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Examples of How to use Phased Transactions (Multi-Sig on Steroids) in NXT ?
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Author Topic: Examples of How to use Phased Transactions (Multi-Sig on Steroids) in NXT ?  (Read 11215 times)

box1413

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Been trying to mess with the phased transactions and it would be great if we can come up with a list of real life examples of how each one can be used. Currently its quite confusing to use some of the features of Phased Transactions.


- What is "referenced transaction hash"?


Also noticed there is a new By Linked Transactions -- I'm not exactly sure how that works.



Lets compile a list of real life examples and then update the wiki with it. http://wiki.nxtcrypto.org/wiki/Phasing

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mystcoin

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- What is "referenced transaction hash"?
This is not a phasing feature. It can be used with Escrow Operations.
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Sebastien256

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Protection from Quantum computing.

Quote from me supernet slack.
Quote
is'nt cfb said Nxt could be made QC resistant?

Quote from cfb supernet slack.
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This requires to add 2FA for every transaction, which roughly doubles number of transactions. This is not very convenient, a solution that uses QC-immune cryptography from the start is better.
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Cassius

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Is it possible to use this as a simple multi-sig account? From what I can see, you can't apply it to an account, only individual transactions to which conditions are added.
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Sebastien256

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I think it require account control, which should be available in NRS 1.6.
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mystcoin

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Also noticed there is a new By Linked Transactions -- I'm not exactly sure how that works.



This image has the second graphic tabbed, which corresponds to the None voting model. The By Linked Transactions voting model corresponds to the seventh graphic (thumb up). Follow the links for detailed instructions. Also, refer to the Create Phasing Poll API.
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barbierir

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Is it possible to use this as a simple multi-sig account? From what I can see, you can't apply it to an account, only individual transactions to which conditions are added.

I think it require account control, which should be available in NRS 1.6.

It seems that in 1.6 it will be possible to apply it to a whole account, so you can have a "main" account to create transactions and then a second "approval" account in another device, like a smartphone, and use it to confirm. Maybe even a third device/account for the paranoids.
That would be a combination of security and ease of use absolutely unmatched in crypto.


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Damelon

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Is it possible to use this as a simple multi-sig account? From what I can see, you can't apply it to an account, only individual transactions to which conditions are added.

I think it require account control, which should be available in NRS 1.6.

It seems that in 1.6 it will be possible to apply it to a whole account, so you can have a "main" account to create transactions and then a second "approval" account in another device, like a smartphone, and use it to confirm. Maybe even a third device/account for the paranoids.
That would be a combination of security and ease of use absolutely unmatched in crypto.

Could the Core devs (or ChuckOne) comment on this?
It's something that would be good to know.
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Jean-Luc

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The features planned for the next hard fork are coin shuffling, account control for phased transactions (which makes an account only allowed to submit phased transactions, requiring the approval of one or more other accounts), and 2FA using hash chains (using one-time hashcodes to approve each account transaction).

This release will however be called 1.7, because in the meantime we are preparing another major release which must be numbered 1.6, upgrade to which will be optional and will not require a hard fork. The main features that will go into this 1.6 release are account ledger (you will finally be able to see the received dividend payments in the client), peer services (being able to fetch expired prunable data from peers that archive them), and asset deletion (which until the 1.7 hardfork will still use an asset transfer transaction internally, to be compatible with 1.5 nodes).
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bitcoinpaul

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The features planned for the next hard fork are coin shuffling, account control for phased transactions (which makes an account only allowed to submit phased transactions, requiring the approval of one or more other accounts), and 2FA using hash chains (using one-time hashcodes to approve each account transaction).

This release will however be called 1.7, because in the meantime we are preparing another major release which must be numbered 1.6, upgrade to which will be optional and will not require a hard fork. The main features that will go into this 1.6 release are account ledger (you will finally be able to see the received dividend payments in the client), peer services (being able to fetch expired prunable data from peers that archive them), and asset deletion (which until the 1.7 hardfork will still use an asset transfer transaction internally, to be compatible with 1.5 nodes).

Bravo!
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valarmg

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The features planned for the next hard fork are coin shuffling, account control for phased transactions (which makes an account only allowed to submit phased transactions, requiring the approval of one or more other accounts), and 2FA using hash chains (using one-time hashcodes to approve each account transaction).

This release will however be called 1.7, because in the meantime we are preparing another major release which must be numbered 1.6, upgrade to which will be optional and will not require a hard fork. The main features that will go into this 1.6 release are account ledger (you will finally be able to see the received dividend payments in the client), peer services (being able to fetch expired prunable data from peers that archive them), and asset deletion (which until the 1.7 hardfork will still use an asset transfer transaction internally, to be compatible with 1.5 nodes).

Wow, great work.
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KarlKarlsson

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The features planned for the next hard fork are coin shuffling, account control for phased transactions (which makes an account only allowed to submit phased transactions, requiring the approval of one or more other accounts), and 2FA using hash chains (using one-time hashcodes to approve each account transaction).

This release will however be called 1.7, because in the meantime we are preparing another major release which must be numbered 1.6, upgrade to which will be optional and will not require a hard fork. The main features that will go into this 1.6 release are account ledger (you will finally be able to see the received dividend payments in the client), peer services (being able to fetch expired prunable data from peers that archive them), and asset deletion (which until the 1.7 hardfork will still use an asset transfer transaction internally, to be compatible with 1.5 nodes).
Awesome!
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ThomasVeil

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Neat set of features!  :)

and asset deletion (which until the 1.7 hardfork will still use an asset transfer transaction internally, to be compatible with 1.5 nodes).

Is there documentation on this? Must the 'deleter' own all assets?
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Jimmy2011

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The features planned for the next hard fork are coin shuffling, account control for phased transactions (which makes an account only allowed to submit phased transactions, requiring the approval of one or more other accounts), and 2FA using hash chains (using one-time hashcodes to approve each account transaction).

This release will however be called 1.7, because in the meantime we are preparing another major release which must be numbered 1.6, upgrade to which will be optional and will not require a hard fork. The main features that will go into this 1.6 release are account ledger (you will finally be able to see the received dividend payments in the client), peer services (being able to fetch expired prunable data from peers that archive them), and asset deletion (which until the 1.7 hardfork will still use an asset transfer transaction internally, to be compatible with 1.5 nodes).

Great work. Thank you Jean-Luc.

BTW, is it possible that the direct trade/exchange between MSCoin_1 and MSCoin_2, or between Asset_1 and Asset_2 can be executed? It seems it is not possible at the present system. Will it be possible in the future Nxt system?


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qq2536007339

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The features planned for the next hard fork are coin shuffling, account control for phased transactions (which makes an account only allowed to submit phased transactions, requiring the approval of one or more other accounts), and 2FA using hash chains (using one-time hashcodes to approve each account transaction).

This release will however be called 1.7, because in the meantime we are preparing another major release which must be numbered 1.6, upgrade to which will be optional and will not require a hard fork. The main features that will go into this 1.6 release are account ledger (you will finally be able to see the received dividend payments in the client), peer services (being able to fetch expired prunable data from peers that archive them), and asset deletion (which until the 1.7 hardfork will still use an asset transfer transaction internally, to be compatible with 1.5 nodes).

Great work. Thank you Jean-Luc.

BTW, is it possible that the direct trade/exchange between MSCoin_1 and MSCoin_2, or between Asset_1 and Asset_2 can be executed? It seems it is not possible at the present system. Will it be possible in the future Nxt system?

Ye,I want that too.
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yassin54

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BTW, is it possible that the direct trade/exchange between MSCoin_1 and MSCoin_2, or between Asset_1 and Asset_2 can be executed? It seems it is not possible at the present system. Will it be possible in the future Nxt system?
Nice idea!  :)

ScripterRon

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Neat set of features!  :)

and asset deletion (which until the 1.7 hardfork will still use an asset transfer transaction internally, to be compatible with 1.5 nodes).

Is there documentation on this? Must the 'deleter' own all assets?
You delete asset shares that you own and this decreases the total number of shares for the asset.  The shares owned by other users are not affected.
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abctc

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The features planned for the next hard fork are coin shuffling, account control for phased transactions (which makes an account only allowed to submit phased transactions, requiring the approval of one or more other accounts), and 2FA using hash chains (using one-time hashcodes to approve each account transaction).

This release will however be called 1.7, because in the meantime we are preparing another major release which must be numbered 1.6, upgrade to which will be optional and will not require a hard fork. The main features that will go into this 1.6 release are account ledger (you will finally be able to see the received dividend payments in the client), peer services (being able to fetch expired prunable data from peers that archive them), and asset deletion (which until the 1.7 hardfork will still use an asset transfer transaction internally, to be compatible with 1.5 nodes).
- translated and shared here: https://bitcointalk.org/index.php?topic=345882.msg12086548#msg12086548
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Jushe

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Yay! Am Excited!
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jabo38

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The features planned for the next hard fork are coin shuffling, account control for phased transactions (which makes an account only allowed to submit phased transactions, requiring the approval of one or more other accounts), and 2FA using hash chains (using one-time hashcodes to approve each account transaction).

This release will however be called 1.7, because in the meantime we are preparing another major release which must be numbered 1.6, upgrade to which will be optional and will not require a hard fork. The main features that will go into this 1.6 release are account ledger (you will finally be able to see the received dividend payments in the client), peer services (being able to fetch expired prunable data from peers that archive them), and asset deletion (which until the 1.7 hardfork will still use an asset transfer transaction internally, to be compatible with 1.5 nodes).

Wow, that is a pretty impressive list for 1.7 and will really help out NXT. 

In the past I had been a bit frustrated because people kept on calling two-phased transactions "multisig" which it isn't and it definitely isn't multsig on steroids. I know because I had a conversation with Kushti as he was building it and I was testing it.  Two-phased transactions is a much better name and to me it was more like voting for transactions.  Some people think that multisig = voting for transactions, and that is a part of it, but just one part. 

Let me clarify less I get even more negative karma. hahaha.  The whole point of multisig and the reason it was introduced in Bitcoin and other crypto was as a security protocol.  That if somebody compromised your private key, then you assets would be safe.  In two-phased transactions, that is not the case at all.  If somebody gets your pass phrase, then your assets are gone, simple as that.  And the whole voting on two-phased transactions is really only symbolic in nature and not real voting as the person that holds that passphrase can just send the transaction independently if they desire in the case the voting on two-phased transactions fails.  So 1) it doesn't stop somebody from pirating an account, and 2) even when a vote fails it doesn't stop a person from making the transaction anywhere.  So like I said, it isn't real multisig and it most definitely isn't multisig on steroids. 

That said, if JL can indeed find a way to lock an account into two-phased transactions all the time (and he almost always does was he says), then yes, now he has figured out a way to give security to an account, so that even if a private key is compromised, the assets are safe.  And if a vote on a transaction fails, then there is no way to override it. 

This is a very nice work around and I have to say is a great way to integrate real multisig and a nice security protocol onto the NXT platform. 

My question to JL is this.  Right now in two-phased transactions when I am making a transaction, I set the parameters each time.  If that will still be the case in the future and an account is compromised, what is to stop them from changing the the voting component from an aspect the bad actor does not control (legitimate cosigners) to making a transaction where the voting on the transaction is done by the bad actor's sock puppets?

To me that would mean not only just locking an account into always having to make two-phased transactions, but the same type of two-phased transaction with the same parameters.  Or am I missing something?
« Last Edit: August 10, 2015, 05:25:38 am by jabo38 »
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