Your source code, for sale

Tyler Durden camera_lumina at hotmail.com
Mon Nov 8 12:27:30 PST 2004


Well, I guess once you need a 3rd party for the e$, it's only going to make 
sense that the issuer offer a "value added" service like you're talking 
about. A 3rd party verifier is probably going to be too costly.

But I'm not 100% convinced that you HAVE TO have a 3rd party verifier, but 
it's looking like that's what's going to make sense 99% of the time anyway.

-TD

>From: hal at finney.org ("Hal Finney")
>To: cypherpunks at al-qaeda.net
>Subject: Re: Your source code, for sale
>Date: Mon,  8 Nov 2004 10:51:24 -0800 (PST)
>
>Ben Laurie writes:
> > How do you make the payment already "gone" without using a third party?
>
>Of course there has to be a third party in the form of the currency
>issuer.  If it is someone like e-gold, they could do as I suggested and
>add a feature where the buyer could transfer funds irrevocably into
>an escrow account which would be jointly controlled by the buyer and
>the seller.  This way the payment is already "gone" from the POV of the
>buyer and if the seller completes the transaction, the buyer has less
>incentive to cheat him.
>
>In the case of an ecash mint, a simple method would be for the seller to
>give the buyer a proto-coin, that is, the value to be signed at the mint,
>but in blinded form.  The buyer could take this to the mint and pay to
>get it signed.  The resulting value is no good to the buyer because he
>doesn't know the blinding factors, so from his POV the money (he paid
>to get it signed) is already "gone".  He can prove to the seller that
>he did it by using the Guillou-Quisquater protocol to prove in ZK that
>he knows the mint's signature on the value the seller gave him.
>
>The seller thereby knows that the buyer's costs are sunk, and so the
>seller is motivated to complete the transaction.  The buyer has nothing
>to lose and might as well pay the seller by giving him the signed value
>from the mint, which the seller can unblind and (provably, verifiably)
>be able to deposit.
>
>Hal

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