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julian1

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The Bitshares/Bitcoin Gateway is inspired by Dan/Bytemaster's comments in this thread https://bitsharestalk.org/index.php?topic=11730.msg154450#msg154450 about how Bitshares is already a full decentralized exchange and how it should be easier to purchase and use BTS and BitAssets.

How does it work? In simplest terms, if you use/import the same private-key starting with a '5' into both Bitshares and Bitcoin wallets, then you can use the BTC Gateway to send Bitcoin in exchange for GATEBTC in your bitshares account, or GATEBTC for Bitcoin in your Bitcoin wallet. GATEBTC's value derives from the fact that it is one-for-one fully redeemable for Bitcoin.

(Note, If you want to experiment, please use Bitshares version 0.4.27 or greater since it fixes an important issue https://github.com/BitShares/bitshares/issues/1143

For example,

On the Bitshares' client, you'll probably want to create a new account. Export the private-key for an address from your Bitcoin client (I'll recommend blockchain.info at the moment for reasons explained later), or create one with https://brainwallet.github.io/ etc. Then create a new Bitshares account from the private-key on the command line with,

>  wallet_import_private_key  5JYR...WiWMt mynewaccount true

Ensure the private-key starts with a '5', (indicating uncompressed btc keys) and of course don't share the private-key! If you start with an existing Bitshares account then you'll need to update that account's active-key like this,

> wallet_account_update_active_key myaccount fundaccount 5JYR...WiWMt

Register the account name, and post it or the BTS address here and I'll send 0.01 GATEBTC (approx $3.20 USD) to test with.

To exchange the GATEBTC for Bitcoin, just send the GATEBTC to the 'gatewaybtc' account.

>  wallet_transfer 0.01 GATEBTC mynewaccount gatewaybtc

If all goes well, you will see an unconfirmed Bitcoin tx appear in your Bitcoin wallet after about 20 seconds.

It is also possible to send Bitcoin to the Gateway and receive GATEBTC in your Bitshares account. To do this, send Bitcoin from the wallet to the Gateway's Bitcoin address which is 1saPpnK1QydmWA7Qq9wPGMooKtmvD3gnR. The Gateway will issue and transfer GATEBTC after one confirmation. An important detail, is that all transaction inputs must refer to the same bitcoin address generated from the private-key otherwise the Gateway will be unable to determine what corresponding Bitshares account to send back to. I've tested using blockchain.info 'Custom' send feature and have scripts for bitcoind - other client's will vary.

About the BTC Gateway,

The Gateway is running Bitcoin and Bitshares full nodes, and is backed by a Postgresql database. GATEBTC is issued/burnt whenever new Bitcoin enters or leaves the system. This makes GATEBTC a provable fund that can be verified by checking the blockchain balances for 1saPpnK1QydmWA7Qq9wPGMooKtmvD3gnR and the GATEBTC shares issue.

Note, For anyone posting to receive free GATEBTC and Bitcoin, I'll be up for another few hours, but will check the thread again in the morning. I've posted a similar thread at /r/bitshares.

Offline graffenwalder

Re: New Bitshares/ Bitcoin Gateway - testers needed - and Bitcoin Giveaway!
« Reply #1 on: December 21, 2014, 10:23:12 AM »
Yes, sure send me some free BTC and GATEBTC:

BTC: 1KbpgP8H4B93NTKoAeqKvoKtaJgu73zeWz
BTS: graffenwalder

I'm not real technical, but from a trader point of view this post sounds a bit dodgy.
I hope others can prove me wrong.

julian1

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Re: New Bitshares/ Bitcoin Gateway - testers needed - and Bitcoin Giveaway!
« Reply #2 on: December 21, 2014, 10:50:21 AM »
Hi graffenwalder,

Are you certain that you exported the private key for that bitcoin address into Bitshares and that it was for an uncompressed WIF key?

I believe the bitcoin address for BTS7iENuLaQpFicLqv41MPWn1czM1SbGNGYDhQHDygffuNxJjifTG should be,  13e1RxUvGR9CTnfPXxXn8g9p3rsHtt5nnx

Can you run,

> wallet_account_list_public_keys graffenwalder

And check?

Offline pc

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Re: New Bitshares/ Bitcoin Gateway - testers needed - and Bitcoin Giveaway!
« Reply #3 on: December 21, 2014, 11:03:20 AM »
Hi Julian,

in what jurisdiction are you? Have you checked if your service is legal where you live?
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Offline graffenwalder

Re: New Bitshares/ Bitcoin Gateway - testers needed - and Bitcoin Giveaway!
« Reply #4 on: December 21, 2014, 11:09:34 AM »
Hi graffenwalder,

Are you certain that you exported the private key for that bitcoin address into Bitshares and that it was for an uncompressed WIF key?

I believe the bitcoin address for BTS7iENuLaQpFicLqv41MPWn1czM1SbGNGYDhQHDygffuNxJjifTG should be,  13e1RxUvGR9CTnfPXxXn8g9p3rsHtt5nnx

Can you run,

> wallet_account_list_public_keys graffenwalder

And check?

Hi Julian,

Never mind, I'd rather not. This is a bit out of my comfort zone.
I wish you the best of luck, and hope others can help you out

julian1

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Re: New Bitshares/ Bitcoin Gateway - testers needed - and Bitcoin Giveaway!
« Reply #5 on: December 21, 2014, 11:12:00 AM »
Hi PC. Congratulations on the PTS DPOS chain! I actually had a version compiled and running against your test network for a while, but ended up getting sidetracked before I could try for a delegate.

The legislation where I am is very inadequate, and most guidance comes from tax rulings. It's high on my agenda - if I can get a minimal viable product working technically, then I intend to take further legal advice.

Offline Rune

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Re: New Bitshares/ Bitcoin Gateway - testers needed - and Bitcoin Giveaway!
« Reply #6 on: December 21, 2014, 11:20:03 AM »
Awesome! This is big news, could massively increase liquidity and also increase bitBTC usage

Offline monsterer

Re: New Bitshares/ Bitcoin Gateway - testers needed - and Bitcoin Giveaway!
« Reply #7 on: December 21, 2014, 11:23:34 AM »
I can't help thinking you may have duplicated a lot of the work I've been doing on this project. On the off-chance that your forked my github any chance of some pull-requests?

https://github.com/wildbunny/metaexchange

Are you open-sourcing your gateway?
My opinions do not represent those of metaexchange unless explicitly stated.
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julian1

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Re: New Bitshares/ Bitcoin Gateway - testers needed - and Bitcoin Giveaway!
« Reply #8 on: December 21, 2014, 11:38:52 AM »
Hi monsterer,

I'm aware of your great work and I promise I haven't looked, let alone used any of the code. I was actually investigating the key-change mechanics before some of the details were posted here and in that thread. I would like to open-source the project which is in ruby/postgres btw. Right at the moment though, there's a lot of detail in the bitcoin transaction scanning - checking inputs and ensuring outputs are definitely spendable, as well as coin management that needs further review before being fully disclosed.


Offline monsterer

Re: New Bitshares/ Bitcoin Gateway - testers needed - and Bitcoin Giveaway!
« Reply #9 on: December 21, 2014, 11:51:09 AM »
I'm aware of your great work and I promise I haven't looked, let alone used any of the code.

Well, the point of open source is that people look and indeed use the code which gets posted. It might have been nice just to save duplication of effort, is my point :)
My opinions do not represent those of metaexchange unless explicitly stated.
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline fundomatic

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Re: New Bitshares/ Bitcoin Gateway - testers needed - and Bitcoin Giveaway!
« Reply #10 on: December 21, 2014, 11:55:50 AM »
Hi, its 'fundomatic',

I don't seem to be able to gateway BTC into my bitshares account GATEBTC,

I tried sending from my blockchain.info account; Once with a custom setting 'from' key.

I did manage to gateway  GATEBTC into the BTC wallet, no problem.

Offline Rune

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Re: New Bitshares/ Bitcoin Gateway - testers needed - and Bitcoin Giveaway!
« Reply #11 on: December 21, 2014, 04:48:38 PM »
I'm aware of your great work and I promise I haven't looked, let alone used any of the code.

Well, the point of open source is that people look and indeed use the code which gets posted. It might have been nice just to save duplication of effort, is my point :)

Perhaps you could join forces and have GATEWAYBTC become the first "official" gateway of metaexchange? Over time we might want to have several BTC gateways but in the beginning we really only need one big gateway and then should try to get all BTC liquidity to go through it.

Offline emailtooaj

Re: New Bitshares/ Bitcoin Gateway - testers needed - and Bitcoin Giveaway!
« Reply #12 on: December 21, 2014, 07:14:57 PM »
+5 this is a much needed project!!!
I hope you all can pull this off while also keeping it user friendly!



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Offline abelljefrry

Re: New Bitshares/ Bitcoin Gateway - testers needed - and Bitcoin Giveaway!
« Reply #13 on: December 21, 2014, 11:38:51 PM »
Awesome! Let me try it. Here's my new BTS account: btc.abelljefrry

I'll transfer the fund back and forth.
Need a designer for your project? Hire me! I accept BTS as payment :)

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julian1

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Re: New Bitshares/ Bitcoin Gateway - testers needed - and Bitcoin Giveaway!
« Reply #14 on: December 22, 2014, 02:01:37 AM »
Fundomatic,

I have receipts for your 3 Bitcoin transfers,
 327 | {"name":"btc_receive_unconfirmed","txid":"c40c5c7e09c16a17a377e1422c3301e012b8d2455a94944db3b741e0d1596cb6"}
 334 | {"name":"btc_receive_unconfirmed","txid":"b52c9ed271f1a0ede85848390814aee6eaf0cd99229bffa1cd8c23ede4dfa088"}
 341 | {"name":"btc_receive_unconfirmed","txid":"94215cf3a658776d859a07411ca183e987c4f470ff41965092de62412ff0aa89"}

These were confirmed, GATEBTC orders generated, and funds sent (wallet_transfer_to_address) to BTSHEqvNPEcRmTPLGypCTSdsqdV2w99L2or9

 333 | {"name":"bts_asset_transfer_confirmed","order_details":{"id":36,"value":0.001,"symbol":"GATEBTC","address":"BTSHEqvNPEcRmTPLGypCTSdsqdV2w99L2or9"},"record_id":"b9d65e6c964c896cd00944656df46327a4ad1e7e"}
 340 | {"name":"bts_asset_transfer_confirmed","order_details":{"id":37,"value":0.001,"symbol":"GATEBTC","address":"BTSHEqvNPEcRmTPLGypCTSdsqdV2w99L2or9"},"record_id":"446de66b89a0ae0454f47304c057a85758d5498a"}
 347 | {"name":"bts_asset_transfer_confirmed","order_details":{"id":38,"value":0.001,"symbol":"GATEBTC","address":"BTSHEqvNPEcRmTPLGypCTSdsqdV2w99L2or9"},"record_id":"c1fb52f1ed2da653289aaa8aefbdf0e0dd46e2be"}

The blockchain shows your account's current active-key is BTS8PWULLnH7eFjwaR89Jtwz8kHUopKNK3AkMZcDiKRbbQUQELa5U,

>  blockchain_get_account fundomatic {
  "id": 31548,
  "name": "fundomatic",
  "public_data": null,
  "owner_key": "BTS7RBe8PsscS9vbh3dK9tUbS4RX5VWMHPM3gGeR2ooikqnomSpgz",
  "active_key_history": [
    [
      "2014-12-20T13:41:00",
      "BTS7enjF9KDg2Y1Kxo8LJ8ydp67Tou4ppGuMqvoS6i13ocyCvLVDk"
    ],
    [
      "2014-12-21T08:48:00",
      "BTS8PWULLnH7eFjwaR89Jtwz8kHUopKNK3AkMZcDiKRbbQUQELa5U"
    ]
  ],

Using the Bitshares bts_key_info util on that active key, indicates the native address to which funds were sent ( BTSHEqvNPEcRmTPLGypCTSdsqdV2w99L2or9) is correct.

~/bitshares/programs/utils$./bts_key_info BTS8PWULLnH7eFjwaR89Jtwz8kHUopKNK3AkMZcDiKRbbQUQELa5U
{
  "public_key": "BTS8PWULLnH7eFjwaR89Jtwz8kHUopKNK3AkMZcDiKRbbQUQELa5U",
  "native_address": "BTSHEqvNPEcRmTPLGypCTSdsqdV2w99L2or9",

So at this point, I do not know why you aren't seeing the GATEBTC in your wallet!

What puzzles me is that I can confirm successful BTS transactions on my node,

wallet_get_transaction c1fb52f1ed2da653289aaa8aefbdf0e0dd46e2be | egrep 'confirmed|block_num'
  "block_num": 1315350,
  "is_confirmed": true,

While, if I go to http://www.bitsharesblocks.com/blocks/block?id=1315350, there are no transactions recorded for the block.

I will raise a support request here and hold-off distributing any more funds until we can clarify the issue precisely. Edit: xref https://bitsharestalk.org/index.php?topic=12548.0


« Last Edit: December 22, 2014, 02:23:07 AM by julian1 »

 

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