Hangout every Friday @ 10am EST/STD

[cylonmaker2053]

Funny you mentioned that. Just had an interesting talk with someone about a BTC wallet that could do such things. Seems very possible to do that here as well.

Yes, of course, everyone is going to start talking about this, just like they are talking about many of our other features.  This particular feature is in the news because it is low hanging fruit for today's crypto programmers, and very juicy fruit I might add $$$.

love this idea! only suggestion is to enable some way to stop payment to an address in case one gets compromised. we'd need a clever way to make sure that doesn't become an attack vector for the wallet with a third party able to shut down all transfer channels...

No, that is the whole value of the "zombify" button.  The immutability of this contract is exactly the feature that makes it valuable.  It's a derivative of the value that the immutable blockchain concept has already proved in practice, and why every crypto project currently exists. 

If there is only one thing that the success of bitcoin has taught us, is that immutability has mad real world value (currently $3 billion in value jack).  So this is a direct derivative feature of bitcoin's immutability, that we must exploit ASAP (only because it is one of the easier features to implement).

You cannot ever ever (therein lies the true value) ever ever for eternity change the parameters of the wallet.  It just pays out, on time, until it is empty.  How can you attack a zombie wallet besides stealing the destination private keys?  That is the same attack vector to the private keys you now own, so there is zero added security issue.

Step 1. you designate the walets you want to send funds to and the frequency. Make sure you have these keys protected.
Step 2. You hit the kill switch
Step 3. If one of the destination wallets gets compromised, too bad (just like losing your private key, there is no recourse).  This is an eternal 1 way transaction.  The only way to get around that snafu, if you are still alive is to stop funding this annuity and set up another.  These are indestructible contracts that have extremely high real world value and are critical to our platform ability.  Since the majority of the work is structuring the annuity software portion, I imagine that coding the "kill switch" would be the easy part.

Please, and pretty please.

All I'm begging for is a "kill switch" for the annuity function, is that too difficult to code?

Annuity "kill switch" = wallet can no longer send funds or be modified in any way, but it continues to frequently pay destination wallets, and can accept funds.

i agree that immutability has big value, but so does flexibility. the market is surely big enough for two similar products, one immutable and the other flexible enough to enable a mutlifactor authentication method to change the payout streams on command.

[mike623317]

That's good news BM, thank you  +5%

[Buck Fankers]

very cool tool

"tool" is too kind. ;)

it's more like haphazardly repurposed code that gets the job done and leaves a mess behind for the user to clean up ... but i'm working on learning how to i just fixed that.

i'm no coder, but i like to play one to get brownie.pts. ;)

[kenCode]

N.B. It'd be pretty cool to see micro-tipping with BROWNIE.PTS too.
I think there are at least a couple of ways of going about making a tool like this...

check out @Buck Fankers signature above, very cool tool

[Buck Fankers]

Today we were pushing over 500 transactions per second through a test network

+5%

[xeroc]

Today we were pushing over 500 transactions per second through a test network with 4 nodes with ease.   The bottleneck right now is how fast an individual wallet can produce transactions and not how fast the network can process transactions.

Bam!

The network code is the same as under BTS and had never been pushed to these kinds of limits, so today we fixed a few things.   

Double Bam!

The Webdevs are working very hard on this one! They definitely deserve some more brownies!!

[bytemaster]

when will the test need be released?
Is there an eta on when the 2.0 will be released? By sept 1st?

No way it will be that soon.  Hopefully this year.

Today we were pushing over 500 transactions per second through a test network with 4 nodes with ease.   The bottleneck right now is how fast an individual wallet can produce transactions and not how fast the network can process transactions.   The network code is the same as under BTS and had never been pushed to these kinds of limits, so today we fixed a few things.   

We have a working snapshot of BTS imported into Graphene.  All of the tests are currently passing. 

The GUI is what we are waiting on now and it is coming along very well, but as you can see still needs quite a bit of work.   Everything is far more fluid and smooth in the new GUI the feel is greatly improved. 

[Ander]

when will the test need be released?
Is there an eta on when the 2.0 will be released? By sept 1st?

No way it will be that soon.  Hopefully this year.

[Erlich Bachman]

Funny you mentioned that. Just had an interesting talk with someone about a BTC wallet that could do such things. Seems very possible to do that here as well.

Yes, of course, everyone is going to start talking about this, just like they are talking about many of our other features.  This particular feature is in the news because it is low hanging fruit for today's crypto programmers, and very juicy fruit I might add $$$.

love this idea! only suggestion is to enable some way to stop payment to an address in case one gets compromised. we'd need a clever way to make sure that doesn't become an attack vector for the wallet with a third party able to shut down all transfer channels...

No, that is the whole value of the "zombify" button.  The immutability of this contract is exactly the feature that makes it valuable.  It's a derivative of the value that the immutable blockchain concept has already proved in practice, and why every crypto project currently exists. 

If there is only one thing that the success of bitcoin has taught us, is that immutability has mad real world value (currently $3 billion in value jack).  So this is a direct derivative feature of bitcoin's immutability, that we must exploit ASAP (only because it is one of the easier features to implement).

You cannot ever ever (therein lies the true value) ever ever for eternity change the parameters of the wallet.  It just pays out, on time, until it is empty.  How can you attack a zombie wallet besides stealing the destination private keys?  That is the same attack vector to the private keys you now own, so there is zero added security issue.

Step 1. you designate the walets you want to send funds to and the frequency. Make sure you have these keys protected.
Step 2. You hit the kill switch
Step 3. If one of the destination wallets gets compromised, too bad (just like losing your private key, there is no recourse).  This is an eternal 1 way transaction.  The only way to get around that snafu, if you are still alive is to stop funding this annuity and set up another.  These are indestructible contracts that have extremely high real world value and are critical to our platform ability.  Since the majority of the work is structuring the annuity software portion, I imagine that coding the "kill switch" would be the easy part.

Please, and pretty please.

All I'm begging for is a "kill switch" for the annuity function, is that too difficult to code?

Annuity "kill switch" = wallet can no longer send funds or be modified in any way, but it continues to frequently pay destination wallets, and can accept funds.

[mike623317]

when will the test need be released?
Is there an eta on when the 2.0 will be released? By sept 1st?

[hadrian]

It should be possible to produce a decent system for off-chain micro-transactions. Transactions can be brought on-chain once the transaction value has stacked up, so that the fee is not prohibitive.

• Has consideration gone into the features of BitShares 2.0 transactions and account settings with this in mind?
• Will Cryptonomex build a system for micro-transactions to complement the BitShares blockchain in order to enhance it's competitive edge? (Bitcoin seems to be ahead in this area)

N.B. It'd be pretty cool to see micro-tipping with BROWNIE.PTS too.

I think there are at least a couple of ways of going about making a tool like this...

[fuzzy]

 

Questions below this point will be asked in this week's hangout (31 JUL 2015)
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[VoR0220]

My question:

You mentioned in a thread in the Bitshares 2.0 thread that it is possible for SPV (which I assume means not through a web wallet) within the new system. Care to explain how this might work?

[VoR0220]

The blockchain can lock up funds

I want them funds locked up forever even if I leave my wallet and private keys on Times Square.

I want an annuity smart wallet address whose only function is to send "x" amount to "y wallets" at "z" frequency.  It cannot send, convert, or trade funds in any other way.  I want a restricted annuity so even if the wallet got compromised, there is nothing you can do with that wallet functionally except send it more funds.

Also, you are going to have to make the annuities more expensive because people will make high frequency spam annuities.  I suggest 100BTS (make it an adjustable feature)

Basically, I want a James Bond style self destructing smart wallet.
I want to be able to burn (kill / zombify) that thing with the push of a button and 100 BTS and know that this smart wallet is forever zombified, and send funds to it and it will pay out on time.

This is a brilliant feature that will revolutionize business contracts

Yes, you would not use this for real long term annuity solutions unless you were on your death bed and didn't know who to trust your private keys to.  Another great app for this by the way

The value in this app is that you are selling for the first time ever:

some:  "no human can touch this ever"  (forever and ever amen eternity) level of trust

and tell me that you are not going to gorge yourself on this monster industry.

Funny you mentioned that. Just had an interesting talk with someone about a BTC wallet that could do such things. Seems very possible to do that here as well.

[cylonmaker2053]

The blockchain can lock up funds

I want them funds locked up forever even if I leave my wallet and private keys on Times Square.

I want an annuity smart wallet address whose only function is to send "x" amount to "y wallets" at "z" frequency.  It cannot send, convert, or trade funds in any other way.  I want a restricted annuity so even if the wallet got compromised, there is nothing you can do with that wallet functionally except send it more funds.

Also, you are going to have to make the annuities more expensive because people will make high frequency spam annuities.  I suggest 100BTS (make it an adjustable feature)

Basically, I want a James Bond style self destructing smart wallet.
I want to be able to burn (kill / zombify) that thing with the push of a button and 100 BTS and know that this smart wallet is forever zombified, and send funds to it and it will pay out on time.

This is a brilliant feature that will revolutionize business contracts

Yes, you would not use this for real long term annuity solutions unless you were on your death bed and didn't know who to trust your private keys to.  Another great app for this by the way

The value in this app is that you are selling for the first time ever:

some:  "no human can touch this ever"  (forever and ever amen eternity) level of trust

and tell me that you are not going to gorge yourself on this monster industry.

love this idea! only suggestion is to enable some way to stop payment to an address in case one gets compromised. we'd need a clever way to make sure that doesn't become an attack vector for the wallet with a third party able to shut down all transfer channels...

well, pros and cons to everything, so i can see value either way