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Offline emski

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Open Transactions Promise
« on: September 20, 2014, 11:45:14 PM »

Is anyone familiar with this:
http://opentransactions.org/wiki/index.php/About

How does it compare to other projects?

Some details from their site:
  • Any user can issue new digital currencies and digital asset types, by uploading the new [currency contract] to the server. (This functionality is comparable to Ricardo by Ian Grigg.)
  • Users can open asset accounts of any type. You can have as many as you want, associated with each user account. (See Loom by Patrick Chkoreff.)
  • Open Transactions also features markets. Any two asset types can be traded against each other. The markets are full-featured and include limit orders, stop orders, fill-or-kill, day orders (date ranges), and stop limits.
  • Open Transactions also supports basket currencies. Users can define their own, and the server handles the process of exchanging in and out of basket accounts. Baskets are treated by the software like any other asset type, (you can open accounts, transfer funds, withdraw cash, write cheques, and even trade basket currencies on markets.)
  • Smart contracts: Multi-party agreements with scriptable clauses... including hooks, callbacks, internal state, etc. This concept was originated by Nick Szabo: smart contracts.
« Last Edit: September 20, 2014, 11:59:52 PM by emski »

Offline tonyk

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Re: Open Transactions Promise
« Reply #1 on: September 20, 2014, 11:52:17 PM »
« Last Edit: September 20, 2014, 11:58:07 PM by tonyk »
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.


Offline tonyk

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Re: Open Transactions Promise
« Reply #3 on: September 21, 2014, 12:07:31 AM »
Bitmessage ...?

https://bitcointalk.org/index.php?topic=128230.0
Not like that.
I believe it is the same team/guy.

[edit] Seems I am wrong... those two are connected in my mind for no apparent reason... hmm
« Last Edit: September 21, 2014, 12:15:48 AM by tonyk »
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline gamey

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Re: Open Transactions Promise
« Reply #4 on: September 21, 2014, 01:37:50 AM »

Open Transactions was Chris Odom's work (sp?).  AFAIK he worked on it for years.  I don't really get the technology and I haven't studied it in depth.  It is meant to be a layer upon other coins though.  It is not its own currency.

One of their big things was voting pools, where you have multisig accounts that all validate withdrawals so that if there is one bad actor the funds can not be withdrawn. 

Basically if you start talking to them they'll be like why do you need an altcoin?  Then get them to explain what all is involved in implementing open transactions and it becomes apparent the difficulty increases significantly in a lot of use cases.  I think their stuff might work well for the applications they are working on, but as a generalized solution it probably has a lot of shortcomings.

They have a VC backed company named Monetas.  That's basically open transactions monetized.
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Offline tonyk

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Re: Open Transactions Promise
« Reply #5 on: September 21, 2014, 01:46:12 AM »
Monetas...

I just wonder in how many languages does this means 'coin(s)'...
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline vegolino

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Offline bitsapphire

Re: Open Transactions Promise
« Reply #7 on: September 21, 2014, 01:22:49 PM »
As I've pointed out in a dev mumble talk before, I believe that the OT federated servers will run on top of most if not all BTSX delegates in the future.

Open Transaction's biggest problem is how one can trust any of the federated servers. By trusting the BTSX delegates you know that they are trustworthy, as they have much to lose. It might even be that at some point BTSX delegates make more income by being Open Transactions servers and oracles than by ding actual delegate work.
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Offline GaltReport

Re: Open Transactions Promise
« Reply #8 on: September 21, 2014, 01:37:37 PM »
As I've pointed out in a dev mumble talk before, I believe that the OT federated servers will run on top of most if not all BTSX delegates in the future.

Open Transaction's biggest problem is how one can trust any of the federated servers. By trusting the BTSX delegates you know that they are trustworthy, as they have much to lose. It might even be that at some point BTSX delegates make more income by being Open Transactions servers and oracles than by ding actual delegate work.

Interesting ideas...wondering what BM thinks about OT.

Offline CoinHoarder

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Re: Open Transactions Promise
« Reply #9 on: September 21, 2014, 03:08:05 PM »
IMO Open Transactions is a centralized solution disguised as a decentralized one.

Offline GaltReport

Re: Open Transactions Promise
« Reply #10 on: September 21, 2014, 03:28:12 PM »
IMO Open Transactions is a centralized solution disguised as a decentralized one.

I'm not even sure how disguised it is...but wondering if the functionality/api can be leveraged for a decentralized use on blockchain.

Offline Thom

Re: Open Transactions Promise
« Reply #11 on: September 21, 2014, 05:06:28 PM »
IMO Open Transactions is a centralized solution disguised as a decentralized one.

I'm not even sure how disguised it is...but wondering if the functionality/api can be leveraged for a decentralized use on blockchain.

Indeed, it didn't appear disguised at all. In the voting pools video Justus R. states "...this is a client-server model not a blockchain model."
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Offline gamey

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Re: Open Transactions Promise
« Reply #12 on: September 21, 2014, 05:15:32 PM »
In fairness, Chris Odom also says it mitigates risk but does not remove it.  Much like DPOS has a managed decentralization, Open Transaction isn't full on decentralized either.  It really isn't that much of a competitor to Bitshares.  I do not understand it that well, but it might very well be something to be used by bitshares at a future point.

They just need voting pools on top of ethereum.  Yea thats the ticket !
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