I'd like to modify this concept a bit in a universal way.
I'd like to lock a portion of my account (up to the whole account)
I want let's say invent a turtlecoin with value xx_NXT, grant a specific account (other or mine) the right to pull this turtlecoin if he sends a password and define a timeframe during this has to be done. after the timelimit the turtlecoin becomes NXT again.
During the timeframe the turtlecoin is locked for me.
this way the NXT-client could print a QR-Code with the generated password, I go to the petshop and the owner can pull the turtlecoin with it.
-> I get the turtle and both are happy
this is of course only one application for this feature. of course turtlecoin can be replaced by amout xx NXT.
another idea: it wouldn't be hard to implement an escrow this way.
I wanna sell a turtle. buyer sends me pass for turtlecoin, which I only can pull after turtle reached buyer succesfully.
if he doesn't confirm turtle reached him alive, the turtlecoin becomes invalid for me and him also and goes as NXT to a predefined social fund.
the buyer can trick me, pretending the turtle was dead, but he won't do this very often, because the network stores unsuccesful trades.
I'd like to lock a portion of my account (up to the whole account)
I want let's say invent a turtlecoin with value xx_NXT, grant a specific account (other or mine) the right to pull this turtlecoin if he sends a password and define a timeframe during this has to be done. after the timelimit the turtlecoin becomes NXT again.
During the timeframe the turtlecoin is locked for me.
this way the NXT-client could print a QR-Code with the generated password, I go to the petshop and the owner can pull the turtlecoin with it.
-> I get the turtle and both are happy
this is of course only one application for this feature. of course turtlecoin can be replaced by amout xx NXT.
another idea: it wouldn't be hard to implement an escrow this way.
I wanna sell a turtle. buyer sends me pass for turtlecoin, which I only can pull after turtle reached buyer succesfully.
if he doesn't confirm turtle reached him alive, the turtlecoin becomes invalid for me and him also and goes as NXT to a predefined social fund.
the buyer can trick me, pretending the turtle was dead, but he won't do this very often, because the network stores unsuccesful trades.
Poor turtle. Nice idea. Like a voucher (or paper money! mindblowing). It could also work as a guarantee. The coins are blocked for you, reachable for the other party which could grab them if a special condition is met maybe, but you can still forge with them.
edit: And they are called nxt coins (finally
). Backed by NXTs.