Group minting (Protected by Multi-Sig)

Expected-to-Start: MID-MAY 2015
There will be no any websites available for the time being but reddcointalk. Stay tuned.

Planned seats for the first stage: 12
Amount required: there is no minimum amount, but better to put at least 4000K RDD if for fast speed in after I have tested with no errors.

Problem:
Someone asks if there is a group minting service. I personally now say, yes. Just with a bit complicated steps when need to withdraw and taking part in.

Current?
I have been using Reddcoin-QT for at least 8 days and noticed multi-sig function is available, after a bit study of how, so it is now able to form a service like this.

How to operate?
To ensure the service safe, need two-out-of-three scheme at least instead I give my public address to you, Operators know the problem so Some of them possibly have used Multi-Sig to reduce the management load.

I have to ensure two of mine are safe while you need to keep your only privatekey safe. Which must be kept in cold space such as paper wallet or you never get anything back as I DON’T ASK any identifications but YOUR CONTROLLABLE PUBLIC ADDRESS.

Since I am currently not running Crypto-to-fiat or Fiat-to-Crypto service for the time being, so it should be simpler for the time being. If Crypto-to-Crypto was more popular than before, then I would need to apply a license to run even I had used the vault function built.

Depending on amount, if more than can be faster, If successfully implemented, You shall receive a report in two-week basis, with Hash ID and the multi-sig address and registered public address which you are using.

For reference, would you please to look an example of DASH? http://wiki.darkcoin.qa/display/DRK/Multisignature+example

More details will be added on such as terms and conditions,

17 April 2015

konysulphrea I’m having a hard time seeing how multi-sig does anything for group staking. You’re going to need to go into a lot more detail if you want others to join your venture.

1 Like

bigreddmachine doesn’t the multi-sig cannot be staked?

bigreddmachine

Concerns:
People are afraid about if I do not admire the deposit since my purposed service only recognizes address, also many of clients prefer not to register many accounts but the public address as I only do genuine group minting.

To answer the concerns, I have prepared two cases.

A
I can just provide a deposit address for the purpose directly, the people probably hope their fund deposited is not abused by operators. This requires many steps, many resources to do which usually causes problem, Have you heard about double crypto schemes or instant exchanges? if it is scam, then the report is not from daemons,the detail is just operator himself, you cannot find any address you input. It doesn’t care if HTTPS,HTTP or other forms.

B
The second way,multi-sig may be better as for operators, as each step requires operator and participant both agreed to do. which reduce management issues as on operator side, I only need to care at most six keys instead of 18 for signing purpose,two for the multi-sig, 4 big pots. The remain is on your side Because we both know the problem.

Structure of the purposed project
For the purpose, There will be four big address which is labeled as Must be approved first otherwise just speeding ours up. Each big address points at most three multi-sig approved addresses in order to limit losses. I use multi-sig scheme in order to ensure the scheme is not SCAM and being monitored by blockchain and community. I also need to tell how much the twelve users contributed when started on the forum.

Fees for the purposed project:
Registration is free of charge, one person one address for the time being. First come first served.

Please refrain from using exchange’s addresses or non-controllable addresses for the purpose as you need your private key to sign agreements.

Minimal fee is 100 RDD a month. Fee may be adjusted if there are so many minting. The maximum service charge fee would be 2% (24% annually) of each successfully minted.

Lastly but not least,Even I have been doing things to ensure project’s genuineness which some users have asked on there, Only bet what you can afford to lose. I believe someone has been doing, 1 address holds 1% of total supply, Believing the person has been running a scheme like this.

konysulphrea “but better to put at least 4000K RDD”

Is that 4000 RDD or 4000k rdd? there is a big different

4000k = 4000000

just wants to be sure… Sounds pretty interesting, will follow this thread.

Convertor

I personally used to test what amount should be contributed for minting right now.

10-14 days interval requires at least 4000K RDD controllable asset in the node.

If more than can be shorten, which is proven by blockchain’s stamp, now the purposed is in managerial issues.

How to do it?
In solo mode, I used to purchase roughly 4000K RDD (0.018 USD per 1000 RDD), placed into 4 wallets, also collect some free RDD from faucets including using shapeshift.io’s trick.

I used to worry if something since it is better not to put eggs into one basket. Every Node only recognizes controllable assets regardless how many controllable addresses in so at the test, it is okay.

I like to introduce this because some people have little amount of RDD, they don’t like to wait long so I provide a way. Why don’t you try to sum them up?

konysulphrea Not sure I follow your reply?

I just asked if you mean 4000 rdd or 4000k rdd, as there is a big different.

Like I said, I think it sounds like a very good idea, could be interested my self.

konysulphrea I’m going to need to see some sort of proof of concept of this. As far as I can tell, this is either going to be an organizational nightmare or require a lot of centralization. If you have a working product at some point, I’d be glad to take a look.

2 Likes

Issues of methods known
In PoW, You need a massive scale to form the thing, which involves many accelerators such as optimized circuits and some strange cooling methods like two-phase passive vaporizing due to the difficulty and maintenance cost. While for recording or confirmation purpose, it does not need much power but massive amount of storage like what we have been using.

The current issues why group minting failed:
Before I introduce this, I have read if there is group minting.

In https://www.reddcointalk.org/topic/459/what-if-we-had-a-staking-pool-for-rdd/ , Some people have asked if there is a staking pool. Yes, it is possible regardless the form as no one can ruin reddcoin by using Proof-of-Work, Instead, try to grab RDD as much as possible by making agreements such as paying $1.81 USD for ten thousand RDD, put in one address then automatically done.

There was no multi-sig at start, there were many issues such as contributed ratio, memorizing too many keys for operators so failed.

How to reduce managerial issues?
With multi-sig, then I can pack the concept as a service slightly easily as I want to tell people I am running real, no scams so there is no WIX, nor others except reddcointalk and reddcoind for the time being. I need to ensure each transaction requires at least three times confirmation before execute (I and you need to ensure the multi-sig is controllable first as it requires private keys to sign transactions. ). I don’t need to know your private key, just keep yourself. I only need to tell you public address provided must be under your control which means you have to know the private key of the public address before generate any multi-sig address.

About the two third scheme:
Participants are treated as the third key.

A typical safe box in banking standard requires two different keys to open, one is the user and the other one is a staff key, but there is one special key if in the worst cases. If using the worst case key to open the box, then the lock on the box will be voided.

What’s wrong with current multi-sig service?
Are you sure the current service known is under your order? I can honestly tell you, if you don’t use your public address (you must have the private key of that address) to do business with, then there will be full of difficult talks.

In real, if I like to make a transaction, why need two additional factors such as access number to do?

Lastly, there is a semi-complete product in reddcoind itself. The question is how to pack my node nicely.

Currently, I have tested some schemes so far

multi-sig address can be insecure if all private keys required in wallet.dat

multi-sig may be a good tool for tracing ,without much trouble. Trouble will be mainly just operator, not you as I only need to care my two private keys and a pot’s private key, I don’t care yours. You care your private key when you like to withdraw or you are ready to lose the coins you poured in.

What is the current game?
Instead of pointing to one central node, Currently pointing to one address. If splitting, then in statistical terms, no one can harm nor modify the rules. In fact, if you have the private keys of the address, To sum them up, you probably are killing the system in non mathematical terms.

If pointing all into one address, then very noticeable even the user or the group cannot reverse anything.

If you have more questions, why don’t you keep posting, I will try to answer,making you slightly comfortable.

Something added during discovery.

While I am looking for some altcoin pool in order to reduce risk while still making profit, the group minting function exists. The website is called coinwallet.co has been running at least 9 months. There is a new function called POS pool for 8 cryptos such as CLAMS, PEERCOIN and other six seldom heard material but no RDD.

I am thinking how to run the service like this right now. In above, I use multi-sig to track the asset contributed. If you like to take part in, then you need to generate multi-sig address with my two public key provided, using 2/3 scheme first as I treat your contribution seriously.

After this if you are ready to use fund deposited in the multi-sig generated, then you need to use your private key (NOT need to show to me, just using QT or daemon to do it) to sign how much you like to pour into the pot from multi-sig address or withdraw from it. Then send the hash needed to me, you can send this via email, or via this forum. Will answer within 72 hours once received.

Disclaimers:

  1. Bitcoin and all other alternative coins / currencies are not legal tender.
  2. Participants are the most respondsible for his decision made
  3. As with any service provided by me or other groups, is at participants’s own risk even using multi-sig scheme at second stage to slow down the unauthorized.

konysulphrea 2/3 multisig, where you control 2 keys, might as well not be multisig at all.

2 Likes

However,in physical case, Service provider like security company,has two keys on hand . One is for worst case and the another one is on fire. The worst case key must be kept in secret,Which is offline. If fund stolen,the it’s more easy noticeable than simple wallet. It is suggested to seaech from bing or google for multi-sig wallet or bank vault first ,it is better in 2/3 scheme.

If you are worrying about it , Then use my public key provided to form a usable 2/3 vault.

I might have remembered combination used must be unique, so For a usable system and safety for both parties. It should have three combinations, but normally only use two out of three. In terms and conditions, it implies the provider has two keys for usually three formal cases.

  1. Overdue
  2. Terms violations
  3. Under court orders

Why?

I have heard about bitcoin multi-sig. According to diagrams shown, there is one issue, is services known under your order at all times? I personally honestly say, not really, you believe the group keep your fund safe seriously that I have to throw some away, to start a new one which should be trustful.

So I have an Option for some people’s concerns,

Participant will need two controllable public address on hand, Do Not show these to me. Just use my shown to form a workable address.

Participant provides controllable publickey I will use my two not disclosed

Or last option, I still make a vault, but need two out of two. which we need to treat extremely carefully.

Notes on a sample I have been testing so far…

Although experience is not about reddcoin but others mintable because it is forked from bitcoin or other methods.

I have noticed some problem when running an exchanges,mining (or minting) farms.

  1. Registration requires a massive amount of trust. Open-source is not only our friend, a first step to form. However for friendly configurations, it requires many things including CA certs. Perhaps we should study ELIGIUS and tune for a little. I think to run the group minting business, At this moment, It is better to have two addresses to control loss as It is better to increase the difficulties for the unauthorized.

  2. For security reasons, your fund deposited, once confirmed, then moved into exchange’s fund. Because of heart of greed, the address perhaps be not authorized one written on paper. I think exchange or me, Need to announce the usage of the address.

For the reasons, It is better to write two cases how to run safety. (There will be no websites for the time being except the forum)

  1. I will need to announce address on forum which will be used for the groupminging purpose.

2.I need to tell the moderators, I should discuss with them in detail Because of bad cases happened in competitions.

If someone invested in Friedcat’s projects, probably faces pride before a fall issue. There is at least 10,000 BTC missing in Friedcat’s asset after Friedcat’s disappearance.