It is possible to do the following:
1. Have all of the witnesses monitor the BTC network for transfers to a designated multi-sig address which is defined by the BTS consensus to be the top 15 witness signatures (max MSIG allowed by BTC). All of these UNSPENT OUTPUTS get included as part of BTS consensus state.
2. Every time a BTC transaction gets 6 confirmations, the blockchain transfers SIDE-BTC asset to a balance controlled by the first input address (assuming the address is a simple 1 sig input).
3. Allow this SIDE-BTC asset to be converted back to BTC with an operation that makes a request. For witnesses to produce a block they must also sign off on the MSIG transfer authorizing BTC to be sent to the proper address.
This is something that could probably be implemented in about a month of dev time on the back end.
In theory the witnesses could collude to steal all deposited BTC funds.
without multisig, this is already working on metaexchange.
we recieving BTC -->creating METAEX.BTC
if you send METAEX.BTC back we send you BTC and burn METAEX.BTC
you can see the operations in realtime here
http://cryptofresh.com/u/dev-metaexchange.monstererwhat is the value of doing it? would it not be better if we can setup some mulitsig for (blocktrades, opernledger and metaexchange) so we can use the same UIA?
gives this really more value?