It's worth it to take a look. There may be some ideas worth borrowing for Bitshares.
http://www.reddit.com/r/blackcoin/comments/27kbhf/bithaloblackhalo_video_from_private_beta/
https://www.youtube.com/watch?v=1mpNYCasuGE
Don't have time to listen to it all can you summarize?
Quote: Two Party double deposit trustless escrow in cryptographic networks and Bitcoin.
By David Zimbeck
1. Abstract
Crypto-currency is a form of decentralized digital currency that has changed the world of finance over the past several years. Bitcoin[1] lacks a central authority and protects anonymity, while allowing a relatively low-cost alternative to fiat. It opens the doors for international exchange of commodities and has the potential to change how business is conducted. The signature and scripting system that Bitcoin uses allows for the creation of smart contracts. Also using signatures, it is possible to create accounts that require multiple signatures (multisig accounts) as well as transactions with multiple inputs and outputs. There has been discussion of some of the current weaknesses with smart contracts. We address these weaknesses to make smart contracts immediately accessible on the Bitcoin network. As proposed, this protocol offers a system of commitment schemes and business protocols that greatly reduces the issues of extortion and malleability from two-party escrow.
It has smart contract capabilities(including decentralized employment contracts, backed commodities, futures, derivatives, etc), a truly decentralized exchange, barter markets and more. It has an interesting security feature where the wallet can be broken into two keys and he calls it two-step send. The two keys should never be kept on the same machine and can be split between people (seems like a very basic feature but it does dramatically improve security).
It's being built on top of Blackcoin because Bitcoin is too slow for stuff like this. Blackcoin on the other hand is pretty fast. He discusses blockchain bloat and other problems. For something like this I agree that Blackcoin makes more sense but making a BitHalo is good for marketing it
The way it seems to work is it utilizes Bitmessage, is communicating over it in what appears to be something similar to how Mastercoin or Counterparty goes about things but as to the technical details it's still too new and I don't know how it works yet. It does have some disadvantage though because it's not automated (you have to set everything up manually from what I can see).
The only thing I know for sure is that it does work and the Blackcoin community is excited about it.
Topic: Black Halo (an innovation from the Blackcoin community) (Read 2344 times)
