sipa changed the topic of #bitcoin-wizards to: This channel is for discussing theoretical ideas with regard to cryptocurrencies, not about short-term Bitcoin development | http://bitcoin.ninja/ | This channel is logged. | For logs and more information, visit http://bitcoin.ninja
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<sarahc0nn0r>
Hey everyone, in keeping with the tradition set by Grin, I figured I’d post the paper for my new project here under a pseudonym. I’ve been working on it for over a year now, so I think it’s ready for you all to review. I call it “The Ultranet” and it’s a censorship-resistant private marketplace that’s fully-decentralized like Bitcoin.
<sarahc0nn0r>
Among other things, I introduce a concept in the paper I call a “block pool” that has the ability to store “heavy-weight” data like images without bloating the blockchain or compromising censorship-resistance compared to Bitcoin. It also allows for the seamless exchange of Bitcoin for Ultra through a form of atomic swap I call
<sarahc0nn0r>
“interchange”. Altogether, it’s basically a marketplace like Craigslist only where listings can’t be taken down, where all activity is end-to-end encrypted, and where all data will be preserved as long as a single node somewhere in the world is running the software.
<sarahc0nn0r>
gleb my main aim is to get feedback on the technical aspects of the system, which seems in-line with discussing "theoretical ideas with regard to cryptocurrencies"
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<Dean_Guss>
sarahc0nn0r: how about a 301 redirect to https:// and a working site without javascript on ultranet.one?
<Dean_Guss>
can't speak for others but I don't appreciate having to run JS, and especially not via naked http://
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<sarahc0nn0r>
Dean_Guss you can probably tell I'm not a web developer. That being said, http is fine in this case since there's no sensitive information and it's not really possible to run the demo without JS.
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<Dean_Guss>
that means if I try to use your site through tor any exit node can inject any js they want. Pretty ridiculous to have a "private marketplace" not be safe to run over tor.
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<sarahc0nn0r>
Dean_Guss, I apologize sincerely for being too lazy to get a certificate for the site and set it up. I don
<sarahc0nn0r>
I don't disagree it's suboptimal, but could I ask you to please focus on the technical aspects of the system and what you think about it?
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<sarahc0nn0r>
Btw Dean_Guss, note that the website is just a place to read about the app and download it, which is why I was lazy about it.
<Dean_Guss>
I thought maybe I could get some technical info there without reading the whitepaper. I guess not. I might take a look at the paper later. the project sounds interesting based on what is on github. I hope a new era of decentralized markets are born, that would be great for everybody.
<sarahc0nn0r>
Yeah, sorry about that; the site is written for lay people like buyers and merchants. I think you'll enjoy the paper though if you have time to check it out.
<Dean_Guss>
you should post it on dread if you really want people to look into it
<sarahc0nn0r>
Dean_Guss I considered it before but I want to wait until a little later to do that. Worried if we attract too many anarchists initially we’ll alienate a lot of normal people who would otherwise have supported it. I think there’s a lot of potential for normal people to support this overall if we’re careful with it, in the same way Satoshi was
<sarahc0nn0r>
careful with Bitcoin early on. What do you think of that?
<Dean_Guss>
Probably not a bad tack
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<yanmaani>
sarahc0nn0r: Why not just use Usenet/NNTP for this? It seems like double-spending becomes a red herring.
<yanmaani>
There are some other strange quirks as well
<yanmaani>
""we have configured the software to send 1% of a buyer’s purchase price to the person who referred that buyer, which is intended to incentivize third-parties to promote the software"
<yanmaani>
Won't people just put in their own key as a ref link? It would cut their fees by 25%
<yanmaani>
More importantly, how does the 20% discount work?
<yanmaani>
Does the referrer pay? Does the merchant pay? Does it create additional coins?
<yanmaani>
Are reviews anonymous? It doesn't seem like that in this paper. That is quite bad.
<yanmaani>
To be exceedingly blunt here, we all know precisely what people these projects attract and what they are going to use it for. Against this backdrop, it seems like a horrible idea to make everything public.
<yanmaani>
Are there any absolute guarantees for refunds? Or just that the merchant is incentivized because reputation etc etc?
<yanmaani>
If so, exit scams seem like they would cause lots of trouble
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<yanmaani>
OK, so there's a section about this. But it seems like the value of a merchant account will equal the burned fees
<yanmaani>
if you're a serious merchant turning a profit, and you want to exit-scam, nothing stops you from doing this and burning your reputation
<yanmaani>
Paul Sztorc had a smart idea in this regard; reputation is a transferable token. This means that miners could do "legalized exit scams" by just selling all of their rep.
<yanmaani>
This obviously does not hurt the customers.