Alternative Currency System – Focus on Open-Transactions – OpenSource Software Solution

Posted: September 20, 2013 in One People's Public Trust (OPPT)
Tags: , , , , , , ,

Posted from:

Wikipedia

http://opentransactions.org/wiki/index.php?title=Main_Page

Open-Transactions

The Open-Transactions project is a collaborative effort to develop a robust, commercial-grade, fully-featured, free-software toolkit implementing the OTX protocol as well as a full-strength financial cryptography library, API, CLI, and prototype server. The project is managed by a worldwide community of volunteers that use the Internet to communicate, plan, and develop the Open-Transactions toolkit and its related documentation.

About Open-Transactions

     What is Open-Transactions?

What does it do?

  • Open-Transactions allows users to issue and manipulate digital assets.
  • Any issuer can sign and distribute new currency contracts in order to create new digital asset types.
  • Users may create many pseudonyms (public keys), each of which may own asset accounts of various types, on OT servers.
  • Users can operate “cash-only” (without accounts) for maximum anonymity, using unlinkable digital cash.

Financial Instruments

  • Users can transfer digital assets securely and provably, with receipts signed by all parties.
  • Even an OT server cannot change balances, or forge transactions–since it cannot forge your signature on your receipt.
  • Open-Transactions supports a range of financial instruments such as account transfer, cheques and vouchers (aka “cashier’s cheques” or “banker’s cheques”), in addition to cash.
  • These instruments are all analogous to the same financial instruments that we all use at normal banks today. Everyone already has an intuitive understanding of these financial instruments, because we use them regularly in our normal daily lives.

Markets, Basket Currencies, and Smart Contracts

  • Open-Transactions also implements higher-level, contract-based transactions such as payment plans and markets with trades.
  • The markets on Open-Transactions support market orders, limit orders, fill-or-kill orders, day orders, stop orders, and stop limits, just like trading on a real market.
  • Basket currencies are also supported, as well as payment plans (recurring payments.)
  • Smart contracts: Multi-party agreements with scriptable clauses… including hooks, callbacks, internal state, etc.
  • Client-side scripting: !/usr/bin/env ot The entire (mostly) high and low level OT API is available within your scripts.

Triple Signed Receipts

  • All of this is accomplished in such a way that all parties are able to prove, at all times, which transactions have cleared and which instruments are authorized, without having to store their entire transaction history, but instead by merely keeping the last signed receipt.
  • Without the special mechanism that makes this possible, all parties would otherwise be forced to store all receipts forever.
  • Nyms and Asset Types have consistent IDs across all OT servers, since the ID is formed by hashing the relevant contract or public key.

Open-Transactions democratizes financial and monetary actions. You can use it for issuing currencies/stock, paying dividends, creating asset accounts, sending/receiving digital cash, writing/depositing cheques, cashier’s cheques, creating basket currencies, trading on markets, scripting custom agreements, recurring payments, escrow, etc.

Open-Transactions uses strong crypto. The balances are unchangeable (even by a malicious server.) The receipts are destructible and redundant. The transactions are unforgeable. The cash is unlinkable. The cheques are non-repudiable. Etc.

This product includes software developed by Ben Laurie for use in the Lucre project.

Credit for the OT logo goes to: moltenmich

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Posted from:

GITHUB

https://github.com/FellowTraveler/Open-Transactions/wiki

OpenTransactions.org

Open-Transactions democratizes financial and monetary actions. You can use it for issuing currencies/stock, paying dividends, creating asset accounts, sending/receiving digital cash, writing/depositing cheques, cashier’s cheques, creating basket currencies, trading on markets, scripting custom agreements, recurring payments, escrow, etc.

Open-Transactions uses strong crypto. The balances are unchangeable (even by a malicious server.) The receipts are destructible and redundant. The transactions are unforgeable. The cash is unlinkable. The cheques are non-repudiable. Etc.

This website is the repository of the (open source) Open-Transactions project. For upcoming commercial software built on the Open-Transactions platform, see Monetas.

This product includes software developed by Ben Laurie for use in the Lucre project.

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OTHER LINKS

Documentation – http://opentransactions.org/docs/

Forum – http://opentransactions.org/forum/

Monetas – http://monetas.net/

We’re building a digital finance platform that greatly advances the state of the art, enabling a new generation of amazing finance applications for consumers and businesses.

The first two products we’re developing are:

  • A consumer mobile phone app that enables everyone, including the world’s 2.5 billion “unbanked”, to buy and sell and participate in the world economy—no bank account required.
  • A turnkey enterprise platform that enables anyone, anywhere to set up a business from scratch, complete with legal entity, payment system, and website, within minutes and at negligible cost—no merchant account required.

All that’s required is a mobile phone. Everyone in the world now has access to a mobile phone. Mobile payments are projected to reach one trillion US dollars by 2015. Global payments already exceed 10 quadrillion US dollars.

Our products will enable people to do business easier, faster, cheaper, safer, and with greater freedom than ever before.

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Some One with the expertise in OpenSource development, may want to do further investigation into these products.  May be the tool we’re looking for in a complementary currency system.

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