Bitcoin + Open Transactions + Web Of Trust

[Eugen Leitl]

http://www.reddit.com/r/Bitcoin/comments/xk7dx/opentransactions_new_gui_mockups/c5n3uzj?context=1

[b]hugolp 7 points 17 hours ago

You might want to remind the people around here what Open Transaction is and how does it combine with Bitcoin.

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[b]anykind 13 points 16 hours ago

I finally understood Open Transactions thanks to this post at Bitcointalk from da2ce7:

    Bitcoin + Open Transactions + Web Of Trust are the building blocks for a complete replacement of the traditional finance industry. They each solve a different problem.

    Bitcoin: Provides: Low-Trust transfer of Value between two parties. Needs: Way to transfer ownership of real-life goods and service contracts. (Open Transactions) Needs: Trust network so people can have more confidence that they are dealing with somebody whom is trusted and respected. (Web-Of-Trust)

    Open Transactions: Provides: Tools to transfer the ownership of anything that can be described in a contract. Needs: Low-Trust transfer of value, without the risk of counter-party. (Bitcoin) Needs: Trust Network, so the contracts can have some breputationb backing them. Web-Of-Trust

    Web-Of-Trust: Provides: Reputation system so there is consequences if somebody scams (nobody will trade with them), and good reputations have value. Needs: Low-Trust transfer of value, so parties with no reputation can build a good reputation: (Bitcoin) Needs: Formal way to describe contracts, that can describe the transfer of ownership in a un-deniable way: (Open Transactions)

    Each technology provides a solution to a different problemb& When working together, they provide the basis for a very secure, strong, and comprehensive financial system.

https://bitcointalk.org/index.php?topic=47501.msg831406#msg831406