Date: Tue, 11 Feb 2014 11:59:19 -0600
From: Troy Benjegerdes <hozer@hozed.org>
To: Peter Todd <pete@petertodd.org>
Message-ID: <20140211175919.GV3180@nl.grid.coop>
References: <20140209180458.GB20126@savin> <20140209204434.GA11488@savin>
	<20140210193247.GC17359@savin>
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In-Reply-To: <20140210193247.GC17359@savin>
User-Agent: Mutt/1.5.21 (2010-09-15)
Cc: bitcoin-development@lists.sourceforge.net
Subject: Re: [Bitcoin-development] Decentralized digital asset exchange with
 honest pricing and market depth
Precedence: list

Is there any code that does this? I would like to develop a multicoin-qt
wallet that runs on two blockchains from one binary, and allows trading
using this mechanism between the two chains.

On Mon, Feb 10, 2014 at 02:32:47PM -0500, Peter Todd wrote:
> On Sun, Feb 09, 2014 at 03:44:34PM -0500, Peter Todd wrote:
> > On Sun, Feb 09, 2014 at 01:04:58PM -0500, Peter Todd wrote:
> > > Alex Mizrahi recently outlined a mechanism(1) based on SIGHASH_SING=
LE
> > > that allows colored coins and similar embedded consensus system ass=
ets
> > > to be securely transferred to another party in exchange for Bitcoin=
s
> > > atomically. In summary his p2p 2-step-trade mechanism operates as
> > > follows:
> >=20
> > I'm told there's probably at least one if not more earlier
> > attributions/reinventions for the 2-step-trade protocol using
> > SIGHASH_SINGLE. Please reply with them if you have them so we can giv=
e
> > credit where credit is due.
>=20
> Got this:
>=20
> Message-ID: <52418EBA.3080602@monetize.io>
> Date: Tue, 24 Sep 2013 06:08:10 -0700
> From: Mark Friedenbach <mark@monetize.io>
> Organization: Monetize.io Inc.
> To: Meni Rosenfeld <meni@bitcoil.co.il>
> Subject: Re: Freimarkets and investment
>=20
> If assets were tagged you could do a very limited form of pre-signed of=
fers:
>=20
> in: 10 btc SINGLE|ANYONECANPAY
> out: 1 AAA
>=20
> These are composable, in that you can append the inputs and outputs of
> multiple offers together and result in a valid transaction. However thi=
s
> is pretty much the limit of what is possible without adding new SIGHASH
> modes, and if you're going to hard-fork to add tagging, then you might
> as well go the whole distance with explicit hierarchical
> sub-transactions as we did with Freimarkets.
>=20
> Cheers,
> Mark
>=20
> On 9/24/13 5:44 AM, Meni Rosenfeld wrote:
> > Hi Jorge,
> >=20
> > The video was sent to me by Amos Meiri, I think eToro funded its prod=
uction.
> >=20
> > Maybe I don't understand SIGHASH_ANYONECANPAY very well. In the
> > transaction, there will be an output of 1 "my stock" to an initially
> > unknown address. Can I provide a signature for my input of 1 "my stoc=
k"
> > that will be valid even with the output details provided later?
> >=20
> > In any case, I think that's out of scope for the presentation.
> >=20
> > Meni
> >=20
> > On 24/09/2013 13:10, Jorge Tim=F3n wrote:
> >> Yes, it's a nice presentation.
> >> I love the video with the chameleons that you link at the end !!
> >>
> >> As a little sugestion, I think the biggest advantage of tagging is n=
ot
> >> inflatable assets, it's open binding orders. Even without granular
> >> subtransactions as freimarket has, you could sign your input (say,
> >> representing 1 "My stock") and only the output you're interested in
> >> (say 100 bitstampUSD to myAddress) with SIGHASH_SINGLE |
> >> SIGHASH_ANYONECANPAY.
> >>
> >> Without tagging, you need to know where the inputs come from to chec=
k
> >> they're really bitstampUSD, because the network won't enforce the "1=
00
> >> bistampUSD" in your output, any uncolored coins filling the btc
> >> quantity you wanted to represent those 100 usd will be ok, for miner=
s.
> >>
> >> Goog luck with the talk, I'm eager to hear it.
> >>
> >> By the way, Mark, the explanation of the blockchain image sounds a
> >> little bit like hashcasttle, no? well, just merged mining every new
> >> asset, sounds like jaromil's freecoin too.
> >>
> >>
> >> On 9/24/13, Meni Rosenfeld <meni@bitcoil.co.il> wrote:
> >>> Hi Mark,
> >>>
> >>> We currently have a more general mathematical framework for the con=
cept of
> >>> colored coins - a color is a combination of initial state and a ker=
nel
> >>> function that maps input colors to output colors. Order-based color=
ing is
> >>> one such kernel function, tagging is another. As long as you can po=
int at an
> >>> output and say what its color is, we call it a colored coin system.
> >>>
> >>> The blockchain image is a stand-in for "using a new block chain for =
each
> >>> asset".
> >>>
> >>> Meni
> >>>
> >>> On 24/09/2013 00:42, Mark Friedenbach wrote:
> > Hi Meni,
> >=20
> > I did call Freimarkets "colored coins" in the early days, but the ter=
m
> > colored coin itself within the community seems to have become
> > identified with the specific proposal of assigning value to specific
> > satoshis, and running an order based coloring algorithm to determine
> > asset flow, e.g. Bitcoin-X. Freimarkets allows issuance of entirely
> > new assets and has explicit tagging of outputs, so we decided to avoi=
d
> > the phrase "colored coin" so as to keep from confusing people. But as
> > an academic, yes you are correct.
> >=20
> > You presentation looks great. BTW, what's the first logo for the
> > "Alternative token systems" slide? Or is that just a stand-in for the
> > block chain?
> >=20
> > Mark
> >=20
> > On 9/23/13 12:24 PM, Meni Rosenfeld wrote:
> >>>>>> Hi,
> >>>>>>
> >>>>>> As you might know I'm giving a talk about Colored Coins in
> >>>>>> Amsterdam.
> >>>>>>
> >>>>>> My presentation is available at
> >>>>>> https://bitcoil.co.il/files/Colored Coins.pptx (I'm not posting
> >>>>>> this link publicly until after the talk).
> >>>>>>
> >>>>>> I'll be happy for any feedback.
> >>>>>>
> >>>>>> I'm listing Freimarkets as an implementation of Colored Coins. I=
t
> >>>>>> doesn't look like you're identifying with the term, but it does =
fit
> >>>>>> the definition (and though it does obviously do much more than
> >>>>>> just implement colored coins.)
> >>>>>>
> >>>>>> Thanks, Meni
> >>>>
> >>>
> >>
> >=20
>=20
> --=20
> 'peter'[:-1]@petertodd.org
> 0000000076654614e7bf72ac80d47c57bca12503989f4d602538d3cd7892ca7d


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