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From YouTube: EB140 – Manfred Karrer: Bitsquare - The Decentralized Open-Soure Cryptocurrency-Fiat Exchange
Description
Support the show, consider donating: 1EaybNRvKodkF5Xu8FiGXrnLXK1DzUdT5x (http://bit.ly/2a3WsID)
Exchanges are often criticized as a central point of failure of the cryptocurrency space. This isn't without justification as, in recent years, we have seen a number of exchanges get hacked, robbed, or embezzled by their founders, which is far from insignificant. One proposed alternative are decentralized exchanges that would allow people make peer-to-peer trades using sophisticated smart contracts. However, there remains the fundamental challenge of interfacing with the legacy banking system.
Manfred Karrer joins us for a lengthy discussion on Bitsquare, a decentralized cryptocyrrency exchange which supports most fiat currencies and cryptocurrencies. Built to be a decentralized equivalent of LocalBitcoins, the Bitsquare client, which connects to the peer-to-peer network, uses Tor by default, which makes it almost completely anonymous. There are also a number of safeguards in place to eliminate the potential for fraud and theft, as well as an arbitration system to resolve disputes between traders.
Topics discussed in this episode include:
- The motivation behind Bitsquare
- The Bitsquare client and user experience
- A walkthrough of a typical trade
- The mechanics of the order book
- The fiat currency transfer mechanism
- The current and future arbitration process
- Manfred's thoughts on DAOs
- Bitsquare's product roadmap
Links mentioned in this episode:
- Bitsquare Website: http://bitsquare.io
- Bitsquare Whitepaper: https://bitsquare.io/bitsquare.pdf
- Risk Analysis: http://bitsquare.io/risk_analysis.pdf
- Arbitration System: http://bitsquare.io/arbitration_system.pdf
- Github Repo: https://github.com/bitsquare/bitsquare
Sponsors:
- Jaxx: Wallets that Unify the Blockchain Experience Across Devices http://jaxx.io
Show notes: http://epicenterbitcoin.com/podcast/140
SoundCloud: http://soundcloud.com/epicenterbitcoin/eb-140
Epicenter Bitcoin is hosted by Brian Fabian Crain, Sébastien Couture & Meher Roy.
- Visit our website: http://epicenterbitcoin.com
- Subscribe to our newsletter: http://epicenterbitcoin.com/newsletter
- Twitter: http://twitter.com/epicenterbtc
A
A
B
Manfred
so
Manfred
is
the
is
the
founder
of
bridge
square,
which
is
a
project
trying
to
create
a
decentralized
Fiat
to
Bitcoin
exchange.
We
have
a
lot
of
centralized
exchanges
and
have
had
a
lot
of
lots
of
issues
with
them,
and
this
is
one
of
these
serious
projects
that
is
close
to
implementing
the
exchange
functionality
from
Fiat
to
Bitcoin
in
a
decentralized
fashion.
So
we
hope
you
enjoy
this
episode,
but
before
we
start
let
us
have
an
intro
from
monthly
yeah.
C
Hello
and
thanks
for
inviting
me
to
your
show
pleasure
to
be
here
here,
I'm
a
software
developer
since
15
years,
more
or
less
and
was
working
or
in
a
financial
institution
as
well
for
a
few
years
and
have
seen
a
lil
bit
the
other
side
as
well,
and
before
with
musicians
and
musician
and
I
get
into
pitch,
go
in
more
or
less
2011.
And
since
2
and
a
half
year,
I'm
working
on
bit
square
on
ya,
wanted
to
become
active
in
the
Bitcoin
space
and
I
thought.
C
The
lack
of
the
decentralized
Fiat
exchange
where
you
can
exchange
Bitcoin
to
field
was
for
me
one
of
the
most
important
missing
links
and
I
tried
to
find
a
way.
How
to
solstice
and
I
was
surprised
that
it's
possible
to
souls
at
the
end
that
I
could
go
on
with
this,
and
now
it's
life
and
people
are
using
it
already
and
yeah
seems
that
it
works
excellent.
C
So
actually,
it's
already
live
on
the
mainland.
Since
January
and
since
April
we
had
our
official
beta
launch
so
and
I
made
a
presentation,
tour
in
Europe
and
Israel
and
eleven
cities
all
in
all
and
people
are
using
it
also.
We
have
quite
a
lot
of
trade
going
on
and
it's
still
good
striping,
of
course,
and
a
lot
to
do
and
a
lot
of
work
open,
but
you
can
use
it
for
many
out
points.
C
D
C
Fiat
or
where
banker
so
you
can
use
with
bit
with
bit
square.
So
we
are
not
limited
to
certain
set
of
currencies
and
we,
we
have
seen
already
trades
from
all
over
the
world
from
Brazil
from
Malaysia
Philippines,
wherever
many
for
sure.
More
than
20
countries,
all
in
all
and
yeah,
because
we
have
very
the
concept,
is
built
in
a
way
that
we
don't
have
any
really
effort
to
support
another
currency
or
so
because,
as
soon
as
the
users
can
set
up
their
bank
account
in
bits
where
they
can
use.
It.
C
I
think
we
have
a
lot
of
problems
with
decentralized
systems.
I
mean
one
of
the
most
obvious.
Is
security
risk
and
like
many
of
the
bit
corners,
remember,
which
mount
guard
set
was
a
huge
internet
and
it's
going
on
all
the
time
and
mean
especially
in
the
alkaline
space
we
see
every
few
months.
Some
there
are
some
incidents
that
fans
get
stolen
and
exchanges
shut
down,
but
I
think
I'm.
C
A
much
more
important
issue
for
me
is
the
privacy
and
a
sink
or
when
we
are
not
able
to
protect
the
users
privacy
with
Bitcoin
when
they
are
using
Bitcoin
that
air
it
cannot
resist,
don't
get
connected
with
their
real-life
identity.
We
are
not
only
creating
a
huge
threat
for
a
society,
but
we
are
all
also
destroying
the
Bitcoin
as
a
currency,
because
it
destroys
the
French
ability
when
you
cannot
be
sure
that
the
Bitcoin,
what
you
are
receiving
from
somebody
cannot
be
confiscated
some
day
from
some
exchanges
who
are
doing
such
stuff.
C
Then
people
will
not.
It
will
not
get
at
option
because
people
will
not
have
the
security
that
they
can
use
Bitcoin
in
future,
and
it
adds
a
lot
of
costs
and
friction
to
the
system,
and
we
would
end
up
in
a
you
know,
a
in
a
similar
way
system
like
the
field
where
they
have
put
way
too
much
features
into
the
core
system,
and
then
the
core
system
itself
is
completely
flawed
and
expensive
and
slow
and
I
think
we
have
to
really
work
on
this.
C
To
prevent
that
and
that's
for
me,
the
main
motivation
behind
it.
Square
and
decentralization
is
actually
just
a
tool.
It's
not
the
means
by
itself.
It's
or
I
mean
the
when
you're
building
a
system
where
you
really
protect
users,
privacy,
you
will
get
at
some
point
at
least,
are
in
conflict
with
some
countries
who
are
not
respecting
users,
privacy
and
want
to
apply
more
and
more
surveillance
about
all
stuff.
C
What
we
are
doing,
especially
the
financial
transaction,
which
are
very
important
data,
even
more
important,
like
like
normal
exchange
of
information
and
I,
think
to
avoid
such
a
project
at
easily
shutdown.
You
need
to
be
literally
censorship
resistance
and
to
get
the
censorship
persistent.
You
need
decentralization,
and
this
censorship
resistant
and
decentralization
need
to
be
applied
to
all
levels,
not
only
on
the
conceptual
level
how
that
change
works
or
on
the
technical
level
that
we
are
not
using
servers
that
peer-to-peer
network.
C
A
This
is
a
pretty
ambitious
project,
just
going
into
and
sort
of
conceptually
imagining
what
a
decentralized
exchange
could
look
like
and
not
to
mention
the
the
complexities
of
dealing
with
yacht
transfers
over
the
legacy
banking
system.
What
made
you
think
that
you
could
solve
this
problem
when
you
first
went
into
creating
basically
I
was.
C
Not
expecting
that
I
can
solve,
I
was
just
interested
to
get.
It
was
like
a
puzzle
or
like
it
yeah
you
have.
You
have
here
a
challenge
and
many
people
try
to
solve
it
and
nobody
posted
really.
There
was
lot
a
discussion
going
on
at
this
time
and
I
just
was
kind
of
like
cherish
and
tried
to
get
so
far.
C
Of
course
you
need
security
and
the
classical
way
how
to
solstice
is
to
find
an
escrow.
A
trusted
third
party,
where
both
traders
are
trusting
in
this
in
distress
itself,
artists,
and
then
he
is
holding
the
money
and
so
on
and
he's
solving
the
problem.
That's
the
traditional
way,
but
of
course
it
introduced
a
lot
of
problems.
He
can
steal
money,
he
can
get
hacked.
C
He
got
all
the
data
and
the
government's
get
all
the
data
from
them,
so
you
lose
privacy
and
with
Bitcoin
Satoshi
has
proven
that
it's
possible
to
transfer
money
in
a
trust
less
way
without
this
trusted.
Third
party
and
I
think
it's
should
be
also
possible
to
do
it
in
exchange
with
other
currencies
and
yeah,
and
we
have
the
tools
Bitcoin
like
multisig,
which
enables
that
basically
and
with
it
you
are-
are
additional
tools.
We
could
build
a
system
which
is
at
least
safe
enough.
C
It
probably
you'll
never
get
percent
secure
system,
because
the
field
system
by
itself
has
its
flaws.
What
we
cannot
solve,
unfortunately,
like
bank
chargebacks,
but
we
can
deal
with
that
in
a
way
that
we
are
limiting
the
risk
that
the
risk
at
least
are
not
higher
like
when
you
use
in
normal
bank
transfer,
also
in
the
normal
fiat
world,
when
you
are
sending
fear
to
somebody
else,
there's
also
risk
included,
and
you
cannot
escape
this.
Those
completely
so.
C
On
the
conceptual
side,
we
using
three
different
tools
for
getting
the
security,
and
one
is
multisig
as
we
are
using
two
or
three
myristic
or
as
the
escrow
out
and
the
other
side.
The
other
part
is
security
deposit.
So
both
traders
need
to
put
up
a
small
security
deposit
which
will
end
up
in
the
multisig
as
well,
and
that's
needed
to
do
to
be
sure
that
both
traders
are
following
the
trade
protocol.
C
It's
basically
the
game,
theoretical
part
that
you
were
yeah,
that
you
give
in
turn,
incentives
to
most
users
that
they
are
doing
their
work,
what
they
should
do
in
the
precariat
process
and
the
third
part
is
the
arbitration
system,
a
decent
price
arbitration
system.
If
anything
goes
wrong,
if
one
tries
to
scam
the
other
or
the
technical
issue,
or
there
are
usability
issues,
then
a
third
party
which
is
the
third
key
hold
and
the
multisig.
Also
the
three
keys
are
held
by
the
two
traders
and
this
arbitrator.
C
It's
just
he's
just
providing
the
key
for
creating
the
multi-sig,
but
he's
not
active
at
all,
and
he
does
not
know
actually
about
the
trade.
So
when
everything
goes
fine
at
the
end,
the
two
traders
are
doing
the
payout
with
therapies
and
that's
it
so
to
make
it
more
practical.
So
when
you
want
to
you
want
to
buy
Bitcoin,
you
have
feared
and
you
want
to
buy
Bitcoin
and
Sebastian
want
to
sell
his
Bitcoin.
C
Then
either
you
can
check
out
the
offer
book
as
it's
there's
a
decent
rise
of
a
book
in
its
quarum,
where
you
can
see
all
the
pie
and
the
sell
offers,
and
you
can
pick
one
of
this
off
of
those
offers
or
if
you
don't
like
the
prices
of
the
artists,
or
so
you
can
create
your
own
offer
and
can
publish
it
to
the
VPN
network
in
bit
square.
So
let's
say
you
want
to
create
your
own
office,
so
you
create
your
offer.
C
Then,
when
he's
taking
your
offer,
he
contacts
you
with
this
onion
address
and
he
doesn't
know
anything
more
about
you.
He
doesn't
know
your
bank
account
data
or
your
name
or
whatever.
It
just
knows
the
way
how
you
want
to
buy
bitcoin.
Maybe
you
say
over,
save
her
in
Europe,
it's
the
most
popular
payment
method
and
the
amount
and
yeah
all
the
the
constraints
of
the
trade
and
then
Sebastian
at
the
moment,
and
you
have
not
also
the
Bitcoin
when
you
are
creating
it.
This
offer.
C
You
have
to
reserve
the
money
for
the
trade
in
your
local
application
in
your
bit
square
application
in
bits
way
as
well.
It's
it's
SBB
wallets,
you
don't
need
the
whole
blockchain
and
you
are.
You
have
to
yeah
to
transfer
from
an
external
wallet.
First,
the
money
to
your
pit
square
wallet
and
Bend.
This
money
for
the
trade
is
what's
needed,
for
the
trade
is
reserved
in
a
wallet
and
you
want
to
buy
Bitcoin.
You
need
also
to
put
in
this
security
deposit,
which
is
at
the
moment,
zero
comma
zero.
C
C
The
following
the
freight
protocol,
but
I
will
go
in
that
detail
a
little
bit
later,
so
you
need
to
reserve
this
small
amount
of
money
in
your
it
square
wallet
so
that
when
somebody's
taking
your
your
offer
that
the
trade
can
start
and
Sebastian
when
he
want
to
take
your
offer,
he
need
to
yet
to
fund
also
his
pizza
wallet.
When
he's
selling
you
half
a
Bitcoin,
and
he
also
need
to
put
up
his
security
deposit
and
a
small
trading
fee
which
is
at
the
moment
close
to
the
mining
fee
and
mining
field.
C
Also,
so
he
has
to
deposit
to
be
square.
This
0
from
5
and
then
0
1,
whatever
it
clean
and
then
is
happening,
a
handshake
between
the
two
bits
squared
lines.
So
he
is
contacting
your
onion
address
and
your
client
is
then
yeah
both
are
creating
the
most
disappear,
putting
in
their
inputs
it
they
are
exchanging.
Also,
then,
the
bank
account
later
in
that
process.
C
As
soon
as
Sebastian
has
paid
his
trading
fee
than
the
bank,
it
counted,
there
will
be
exchanged
and
then
the
multisig
will
be
published
to
Bitcoin
network
and
a
contract
will
be
also
traded.
As
all
the
trade
details,
a
JSON
file
will
be
created
and
the
hash
of
that
will
be
added
to
remove
the
sake
as
well.
So
we
have
a
kind
like
a
triple
entry
system
were
in
the
blockchain.
C
Everybody
can
prove
that
the
trade
contract
has
that
both
users
had
agreed
to
the
great
contract,
because
otherwise
you
would
not
assigned
a
multi-sig,
and
at
that
point
the
trade
has
really
started,
and
then,
at
this
point
the
money
has
not
left
your
wallet.
It
just
has
been
locked
up
in
this
multi-sig
suppose
in
the
inputs
of
post
users
has
been
transferred
to
this
multisig
address
and
it
has
been
yeah.
It's
locked
up
so
to
get
out
the
money
again.
At
least
two
people
need
to
cooperate
and
then
Bastian.
C
Alright.
Now
you
got
the
information.
Okay.
Sebastian
has
taken
your
offer
and
you
need
now
to
wait
for
at
least
one
blockchain
confirmation.
Otherwise
sebastian
could
double
spend.
Theoretically,
and
after
one
blockchain
confirmation,
you
can
start
there,
the
fiat
transferred
euro
transfer.
So
after
this
ten
minutes
in
average
or
you
go
to
you,
get
displayed
all
the
bank
account
data
from
Sebastian.
C
When
you
use
another
payment
method
like
okay,
you
only
has
an
account
number,
you
more
private
or
when
you
use
an
alkaline,
you
only
get
our
coin
at
present
and
it's
basically
completely
private
but
of
course,
which
banks
you
need,
the
name.
You
need
to
account
number.
You
need
those
data.
What
you
need
to
make
the
bank
transfer
you
get
from
him
and
then
you
go
then,
and
that's
important
part.
C
We
are
not
dealing
with
bank
transfer
in
the
system
you
go
like
with
local
Bitcoin
you
go
or
off
system
you
go
to
your
banking
webpage,
do
the
transfer
and
as
soon
you
have
done,
the
transfer,
you
confirm
it
in
Pitt
Square
and
the
system
is
sending
a
message
to
Sebastian
and
then
Sebastian
get
the
message.
Okay,
mayor
has
sent
the
money
and
then,
depending
on
the
payment
method.
Okay,
be,
for
instance,
is
instant
or
perfect
money.
We
are
all
supporting
those
payment
methods
which
are
much
more
modern
and
better
in
a
way.
C
He
also
get
the
or
banking
details,
so
he
can
cross-check
that
not
that
nobody
tried
to
do
some
strange
scam.
So
so
that's
really
money
was
coming
from
you
and
then
when
he
has
received
the
money
he
confirms
us
in
bit
square
and
with
that
moment,
when
he
confirms
the
payment,
the
payment
receipt,
the
system
is
creating
the
payer
transaction.
So
it's
again
a
handshake
between
the
two
clients
and
yeah
the
payer
transactions
created
with
both
keys
of
both
users,
and
then
you
received
a
trade
amount.
C
The
zero
comma,
five
Bitcoin
and
Sebastian,
or
both
users
received
their
security
deposit
back.
So
the
security
deposit
was
just
in
place
that
nobody's
lazy,
because
at
the
end,
when
the
person
has
received
the
money,
he
could
be
lazy
because
he
has
got
the
money
and
has
sent
a
Bitcoin.
He
don't
need
to
confirm,
but
to
avoid
that
people
are
not
fair
and
not
continuing,
he's
interested
to
get
back
his
security
deposit
when
he
would
never
confirm
it,
then
it
goes
to
the
arbitration
system
and
he
will
lose
his
security
deposit.
C
So
he
has
the
incentive
to
follow
the
trade
protocol
and
in
the
beginning
as
well,
when
he
will
take
your
offer,
you
could
never
go
to
your
banking
web,
which
you
never
start.
The
trade
and
then
he's
running
out
of
time
was
every
payment
method,
has
a
maximum
allowed
trade
period,
which
depends
on
the
normal
speed
of
the
payment
method,
which
is
usually
one
day
for
alka
wins
and
for
passed
over
for
instant
payment
method
like
KP
and
for
say,
BAM,
fortunately
need
to
use
it
quite
long.
C
It
is
because,
when
it's
a
long
weekend
it
can
take
up
to
four
or
five
four
more
days
we
see
in
the
worst
case,
and
after
this
time
you
can
contact
the
arbitrate
and
then
he
will
lose
time,
and
so
he
has
a
lot
of
disadvantage
and
to
avoid
all
these
problems,
we
use
the
security
deposit.
So
when
you
are
not
following
your
duty
that
you
need
to
make
the
Theia
transfer
and
you
will
lose
your
security
deposit,
and
so
that
should
be
the
game.
C
Theoretic
thought
that
the
people
are
because,
at
the
end,
we
are
we're
putting
the
work
as,
unfortunately,
the
banks
are
not
able
to
provide
open
api.
Some
payment
methods
like
okb
and
perfect
money,
are
able
to
do
this
of
the
big
banks
with
their
billions.
They
cannot
implement
this
for
whatever
reason,
and
for
that
reason
we
cannot
automate
the
fields
transfer
and
for
that
we
need
the
human
work
to
do
this
labor
and
to
be
sure
that
the
humans
are
reliable.
We
are
using
this
game
theoretical
element
of
the
security
deposit.
A
Let's
take
a
short
break
to
talk
about
Jax
Jax
is
a
crypto
currency
wallet
designed
by
the
people
at
D.
Central.
Maybe
you've
been
thinking
of
buying
a
third
but
haven't
gotten
around
to
it,
because
he
didn't
know
what
wallet
to
use
which
one
it's
easy,
which
one
is
secure,
etc.
Well,
there's
an
easy
way
now
and
that
wastes
Jax,
Jax
easily
and
securely
stores,
both
bitcoins
and
ether.
Not
only
does
it
store
those
currencies,
you
can
convert
them
right
in
the
app
so
the
with
built-in
shape-shift
integration.
D
There's
only
one
seed,
it's
easy
to
backup
and
it's
easy
to
sync:
Jax's
wallets
for
literally
every
platform,
every
device
for
Mac,
Windows,
Linux,
iOS,
Android
or
extension
Wallace
for
Chrome
and
Firefox
Jack's
is
made
by
the
people
of
the
central
and
they
have
a
proven
track
record
of
Awesomeness
in
2013
they
created
cryptic
eight.
That
was
the
very
first
a
browser
extension
Bitcoin
wallet
at
a
time
and
the
way
to
think
about
Jack's
is
that
it's
cryptic
it
on
steroids.
If
there
was
doping,
controls
for
cryptocurrency,
wallets
Jack's
would
be
illegal
highly.
D
Fortunately,
they're
not,
and
the
great
thing
too,
about
the
D
Central
team
is
just
they
keep
putting
out
new
features
and
new
features
for
Jack
and
just
keeps
getting
better
and
better
at
the
disturbing
pace.
I
would
like
to
add
so
go
to
jack
stud
IO,
that's
J,
a
X
X
dot,
IO
to
download
your
wallet
and
you'll
understand
what
it's
like
to
use
a
next-generation,
cryptocurrency
wallet.
We
would
like
to
thank
Jack's
for
their
support
of
epicenter.
B
So,
let's
just
walk
through
kind
of
the
major
systems
that
are
that
are
needed
for
something
like
bit
square,
because
it
seems
that
you
are
putting
together
a
lot
of
different
technologies
to
make
this
work.
So
in
this
scenario,
when
I
put
my
offer-
let's
say:
I
am
offering
600
euros
for
one
Bitcoin.
I
am
interacting
with
the
bit
square
decentralized
of
Abu,
so
you
have
one
system
to
create
an
offer
book
and
this
system
works
over
taller.
B
So
that's
one
important
subsystem
of
your
application.
Then
once
sebastian
takes
up
my
offer
and
our
trade
starts,
then
you
need
a
game
theoretical
design
which
ensures
that
both
Sebastian
and
I
are
going
to
complete
our
trade
successfully.
So
this
game,
theoretical
part,
is
implemented
on
the
Bitcoin
blockchain
itself
through
the
use
of
multi
signature
addresses
right,
and
the
third
thing
is
in
case
of
any
disputes
between
me
and
Sebastian.
You
need
another
system
of
arbitrators
to
judge
these
disputes
and
decide
in
the
favor
of
the
party
that
that
executed
the
protocol
correctly.
B
C
So,
on
the
technical
level,
we
have
basically
a
dispute
up
here
of
network.
That's
a
custom,
European
Network
develop
promised
house,
it's
basically
similar
to
the
European
Network
used
in
Bitcoin,
but
it
has
nothing
to
technological
base
as
our
new
shower
and
not
C++,
and
it's
a
flood
still
or
gossip
algorithms.
C
So
you
were
sending
out
your
data
to
all
your
connected
nodes
and
then
they
are
sending
out
their
date
again
to
their
connected
nodes,
and
when
you
receive
data,
what
you
have
already
stored
locally,
you
are
not
continuing
sending
out
the
data,
because
otherwise
it
would
be
endless
and
that's
a
very
robust
and
very
censorship
resistant
model.
That's
the
reason
why
Soto
she
used
that
and
not
use
the
DHD.
C
The
main
reason
why
I
used
toward
to
get
the
NAT
traversal
of
problem
solved
with
firewalls
and
so
and
that's
the
biggest
challenge,
with
peer-to-peer
system
that
you
get
over
all
this
network
configurations
and
so
on
in
you
don't
want
the
users
to
be
a
technician
to
know
how
to
configure
the
router
so
to
to
be
able
to
use
bit
square.
It
should
be
a
one.
C
But
of
course,
then
we
get
all
the
privacy
for
free
with
tor,
and
that
was
a
huge
bonus
as
well,
because
with
the
VHD,
you
have
a
privacy
issue
with
IP
address
as
well,
and
we
store
with
tor
hidden
services
or
you
have
all
these
benefits
and
for
the
people
who
are
not
so
familiar
with
tor
and
just
heard
about
the
mainstream
media
that
the
criminals
and
drug
dealers
are
using
it.
It's
basically
a
security
and
privacy
layer.
It's
a
technical
solution
for
making
your
internet
connections
more
secure
and
more
private,
and
it's
fantastic
system.
C
It's
much
better
like
other
systems.
What
we're
using,
what
everybody's,
using,
what
their
browsing
their
web
banking
webpage,
HTTPS,
that's
much
less
secure
and
much
less
censorship.
Resistant
like
tor
and
I.
Think
it's
a
fantastic
system
and
there
are
fewer
Altima
T's
out
like
iqp
as
well,
but
anyway,
back
to
the
topic
as
a
tour
and
this
peer-to-peer
network,
that's
basically
the
backbone
of
and
the
biggest
challenge
at
the
end
for
a
peer-to-peer
application
do
because
there
are
basically
no
ready-made
systems
out
and
try
to
use
one
before
like
the
CH
T.
B
Architectural
e,
what
is
very
interesting
to
me
about
your
choice,
is
so
a
lot
of
different
projects
are
trying
to
implement
decentralized
exchanges
or
decentralized
systems
of
different
kinds.
Now
one
of
the
favored
methods,
at
least
in
the
etherium
ecosystem,
has
been
to
have
the
order
book
or
offer
book
right
on
the
blockchain
itself.
Now
you,
you
have
explicitly
chosen
for
the
offer
book
to
be
off
blockchain,
so
this
is
like
a
big
contrast
with
all
of
the
other
projects.
Now.
B
The
second
thing
is:
if
you
look
at
other
decentralized
projects,
many
of
them
are
gravitating
towards
ipfs
or
implementing
their
own
DHT
like
open
Bazaar
is
implementing
its
own
distributed
hash
table
now.
What
seems
very
special
about
bit
square
is
you're
rejecting
both
of
these
solutions
and
you
are
coming
up
and
you
are
saying
that
a
flood
feel
networks,
just
the
one
that
Bitcoin
uses
is
the
best
to
implement
an
order
book.
Can
you
explain
why
and
what
are
the
uses?
Can
this
flood
fill
network
be
put
to.
C
Maybe
I
answer
first,
the
second
part
I
have
a
section
looking
into
ipfs
and
I,
think
it's
very
interesting
project,
and
also
into
BitTorrent
or
ARRA
existing
solutions
and
I
wanted.
It
was
a
big
challenge
for
me
to
start
with
a
new
peer
to
peer
network
because
really
difficult
and
a
lot
of
work,
and
it
took
me
a
few
months
and
it
was
not
my
goal
to
implement
my
own
custom
peer-to-peer
network.
It
was
just
a
need
because
all
the
other
systems
were
not
really
tailored
for
my
needs.
I
mean
ipfs
yeah.
C
It
has
this
arch
I
thing
system
where
you
can
store
data
forever.
That's
absolutely
not
needed
the
opposite.
I
don't
want
the
offers
which
are
already
taken
as
thought
forever.
The
there's
no
need
for
it.
If
people
want
to
do
it,
they
can
do
it
offline
of
off
system,
but
the
system
don't
need
this
at
all.
It's
very
temporary
data
and
privacy
protection
is
one
of
the
main
goals
and
we
speak
torrent.
For
instance,
it's
about
big
files
and
distributing
the
files,
and
so
it's
it's
also
and
persistent
storage
as
well.
C
I
have
a
lot
of
use
cases
where
I
need
to
exchange
data
between
the
peers
directly
without
storing
anything
and
when
I
stored
a
tiny
doll,
so
I
need
protection
for
this
data
owner.
So
when
you
are
creating
your
office,
it's
protected
by
cryptography
with
signatures
and
with
your
encryptions
on
that
you
were
the
only
one
who
can
remove.
Therefore,
nobody
else
can
manipulate
or
can
change
your
friends
on,
and
you
others
and
those
I
have
not
found
a
system
which
has
offered
all
these
features.
C
What
I
really
needed
so
I
built
exactly
a
system
tailored
to
my
needs
are
not
more.
It's
too
much.
I
didn't
have
time
and
resources
to
build
a
general-purpose
system
for
other
which
might
interesting
for
other
people
as
well.
Maybe
it's
interesting
for
our
people
and
already
created
a
sub,
a
library
where
people
can
reuse
it
if
they
want,
but
I
just
implemented
what
I
need
when
people
need
other
features
they
have
to
edit
and
yeah,
and
the
other
reason
why
I
don't
already
in
the
blockchain
is
for
me.
C
That
would
be
a
use
abuse
of
the
storage
capacity
of
the
blockchain.
It
would
be
very
expensive
and
for
me,
the
blockchain,
the
only
reason
where
I
need
the
blockchain
and
for
only
generally,
the
only
reason
where
the
blockchain
makes
sense
is
to
have
protection
against
I
will
spend
only
when
you
have
to
solve
the
double
spend
problem.
C
You
need
a
blockchain
and
to
have
censorship,
resistant
and
yeah,
like
for
hashing
data
and
storing
important
data
into
blockchain,
as
as
a
hash
to
prove
that
you
had
the
data
and
so
on,
to
prove
history,
that
in
important
news
case
and
for
money
system
like
Bitcoin
or
domain
name
system,
like
name
going
to
be
sure
that
some
data
exists
or
only
transferred
once
and
not
doubles,
and
that's
another
important
use
case.
But
I
think
many
people
are,
for
instance,
a
theorem.
C
They
get
everything
from
material,
the
peer-to-peer
network
and
all
this,
and
they
are
trying
to
abuse
the
system
for
stuff.
What's
not
really
needed,
you
can
do
it
often,
and
it's
much
cheaper
and
much
more
efficient.
It's
just
the
problem
for
most
people
that
the
solutions
are
not
out
there
so
I
mean,
with
ifs,
we
getting
closer
to
more
systems,
but
it's
still
I
think
not
yeah
I.
C
Think
still
at
the
moment,
when
you
try
to
build
a
peer-to-peer
application,
probably
you
will
not
find
a
system
which
is
really
optimal
fit
to
your
purpose,
and
you
have
you
need
a
lot
of
work
to
get
there
and
then
people
are
looking
for
a
ready-made
stuff
or
try
to
put
it
on
a
theorem
or
whatever,
but
I
think
that's
a
very
wrong
and
will
not
scale
and
will
become
too
expensive
and
abuse
of
the
idea.
It's
not
my
opinion.
At
least
okay.
A
In
the
white
paper
you
talk
about
some
of
the
limitations
of
bit
square
currently
like
in
its
current
form
and
I.
Obviously,
this
is
a
project
that
just
came
out
of
beta
and
that
it's
still
evolving
and,
as
you
mentioned
before,
the
show
there
are
a
lot
of
things
that
will
change
in
in
the
coming
in
months
and
years.
Can
you
talk
about
some
of
the
major
limitations
of
a
bit
square
as
a
sense
now
and
and
how
you
plan
to
address
those
yeah.
C
From
a
user's
perspective,
and
what
many
users
who
are
some
are
complaining
about
is
the
trade
limitation,
so
when
you
are
making
an
offer
for
cheaper,
for
instance,
it's
at
a
moment:
zero,
comma,
seven,
five
Bitcoin
limitation
for
one
offer,
but
that
doesn't
mean
that
you
cannot
trade
hundreds
of
Bitcoin
the
same
day
with
different
users.
So
you
can
trade
hundreds
of
office
or
take
hundreds
of
offers,
there's
no
limitation
at
all,
but
in
one
of
her
dresses
limitation
and
that's
basically
because
in
the
field
system
you
never
have
100%
security
against
bank
charge
back.
C
So
when
you
do
the
exchange
and
then
one
day
later,
the
sender
of
the
field
make
a
bank
charge
back
then
the
other
losers
Bitcoin
and
usually
that
doesn't
happen
easily
and
often
because
it
not
easy
to
make
a
chargeback
and
your
bank
makes
a
lot
of
problems
when
you
try
to
do
this.
Often
it
happens
in
criminal
activities
like
with
stolen
bank
accounts.
So
when
somebody.
C
C
Maybe
you
were
connected
with
the
with
the
criminal
and
so
on
and
the
main
protections
their
amount
of
the
trade,
because
when
there's
criminal,
especially
with
stone
bank
accounts,
they
want
to
cash
out
all
the
money
there,
because
with
every
transaction
they
have
the
risk
that
it
gets
discovered
and
then
the
accounts
get
closed
and
they
cannot
cash
out
more
so
and
that's
all
so
backed
up
by
some
real-life
experience
from
professional.
Look
that
Bitcoin
traders
who
have
done
thousands
of
trades
and
ticket
scam.
C
One
of
this
guy
it
made
five
doesn't
say:
betrayed
syndicates
came
three
times
and
at
least
two
times
it
was
with
very
high
amounts,
5,000
euros.
So
those
are
looking
forward
trades
where
they
can
cash
out
all
in
one,
and
they
should
not
be
very
interested
in
Bitcoin
in
bit
square
where
they
need
to
make
ten
trades
and
it
takes
more
time
for
them
and
they're
risking
more
that
it
get
discovers
and
then
the
other
yeah
will
not
continue
anymore.
C
So
that's
made
that's
the
main
point
why
we
are
reduced
where
we
are
limiting
that
and
the
other
thing
is
that,
with
all
the
know,
your
customer
rules-
and
so
it's
usually
it
does
not
apply
to
very
small
amounts.
So
usually
you
can
deal
with
a
few
hundred
years
or
less
than
to
at
least
less
than
two
thousand
euro,
or
is
it's
out
of
this
regulatory
stuff
and
that's
another
secondary
advantage,
at
least
when
we
keep
the
trade
limits
low.
C
C
Are
it's
not
really
suited
for
a
traders
and
speculators
so
when
you
want
to
make
hundreds
of
trades
and
very
quickly
and
want
to
make
a
small
arbitration
of
a
few
cent
with
trading
bots,
and
so
it's
where
it's
more
like
local
Bitcoin
or
like
shape-shift,
it's
a
little
bit
of
manual
and
slow
process.
You
cannot
and
also
on
your
bank
account
when
you
don't
when
you're,
not
the
professional
trader.
When
you
make
100,000
euro
or
volume
in
trades,
then
probably
the
Pancrase,
the
flexor
probably
starts
all
right.
C
We
stand
out
and
you're
it's
more
designed
for
people
who
really
want
to
or
hold
a
Bitcoin
who
are
not
mainly
speculators
and
for
those
in
future.
Probably
we
will
offer
another
system
a
kind
like
a
decentralized
CFD.
So
that's
basically,
where
you
are
betting
on
price
movements
because
to
speculate.
Speculators
are
not
really
interested
in
holding
fiat
money
or
Bitcoin.
C
They
are
just
interesting
to
make
profits
from
price
movements,
so
those
systems
like
contract
for
difference
or
spread
betting
is
much
more
ideal
for
such
type
of
people
and
it's
probably
possible
to
implement
such
a
system.
It's
it's
querent!
That's
planned
for
for
the
future,
but
we
have
too
much
other
stuff
on
the
roadmap
first
and
yeah.
C
The
complexity
in
the
decentralized
arbitration
system
is
to
make
it
realistic
here
when
any
is
a
random.
Stranger
from
the
internet.
I
want
to
become
an
arbitrator.
I
need
to
be
sure
that
he
is
not
colluding
with
one
of
the
trade
and
try
to
scam
the
other
trader
and
to
make
this
secure,
it's
a
little
bit
a
complex
system.
Let's.
A
Talk
it
before
it
is
pitched
off
the
bull.
Let's
talk
about
what
an
ideal
I
Barbra
tration
system
would
look
like,
then.
So
at
the
moment,
we're
using
you're
using
human
arbitrators
I
didn't
know
that
you
were
the
only
arbitrator,
but
in
the
future
you
mentioned
before
the
show
that
the
ideal
system
would
be
a
decentralized
one
where
we
didn't
have
to
rely
on
this
human
aspect.
How
do
you
plan?
A
C
I
give
a
little
bit
of
an
overview
how
it
works
in
a
system
of
the
arbitration
system.
It's
another
subsystem
in
the
application.
It's
basically
like
a
customer
care
system.
So
when
you
have
a
problem,
when
the
software
detects
that
there
is
a
problem
from
software
bugs
or
whatever,
then
you
get
displayed
a
button
open
a
dispute
or
a
support
ticket
or
after
the
trade
period
is
expired
or
you
can
you
get
also
this
button
displayed
for
opening
a
dispute,
and
then
you
are
connecting
the
arbitrator
also
via
tour
and
all
interrupted
and
so
on.
C
And
then
there
is
a
chat
system
built
in
in
the
in
in
pit
square
system
where,
under
the
support
section
where
you
basically
have
a
chat
like
looks
like
what's
up
or
something
like.
If
you
have
both
sides-
and
you
see
the
messages
you
even
can
send
data,
and
then
you
are
communicating
with
the
arbitrator.
C
You
never
communicate
with
the
other
trader
directly
and
that's
with
some
reasons
that,
because
it
could
open
up
a
lot
of
social
engineering
attacks
and
so
on,
so
we
are
avoiding
that
the
traders
get
direct
contact
when
there
are
problems
there,
and
there
is
this
kind
of
customer
care
agent
who
helps
you
to
solve
the
problem,
and
he
then
contacts
yeah,
he's
in
contact
and
with
post
traders.
The
other
trader
get
all
to
the
message
that
this
anticipate
open
and
arbitrate
contact
him
and
ask
what
was
going
on
and
anti.
C
C
So,
for
instance
in
when
you
both
have
done
the
trade
and
maybe
Sebastian
never
received
the
money,
and
maybe
you
have
been
a
scammer
and
never
sent
the
money,
but
you
you
sent
a
message
and
so
on
and
then
the
arbitrator
asked
impose
okay,
you
say
you
have
sent
the
money.
He
said
he
doesn't
receive
the
money,
so
there
is
some
conflict
either.
The
bank
has
a
problem,
that's
also
very
probable
problem,
but
if
not,
then
some
of
the
users
has
done
either
mistake
or
tried
to
scam
the
other.
C
Then
we
will
request
a
cryptographic
proof
of
your
side,
and
that
can
happen
in
two
ways
that
can
happen
either
that
you
are
asking
your
bank
for
a
digital
signed
statement
that,
for
instance,
in
mere
sight
that
he
has
started
and
has
done
the
transfer
to
Sebastian
and
on
Circassian
side,
just
a
statement
about
this
time
period
that
he
has
not
received.
This
funds
was
a
history
of
the
last
week
or
whatever,
and
this
signed
statement
from
the
bank.
The
arbitrator
can
then
verify,
but
unfortunately
the
bank
are
super
slowed
and
of
offering
this.
C
That
would
be
a
very
easy
tool
what
every
bank
could
offer
by
default
to
get
this
statement
cryptographically
signed
and
everybody
could
work
much
easier
with
banks,
but
of
course
they
are
living
back
in
the
80s
and
they're
still
not
delivering
this.
So
I
don't
count
too
much
on
this,
but
the
people
can
use
this
if
they
want.
You
use
it
and
another
very
interesting
project
where
we
don't
have
time
to
get
deep
into
it,
but
just
want
to
mention
quickly
and
I
was
naughty,
for
that
is
a
TLS
notary
or
page
signer.
C
That's
a
Firefox
plug-in
what
you
install
and
with
that
you
get
the
cryptographic
proof
of
any
HTTP
web
page
that
this
page
is
not
a
template.
So
you
can
go
to
your
main
mayor
for
instant,
can
go
to
his
banking
webpage
where
he
can
see
his
transfer
outgoing
transfer.
He
can
filter
the
history
that
only
these
transactions
visible
and
then
make
such
a
cryptographic
screenshot
of
this
page,
it's
not
a
screenshot,
not
a
graphical
screenshot
that
complex
I
say.
C
So
you
can
also
proof
than
your
side
and
then
the
arbitrator
knows:
what's
the
when
one
was
the
scammer
yeah,
he
can
approve
this,
and
when
one
is,
maybe
what
the
people
don't
want
to
use
it
because
they
don't
understand
the
system,
it's
too
sketchy
for
them
to
have
such
a
system
installed
when
mija
is
rejecting
it,
for
instance,
but
you
are
approving
this
and
I
see.
Okay,
you
have
not
received
the
money,
then
Mia
is
losing,
because
everything
what's
following
up
cannot
be
hundred
percent
secure,
secure
evidence.
C
So
when
one
is
proving
to
us
the
end,
the
other
has
one
already
when
it.
The
other,
is
delivering
the
evidence
and
that's
already
a
lot
of
pressure
for
this
camera,
because
the
scammer
don't
know
if
the
other
will
prove
it.
So
most
of
the
scammers
probably
will
don't
even
try
it
because
they
know
they
cannot
prove
it
and
then
the
other
will
prove
it
and
they
are
too
loose
already.
When
those
are
not
delivering
this
or
cannot
deliver
it.
I
mean
unfortunate.
C
It's
only
works
with
more
or
less
70%
of
the
web
pages,
so
it
might
be
a
technical
reason.
Why
they
cannot
prove
it
as
well,
and
then
we
go
to
the
next
level,
and
that
would
be
the
first
and
I
ID'd
check.
So
we
tried
the
arbitrator,
require
real
identification,
which
passport
and
or
whatever
they
want
to
to
give.
When
you
say
no
realise
I
don't
want
to
be.
If,
but
my
facebook
account
you
ask
can
have,
and
then
it
depends
what
the
other
deliver
when
he
is
much
stronger
proof.
C
He
is
a
much
better
account
at
the
end,
and
the
next
level
would
be
that
you
make
a
more
classical
way
that
you
make
a
Skype
chat
and
you
watch
him
to
navigate
to
your
banking
webpage
and
show
you
this
and
then
it
it's.
Never
a
hundred
percent
secure,
because
you
could,
when
you're,
technically,
very
good.
You
could
treat
this
and
so
on,
but
I
mean
the
summarizing
of
everything
and
their
impression.
Also
for
the
arbitrator's
for
the
arbitrator.
C
It's
probably
good
enough
for
the
huge
majority
of
cases
to
get
a
good
solution,
and
even
if
it
fails
and
Dobby
try
to
make
a
wrong
decision
in
one
case,
it's
not
the
end
of
the
world.
It's
more
or
less
at
the
moment
maximum
to
Pete
Quinn
when
it
would
be
without
wind.
We
have
a
high
limit.
We
feared
it's
zero,
comma
7,
5
Bitcoin,
actually
with
fear.
There
is
zero
risk
because
we
sphere
with
al-qaeda
terrorists,
because
the
arbitrator
can
go
to
the
blockchain
and
see
it
publicly
in
the
blockchain.
C
So
nobody
can
cheat
and
yeah.
That's,
basically
how
the
system
works
from
the
user
perspective
and
to
make
to
make
it
really
secure
this
completely
open
and
D
centrist
arbitration
system
is
planned
that
everybody
can
become
an
arbitrator
and
they
are
basically
also
anonymous
there.
So
there's
no
reputation
and
so
on,
but
they
have
to
lock
up
quite
the
high
amount
of
Bitcoin
in
a
multi-sig,
so
they
have
to
lock
up,
maybe
something
like
five
or
ten
Bitcoin
and
it's
locked
up
in
a
mood
sick
of
the
arbitrator's
with
the
highest
reputation.
C
A
reputation
means
in
that
sense
there.
Those
are
those
arbitrator
who
are
connected
with
the
project.
Maybe
me
and
a
few
team
members
where
I
know
we
are
not
cameras,
because
when
we
are
scamming
we
are
destroying
our
approach
it.
So
the
incentives
alive
align
that
we
are
not
trying
to
earn
money
by
stealing
a
Bitcoin
from
another
and
destroy
the
whole
project.
I
mean
that
will
be
completely
butchered,
and
so
we
are
the
key
holders
who
are
the
arbitrator
who
have
locked
up
more
money.
C
They
can
maybe
decide
themselves
how
much
money
do
you
want
to
lock
up
but
more
money
to
hire
a
reputation,
Asst
and
and
when
they
are
colluding.
For
instance,
when
an
arbitrator
tried
to
collude
or
yeah
with
one
of
the
traders
and
then
came
the
other
trader,
then
the
other
trader
can
request
the
second
round
and
he
will
request
it.
Squirt
him,
hey,
have
a
look.
C
This
arbitrator
is
a
scammer,
it
I
have
done
everything
correctly
and
then
somebody
off
of
this
high
reputation
arbitrators
will
investigate
the
case
again
and
when
he
finds
out
that
he
was
either
colluding
or
working
completely
below.
There
are
quality
requirements
that,
for
instance,
he
it
has
accepted
a
Photoshop
screenshot
which
can
easily
be
faked,
which
is
not
allowed
to,
as
we
have
done
a
clear
guidance
for
the
arbitrator's
notes
for
the
users.
How
is
the
procedure
and
what
are
the
requirements
and
yeah?
C
C
C
So
that's
maybe
in
two
years-
and
until
this
time
we
have
a
little
bit
of
space
to
also
or
yeah
use
this,
not
perfectly
decentralized
system
at
which
secures
the
system
at
the
moment,
but
he
uses
at
the
end.
It's
only
important
that
they
have
a
secure
solution
and
are
yeah.
That's
the
case
at
the
moment,
because
I'm
doing
the
arbitrator
and
I
I
think
it's
clear
to
everybody
that
I
will
not
scam
anybody.
A
C
B
I
mean
it
seems
to
me
that
the
arbitration
system
is
actually
a
point
of
monetization
for
your
project
right,
because
the
arbitrator's
are
kind
of
delivering
a
service
and
in
theory
you
could
have
an
organization
of
arbitrators
that
deliver
this
service
and
make
a
living
out
of
it.
So
are
you
thinking
of
raising
some
project
funding
or
creating
an
organisation
around
this
idea?
Yeah.
C
It
was
actually
planned
that
arbitrate
this
money
by
but
a
TSP,
so
when,
when
you're
doing
a
dispute
and
one
has
lost,
then
the
security
deposit
will
go
to
the
arbitrator
as
payment
for
his
service,
but
I'm
moving
a
little
bit
away
from
this
idea.
For
various
reasons,
one
is
that
it
creates
a
little
bit
of
a
negative
incentives.
The
arbitrator
should
be
really
a
customer
agent
who
try
to
satisfy
post
because
and
I
think
most
of
the
cases
will
not
be
scams.
C
It
will
be
technical
problems
or
usability
problems,
and
then
he
don't
take
the
deposit
because
nobody
want
to
hurt
the
system
or
so
it
shall
make
a
mistake,
or
maybe
it
was
a
mistake
in
the
software,
so
he
don't
earn
anything
basically
and
at
a
moment
the
trading
fee
was
a
business
model.
Basically
the
trading
fees,
so
there
at
the
moment
of
trading
is
a
super
low.
C
But
later
it
will
be
adopted
to
the
market
situation
and
the
trading
fear
are
basically
the
revenue
for
the
project
and
at
the
moment
the
arbitrator
receives
the
trading
fee.
But,
as
I
said,
it's
nearly
now
seeing
as
it's
by
far
not
enough
money
for
the
effort
what
I
have,
but
at
a
time
what
I'm
spending
and
I
think
it
also
will
not
align
really
because
when
you
relate
some
cases
will
take
you
hours
even
and
together
a
normal
payment
in
Europe.
C
When
you
work
a
few
hours,
it
would
be
hundred
euros
and
we
never
can
use
such
a
high
security,
deposit
or
trading
fear
whatever
to
to
make
this
work.
So
I
think
it
does
not
work
very
well.
Probably
we
will
add
the
arbitrator's,
so
I
don't
want
to
maybe
to
change
the
topic
too
much,
but
we
plan
that
kind
like
a
decentralized
atomos
economist
organization.
But
we
don't
want
to
call
it
now
anymore
because
of
all
what
happened
and
so
on,
and
it's
basically
worried
opposite
of
that.
C
B
This
synergistic
corporation,
like
how
does
the?
How
does
the
corporation
make
money
in
the
end,
because
I
mean,
if
I,
if
I
get
tokens
so,
let's
say:
I'm
an
arbitrator
and
I
in
exchange
for
doing
arbitrate,
arbitrate
I,
get
shares
or
tokens
inside
the
synergistic
corporation.
Those
tokens
will
have
value
only
when
the
corporation
makes
money
of
some
form
exactly.
C
Trading
fees
are
get
paid
like
dividends
to
all
the
stakeholders
and
depending
on
your
percentage,
when
you
have
one
percent
of
the
project,
you
receive
overtime,
one
percent
of
all
the
trading
fees.
So
that's
the
revenue
in
the
business
model
and
how
to
implement
this.
Is
we
yeah?
The
tokens
will
be
represented
in
the
Bitcoin
blockchain
as
a
kind
of
a
color
coin,
but
different
more
simple,
because
again,
I
just
want
to
implement
what
I
exactly
need
for
my
approaches
and
not
more.
It's
not
the
general
purpose
solution.
C
Let's
say
ten
GS
you
get
so
you
get
10,000,
Satoshi
and
I
make
a
transaction
from
my
origin
address,
which
will
be
more
to
six,
so
the
bit
square
board.
Where
the
team
members
will
sign
this
and
we
will
issue
money.
We
are
printing
money.
Basically,
we
are
creating
a
new
share
and
sending
this
share
to
you.
So
our
intent
there
is
in
the
up
return
a
second
address
from
you,
where
a
Bitcoin
address
which
will
be
used
as
dividend
enter
address
where
you
will
receive
trading
fees
in
future.
C
So
we
have
basically
a
model
where
we
are
representing
the
tokens
and
the
Bitcoin
blockchain.
And
additionally,
our
dividend
address
for
receiving
the
trading
fees
and
all
is
locked
up
in
one
and
when
you
can
also
then
trade,
the
shares
over
Pitt
Square
and
you
can
sell
the
shares
to
somebody
else
or
the
handling
of
the
shares
will
be
all
integrated
in
bit
square.
So
you
don't
need
to
do
anything
manually,
of
course,
and
when
you
are
selling
your
share
from
this
10,000
shares,
you
are
selling,
maybe
3,000
to
somebody
else.
C
C
So
we
are
representing
all
that
in
the
blockchain,
a
big
reduction
alone
that
has
the
advantage
that
we
are
not
dependent
to
another
alkene
or
other
system,
and
so
on
our
company
and
it's
very
simple-
to
implement
basically
and
the
users
every
node,
every
its
current
user
are
requesting
all
the
outgoing
transaction
from
this
origin
address
and
all
the
follow-up.
So
it's
a
tree
of
transaction
until
it
finds
the
last
unspent
transaction
output
and
that's
that
Russia.
Although
because,
when
you
have
sold
your
share,
the
first
transaction
not
valid
anymore.
So.
A
C
C
There-
okay-
that's
maybe
at
the
beginning,
hundreds
or
thousands,
but
that
will
not
be
millions
of
transactions
and
even
when
it
becomes
the
people
are
trading
like
hell
and
we
are
getting
to
scaling
issues
and
there's
a
lot
of
optimization
Headroom
for
pruning
and
for
putting
or
snapshots
into
the
code.
So
we
don't
need
to
load
all
the
old
transaction
which
already
buried
in
the
blockchain
and
so
on
so
I
think
it's
not.
C
It
would
not
probably
work
for
a
general-purpose
Calico
in
solution,
because
then
you
need
to
support
hundreds
or
thousands
of
different
color
coins
and
then
it's
probably
cheaper
to
get
the
whole
blockchain,
but
for
our
solution
it
works
and
it
helps
us
to
implement
everything
directly
in
the
application.
So
the
users
have
been
a
few
of
all
the
shareholders.
C
So
maybe
there
are
a
thousand
shareholders
and
it's
Easton
the
amount
of
the
share
of
every
share,
and
so
it
gets
the
mapping
and
then
the
trading
fee
will
be
decided
by
basically
by
random,
but
in
a
way
that
the
other
user
can
verify
it.
So
it's
using
is
onion
address
and
the
trade
ID
posit
a
to
what
you
cannot
change
and
then
make
a
selection
to
one
of
the
shell
and
the
higher
your
amount.
C
When
you
have
10%
share,
you
have
a
probability
of
10%
that
you
are
the
receiver
of
the
trading
fee
and
we
start
we
have
a
stream
of
micro
payments
from
the
users
directly
to
the
shareholders,
so
pit
square
is
never
holding
the
dividends
over
error.
It
goes
directly
to
the
shareholders
and
also
when
somebody's
managed
to
hacked
your
client
or
whatever
incident.
He
only
can
steal
that
amount
from
one
user
from
one
trader.
C
C
So
we
don't
tell
hundred
fifty
millions
where
somebody
can
steal
and
we
we
try
also
to
avoid
a
lot
of
this
issues
with
I
cos
that
that
people
who
are
layman's,
who
don't
have
any
clue
about
the
project,
get
tricked
into
buying
that
with
a
lot
of
marketing
and
then
are
and
then
they're
upset,
because
they
found
out,
they
got
scammed
in
a
way,
and
we
are
only
giving
out
the
shares
to
participants
to
people
who
are
working
for
the
projects
and
by
definition
those
are
experts.
Otherwise
their
participation
does
not
have
value.
That's.
A
A
very
big
difference
from
some
of
the
other
projects
that
we've
discussed
on
this
show
in
the
past
yeah.
So
before
we
wrap
things
up
here,
let's
bring
it
back
to
two-bit
square.
You
mentioned
earlier,
the
the
project
came
out
of
beta.
Can
you
tell
us
about
the
roadmap
and
are
there
any
plans
to
turn
this
into
some
sort
of
a
like
company
that
maintains
its
open-source
software
or
some
sort
of
business
model?
Do
you
think
this
is
something
that
will
remain
open
source
over
the
long
term?
Yes,.
C
The
roadmap
is
my
next
now.
Big
task
is
the
next
day's,
probably
when
to
show
is
live.
Hopefully
the
new
release
already
out
with
a
lot
of
new,
and
probably
we
also
root
and
bit
crunchier,
maybe
all
traffic
or
whatever,
because
at
the
moment
a
bit
crunchy
traffic
is
not
routed
over
tor
and
also
there
are
some
other
connections
like
the
price
feeds,
which
is
not
really
privacy
relevant,
but
we
would
like
to
get
200%
to
a
garage.
Probably
we
can
make
it
to
get
this
in
the
next
release
as
well.
C
But
then
the
next
big
step
is
this
sooner
chetak
corporation,
because
that's
needed
for
scale
up
the
project.
I'm
currently
working
basically
still
alone,
not
alone,
I
mean
there
are
a
few
contributors,
and
it's
getting
more
and
more
luckily,
but
probably
still,
90
percent
of
the
work
is
on
my
side
and
it
does
not
scale
up.
C
I
mean
I
need
more
contributors,
and
most
people
cannot
afford
it
or
are
not
motivated
enough
to
work
for
such
a
project
in
a
full-time
way
or
related
with
more
hours
like
a
little
bit
for
a
bounty,
and
so
this
this
and
that's
basically
the
business
model
and
instead
of
a
corporation,
we
will
never
create
their
company
for
bid
square
itself.
Maybe
I
create
the
company
for
myself
as
a
software
developer,
to
have
better
protection
from
from
the
legal
system
that
I
have
to
figure
out.
But
that's
just
me
as
a
person.
C
It's
not
pit
square
itself,
so
P
Square
stays
open
source
and
will
be
represented
by
this
energetic
corporation
and
everybody
who
yeah,
who
want
to
contribute,
becomes
shareholder
and
they
can
sell
the
shares
and
other
people
who
don't
have
the
time
so
as
time
or
skills
they
can
buy
than
the
shares
on
the
market.
So
it's
basically
than
like
investors
and
it
will
be
market
force,
will
decide.
C
Just
go
to
a
bit:
schooler
I
hope
is
our
main
webpage
there.
You
find
a
lot
of
information
like
the
white
paper,
video
and
all
kind
of
levels,
very
high-level
introduction
and
on
a
lot
of
detail,
videos
also
about
the
trade
process,
arbitration
system,
all
kind,
and
then
we
have
the
forum
which
is
already
quite
active.
C
So
when
you
have
any
question
or
want
to
contribute
help
to
contribute
pacify
to
the
forum,
we
have
a
lot
of
other
communication
channel
like
iousy
or
Twitter,
of
course,
and
yeah
all
the
useless
stuff,
so
just
path
passed
by
its
credit
IO,
and
you
will
find
your
way
to
get
in
touch
with
that.
Okay,.
A
And
we'll
add
links
to
all
the
white
paper
and
everything
in
the
show
notes,
yeah.
Well,
my
friend
thanks
so
much
for
coming
on.
It
was
interesting
discussion
about
a
topic
which
I
think
I
mean.
We've
talked
a
lot
about
decentralized
systems,
but
it's
centralized
exchanges,
it's
not
something
that
we've
covered
very
much,
and
so
good
luck
with
the
project.
Yes,.
A
Thank
you
and
thanks
to
our
listeners
for
tuning
in
and
we
released
new
episodes
of
a
presenter
baked
corn
every
Monday.
Recently,
you
may
have
noticed
that
we've
been
really
seeing
on
Tuesday.
That's
because
we've
had
a
few
organizational
changes
in
the
company
and
and
and
often
times,
sometimes
just
scheduling
and
it's
hard
to
get
them
out
all
the
time
on
Monday.
So
hopefully
we
can
get
better
at
that
and
we
can
keep
getting
them
out
on
Mondays.
A
But
if
they're
on
your
podcast
feed
on
Monday,
just
you
know,
wait
a
couple
more
hours
and
we'll
have
it
on
Tuesday.
Usually
that's
about
the
latest
that
they
do
come
out.
You
can
find
us
on
on
a
the
LTV
network
where
Atlas
topic
on
homework.
You
can
also
find
other
great
shows
about
Bitcoin
block
chains,
decentralized
technologies,
aetherium
know
that
stuff.