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distributing tokens via the blockchain?

This subforum is both a place to find & discuss independent cryptostorm token resellers, as well as to discuss cryptocoin related topics such as buying bitcoins, altcoins such as darkcoins and dogecoins, "tumbling" coins, theoretical/mathematical topics, etc.

Topic Author
e4xit

distributing tokens via the blockchain?

Postby e4xit » Fri Oct 31, 2014 7:51 pm

Hi,

I really enjoyed reading about this system, nice work!

I just want to preface my message by saying that i am not an expert (or even close!) when it comes to the inner/mathematical/IT working of a lot of these systems, but I can usually get an OK-enough grasp on things to be able to comment and get crazy ideas...

Anyway, I really like this idea of tokens, and, you have bitcoins for payment (or your resellers do or whoever)... Bitcoins are sent to an 'address' by the owner of a keypair, now it is my understanding that you can sign a message using your bitcoin private key, and other users can verify this message against the public key, if for example you wanted to prove that some funds were yours or whatever.

So, what I am wondering is if it might be possible to use this slightly differently (the other way round)... Would it be possible for you to have a public bitcoin address "pay point" which anybody wanting to use the service could send any amount of coin to they wanted (down to a set minimum). What could happen then is that a return transaction is made to the sending address (I know I know, bad bitcoin practice) but included in OP_RETURN might be a hash of a token which has been encrypted using the original sender's public key for the corresponding service value (time/data or however you do it). Now, whilst these keys are RSA protected this doesn't really work very easily how I have imagined (i dont think), but I think that this guy has a system which can encrypt/decrypt using bitcoin keys in the preferred way (i.e. encrypt using public and decrypt using private).

Anyway, I am sure something might not work above, but if it did, then you could have a public (static) address which recieved bitcoins from anyone. Automegically a return tx is generated (for the dust amount) containing the encypted hash of the token. The sender could use a small program (or webservice or whatever) to decrypt the OP_RETURN data using his private key and get his token info.

This way nobody knows (or cares) who gets tokens or how they are distributed, in fact they use a distributed ledger to do so! :crazy:

Disclaimer: Have not read or understood jackjack's bitcoin encryption code, etotheipi though is the creator of the bitcoin wallet Armory and I know he knows his cryptography (and he wasn't saying that it didnt work!?). Also did not read up on his suggestion of ECIES or Zeilap's ElGamal encryption protocols, perhaps one of those would work better...?

Anyways, I don't have the tech know-how to implement it anyway so, have a free idea!

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Pattern_Juggled
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distributing tokens via the blockchain?

Postby Pattern_Juggled » Sat Nov 08, 2014 7:14 am

e4xit wrote:So, what I am wondering is if it might be possible to use this slightly differently (the other way round)... Would it be possible for you to have a public bitcoin address "pay point" which anybody wanting to use the service could send any amount of coin to they wanted (down to a set minimum). What could happen then is that a return transaction is made to the sending address (I know I know, bad bitcoin practice) but included in OP_RETURN might be a hash of a token which has been encrypted using the original sender's public key for the corresponding service value (time/data or however you do it). Now, whilst these keys are RSA protected this doesn't really work very easily how I have imagined (i dont think), but I think that this guy has a system which can encrypt/decrypt using bitcoin keys in the preferred way (i.e. encrypt using public and decrypt using private).


Woah, woah... this is a really cool idea. I'm not sure on the implementation mechanics, either - but in general terms using the blockchain to distribute tokens might be a really nice trick. Basically that's what bitmessage is doing (separate blockchain from BTC, of course) - message post to the chain and are "received" by those with proper private keys to decrypt them... and since a token is just a little chunk of entropy, could we actually use the BTC blockchain for embedding and delivery? I think so... don't BTC transactions have a small meta-info field in them, that goes to the blockchain?

This is something I'll certainly be looking into, and I thank you for sharing it with us here - if you've any further ideas or expansions on this, please do continue to contribute!

Cheers,

    ~ pj


Sumer
Posts: 1
Joined: Mon Feb 02, 2015 11:43 am

Re: distributing tokens via the blockchain?

Postby Sumer » Mon Feb 02, 2015 11:46 am

Hi,

This is exceptionally decent and wonderful post.
I am very happy joine this forum.
I like it exceptionally much....!!!!


Thanks alot...
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