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Fwd: Introduction, plus: Open Transactions -- digital cash library
by R.A. Hettinga 29 Jul '10

29 Jul '10

Anyone out there with a coding.clue wanna poke inside this thing and see if it's an actual bearer certificate -- and not yet another book-entry -- transaction system? Thanks. Cheers, RAH Who sees lucre down there in the mousetype and takes heart... Begin forwarded message: > From: Fellow Traveler <f3llowtraveler(a)gmail.com> > Date: July 28, 2010 1:52:28 AM AST > To: agile-banking <agile-banking(a)googlegroups.com> > Subject: Introduction, plus: Open Transactions -- digital cash library > > Hello, I am Fellow Traveler, and I just found this group. I have > written a digital cash library and transaction processor (server and > test client) and just released it open source. You can read more > about my project here: > > Articles: > http://github.com/FellowTraveler/Open-Transactions/wiki > > Source code: > http://github.com/FellowTraveler/Open-Transactions > > I am hoping that my work can contribute in some way to your own, and > also that anyone who is working on client software would check out > what I have built and possibly integrate with it. It would be easy to > include my library into your client, and simply copy whatever code you > need from my test wallet. > > Thank you for your efforts to fix our broken monetary system. I hope > that my contribution is useful to everyone. > > -Fellow Traveler > > > > > WHAT IS "Open Transactions" ? > > -- It's a solid, easy-to-use, CRYPTO and DIGITAL CASH LIBRARY. > -- Including a FULLY OPERATIONAL client and server (command line for > now--that's where you come in)... > -- It's OPEN SOURCE, and encapsulates a COMPLETE PROTOCOL FOR > TRANSACTIONS. > -- It's object-oriented, and written in C++ on Mac/UNIX using OpenSSL. > -- Including: > ................SECURE NUMBERED ACCOUNTS > ................UNTRACEABLE DIGITAL CASH > ................TRIPLE-SIGNED RECEIPTS > ................BASKET CURRENCIES > ................SIGNED XML CONTRACTS, and more... > > > IN DETAIL, THE SOFTWARE FEATURES: > > -- ANONYMOUS, NUMBERED ACCOUNTS, secured by public key cryptography. > Your PGP key is your key, and the hash of it is > your User ID. Each user can create an unlimited number of asset > accounts, of any type, each with its own > randomly-generated ID. No other information is stored. As long as you > connect over Tor and take other similar > precautions, there's no way to connect any of those accounts to you. > You can also create as many User IDs as you wish, > with your wallet software managing all your Pseudonyms and Asset > Accounts across multiple transaction servers and > multiple asset types. > > -- UNTRACEABLE DIGITAL CASH: Fully implemented! Cash withdrawals of > any asset type, using Lucre. (Ben Laurie's > implementation of Wagner's variant on Chaumian blinding.) Once cash is > withdrawn, the server has no way of tracking it > or linking it back to its next deposit. I've got Lucre wrapped up in C+ > + classes and XML contracts and all the rest of > the protocol, and it's fully functional with denominations and > everything. > > -- PGP FOR MONEY. The idea is to build this so that it supports many > cash algorithms, not just Lucre. I'd like to add > Chaum's version, Brands' version, etc. So that, just like PGP, the > software should support as many of the top algorithms > as possible, and make it easy to swap them out when necessary. > > -- TRIPLE-SIGNED RECEIPTS for account-to-account transfers. This > allows the client and server to agree on balances while > simultaneously not storing any transaction history. (Client may choose > to store his own transaction history.) No money > can ever be transferred or withdrawn without an authorizing signature > from the account owner. See Trubanc for an example > of this, as well as, I presume, Ricardo by Systemics. > > -- EVERYONE A POTENTIAL ISSUER. Any user can design and issue his own > currency: Simply upload the currency contract to > any server. Anyone else with a copy of that contract can open an asset > account denominated in the new currency type. The > currency contract is simply an XML file with your digital signature on > it, and the new currency ID is a hash of that > same contract. The currency ID is unique to each contract and > consistent across all servers. It's impossible to change > any details of the contract, including the URL, the signature, or the > public key, without entirely changing the > contract's ID. > > -- BASKET CURRENCIES. My new server software allows you to distribute > the risk of a single currency across MULTIPLE > ISSUERS. How is this possible? Users can define "basket" currencies, > which the server treats the same as any other > currency, but which, behind the scenes, are each simply a list of 5, > 10, or 100 OTHER currency contracts. The issuance > is simply delegated to a basket of other currencies. Users can easily > exchange in and out of these basket currencies > using their wallet software. (Or define their own baskets.) This means > that the currency which ends up in general use > will not have 1 trusted issuer, but instead 10 or 100 issuers! Basket > currencies are already fully operational and do > not require any additional system resources compared to normal > currencies. Baskets are an important example of the > distribution of risk that I believe is necessary to make digital cash > unstoppable online. > > -- DISTRIBUTION OF RISK ACROSS MULTIPLE TRANSACTION SERVERS, IN > MULTIPLE JURISDICTIONS. The wallet software can store an > entire list of transaction servers. Every new server contract that you > import to the wallet puts a new server on the > list. There will be many such servers, run by multiple entities and > run in multiple jurisdictions. Many will run openly > and with full access to their local court system. Others will run on > anonymous networks. Users will be able to > individually choose a server for a certain transaction -- or even > distribute their assets transparently across a list of > different servers. > > -- DISTRIBUTED ACCOUNTS. Your wallet software could display a single > asset account to you, which it is actually > distributing across a list of 10 or 100 servers behind the scenes, > using the open transactions protocol. Of course, you > choose the servers, the number, the algorithm, etc... and it's a trust > market. > > -- SEPARATION OF POWERS. The entities operating the servers are not > actually issuing any currencies. Meanwhile the > Issuers are not operating any transaction servers. Neither one of them > is performing exchanges in or out of the normal > banking system, since those services are handled by exchange providers > in the various local jurisdictions (all separate > entities.) This provides a lot more legal legitimacy and protection to > all of the entities involved. Meanwhile all risk > is distributed. The issuers distribute their risk across multiple > storage companies, and the users distribute their risk > across multiple issuers (using basket currencies) and across multiple > transaction servers (via their wallet software.) > > -- THE ISSUER OF ANY CURRENCY CAN EARN A PROFIT, from issuer fees, > which will be clearly described in the currency > contract and collected automatically by the software (and signed off > by the user.) These fees can be used to cover > auditing costs, insurance costs, bonding costs, etc. Eventually cost > of insurance will probably regulate the market, and > fractional reserve layers will appear, eliminating all user fees. > > -- THE OPERATOR OF ANY SERVER CAN EARN A PROFIT from transaction fees, > which are clearly described in the server > contract and executed automatically by the software. Simply by > obtaining a server contract, a user therefore knows the > server's ID, the hostname and port information for connecting, as well > as the public key to use for encrypting and > verifying signatures for all communications with the server. Meanwhile > the server knows, since the user has connected, > that means the user has explicitly chosen to load the server contract > and agreed to transact according to its terms. > > -- This works because the public key or signature on any contract > cannot be tampered with, (or indeed ANY of the > contents of the contract), without also changing the contract's ID, > since the ID is calculated as a hash of the > contract. Users have strong security that the address they are > connected to, and the server they are communicating with, > is the same entity who signed the contract in the first place. And the > contract clearly describes all the legal terms in > addition to the necessary technical info such as keys, currency > symbols, and so on. > > Not only can the server process the currencies according to the > issuer's and operator's wishes (according to their > contracts), but the contracts are also fully admissible in court. > > This product includes software developed by Ben Laurie for use in the > Lucre project. > > -- > You received this message because you are subscribed to the Google Groups "agile-banking" group. > To post to this group, send email to agile-banking(a)googlegroups.com. > To unsubscribe from this group, send email to agile-banking+unsubscribe(a)googlegroups.com. > For more options, visit this group at http://groups.google.com/group/agile-banking?hl=en.

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