the library are possible, such as creating the next generation of file-sharing software, the next generation of anonymous networks, etc.

I think the most disruptive use of OT would be using it to solve issues of resource allocation that arise in anonymous networks, mesh networks, darknet hosting, etc.

OT is also useful in combination with Bitcoin. Why?

Bitcoin gives OT: a universal “glue” between servers, a network of existing exchangers, and a publicly-auditable, reserve currency that cannot be confiscated or shut down.

OT gives Bitcoin: Untraceable cash, instant finality of settlement, and convertibility to other currencies on OT Markets.

(Soon, using the low-trust technology, OT will also give Bitcoin the only servers where Bitcoins can safely be stored, without risk of the server, or a hacker, stealing them.)