Topic: NXTprivacy - asset that includes privacy related projects (Read 28117 times)

jl777 · « **on:** June 25, 2014, 04:16:24 am »

I am still working out the details, but my current thinking is to create a NXTprivacy asset that will hold significant portions of at least two other assets Privatebet (fully decentralized peer to peer betting) and NXTcard (anonymous debit card that can be loaded with NXT -> local fiat)

It will also develop privacyServer daemon's for people to run on their unix nodes to earn nodecoins and offer low cost privacy services for users. The goal is for each server to be able to generate enough revenues directly to cover all operating costs so that we never have to worry about not having enough ddos protected servers running NXT core. So the subscribers to the privacy servers will not only be gaining an extra level of privacy, they will also be helping the NXT network itself. It will also allow you to have unlimited encrypted chat with no additional fee over the base subscription price. I am thinking 10 NXT/month for the recommended subscription price, but maybe nodecoins or InstantDEX activity can provide credits against this.

What having a privacy server that you trust allows is to utilize a privateNXT asset, which is just a 1:1 equivalent to NXT, but since it is an asset, it has a comment field that can be used to annotate the payments. This in turn allows some clever methods to create additional privacy, especially when it all goes into the same account, even if for just a short time as NXT doesnt have the txout/txin trail going back to genesis account. privateNXT will have a market made in AE with 1% difference from NXT.

So, NXTprivacy would pass through any dividends from Privatebet and NXTcard and it will also make the spread on privateNXT. I plan on giving away the privacyServer daemons to help strengthen the NXT network and allow the sometimes underappreciated server guys a way to recoup their costs of running NXT core nodes.

MGW provides the security
InstantDEX provides the speed
NXTprivacy keeps it all private

James

jl777 · « **Reply #1 on:** June 25, 2014, 04:35:14 am »

I forgot to mention the best part about NXTprivacy, well this is a NXTmixer concept I had from way back when and it is the idea of private accounts. You register your private account with the privacyServer that you are subscribed to.

Now anybody can send NXT (or assets) to your public address, but it will end up in your private account, which nobody other than the privacyServer will know is yours. This means that if you spend funds from your private account, then nobody knows that it is you who is spending it.

One use case for all this is:
1) send NXT to your own public NXT address -> ends up funding private recv acct.
2) send NXT from private account to NXTcard -> now you can buy things online or even withdraw cash from ATM and there is no link to your public NXT address

One key point is that the privacyServers wont ever store any of your private account numbers and it certainly wont be on the blockchain. Another key point is that when zerocash (or equivalent) tech becomes open source, it can be used to enhance the privacy level to "Total Privacy"

Until then NXTprivacy will have "personal" and "business" level privacy

currently privacyServer is expected to provide:
1) secure UDP proxy for InstantDEX
2) automatic forwarding to private accounts
3) managed payment streams to standardize amounts being sent
4) unlimited fully encrypted chat and maybe even file transfer
5) TBD

James

jefdiesel · « **Reply #2 on:** June 26, 2014, 01:40:19 pm »

what! wow. when?

jl777 · « **Reply #3 on:** June 26, 2014, 01:43:37 pm »

Quote from: jefdiesel on June 26, 2014, 01:40:19 pm

what! wow. when?

when for which part?

Seems there is not so much interest in this, so maybe it will be a while, but if there is interest I can get it implemented right after InstantDEX

James

jefdiesel · « **Reply #4 on:** June 26, 2014, 01:46:41 pm »

Ha the whole thing. Mixing and NXTCard are fantastic ideas.

Whats the effort in getting anonymous reloadable debit cards? Internationally?

allbits · « **Reply #5 on:** June 26, 2014, 04:47:49 pm »

Debit card is less a technical issue. More a legal issue. What's your current thinking on this jl777?

colin012 · « **Reply #6 on:** June 26, 2014, 05:17:26 pm »

Quote from: allbits on June 26, 2014, 04:47:49 pm

Debit card is less a technical issue. More a legal issue. What's your current thinking on this jl777?

Well, a real debit card is tied to a bank account. If this is just where you put NXT onto the card, it is more like a reloadable gift card than a debit card as far as U.S. law is concerned.

jefdiesel · « **Reply #7 on:** June 26, 2014, 08:59:10 pm »

Quote from: colin012 on June 26, 2014, 05:17:26 pm

Quote from: allbits on June 26, 2014, 04:47:49 pm
Debit card is less a technical issue. More a legal issue. What's your current thinking on this jl777?

Well, a real debit card is tied to a bank account. If this is just where you put NXT onto the card, it is more like a reloadable gift card than a debit card as far as U.S. law is concerned.

Right. Where do we get these?

Sent from my HTC One using Tapatalk

jl777 · « **Reply #8 on:** June 26, 2014, 10:48:14 pm »

Still working out the details of sourcing the card. It wont be linked to any bank acct, but the fees charged will be somewhat higher

James

jl777 · « **Reply #9 on:** June 26, 2014, 10:50:15 pm »

Quote from: colin012 on June 26, 2014, 05:17:26 pm

Quote from: allbits on June 26, 2014, 04:47:49 pm
Debit card is less a technical issue. More a legal issue. What's your current thinking on this jl777?

Well, a real debit card is tied to a bank account. If this is just where you put NXT onto the card, it is more like a reloadable gift card than a debit card as far as U.S. law is concerned.

yes I think it is called "Stored value card", not sure of all the legalities. But the goal is to get a card with ~$1000 limit that can be used at most ATM's and of course stores that accept visa/mastercard, and that it remain private and not linked to bank account

Since the daily limit is small, it cant be used by the bad guys, at least not for anything significant, and it is for personal use. Personal privacy!

jl777 · « **Reply #10 on:** June 26, 2014, 10:52:25 pm »

Quote from: jefdiesel on June 26, 2014, 01:46:41 pm

Ha the whole thing. Mixing and NXTCard are fantastic ideas.

Whats the effort in getting anonymous reloadable debit cards? Internationally?

The plan is to permanently link a NXT deposit address with each card, put a sticker on the card so you never forget the number. Then just zap NXT to that account and it appears as fiat credit on the card and can be used in online purchasing, ATM cash withdraws, etc.

This will require some startup capital though, so will need to do a fund raising to make it happen. The margin will be thin as costs are already high and want to make sure it is reasonable to use.

Hope to have more details before July

James

P.S. Notice if we send a batch of 100 NXTcards to a trade show, then unless somebody tracks who gets what card, there is no way to know who is receiving funds to that address. Also there is no reason the cards cant simply physically be sent from person to person. As private as cash.

jefdiesel · « **Reply #11 on:** June 27, 2014, 03:22:08 am »

I want to help and be a part of this, but We need to determine the best jurisdiction to issue these cards. Any thoughts?

jefdiesel · « **Reply #12 on:** June 27, 2014, 03:28:25 am »

Quote from: jl777 on June 26, 2014, 10:52:25 pm

Quote from: jefdiesel on June 26, 2014, 01:46:41 pm
Ha the whole thing. Mixing and NXTCard are fantastic ideas.

Whats the effort in getting anonymous reloadable debit cards? Internationally?
The plan is to permanently link a NXT deposit address with each card, put a sticker on the card so you never forget the number. Then just zap NXT to that account and it appears as fiat credit on the card and can be used in online purchasing, ATM cash withdraws, etc.

This will require some startup capital though, so will need to do a fund raising to make it happen. The margin will be thin as costs are already high and want to make sure it is reasonable to use.

Hope to have more details before July

James

P.S. Notice if we send a batch of 100 NXTcards to a trade show, then unless somebody tracks who gets what card, there is no way to know who is receiving funds to that address. Also there is no reason the cards cant simply physically be sent from person to person. As private as cash.

Yeah Ideally they would be sold blank, in an envelope, for $5 cash to cover the cost. Your number is yours. But this requires a lot of infrastructure doesn't it?
What about fees? how could we manage this issuance?

As i see it, a "company" needs to set up, purchase, and maintain them. The users will be responsible for refilling them, and the rest is done.
There must be processing fees, and related. (or is that all the banks scamming us...) omg...

jl777 · « **Reply #13 on:** June 27, 2014, 04:12:24 am »

Quote from: jefdiesel on June 27, 2014, 03:28:25 am

Quote from: jl777 on June 26, 2014, 10:52:25 pm
Quote from: jefdiesel on June 26, 2014, 01:46:41 pm
Ha the whole thing. Mixing and NXTCard are fantastic ideas.

Whats the effort in getting anonymous reloadable debit cards? Internationally?
The plan is to permanently link a NXT deposit address with each card, put a sticker on the card so you never forget the number. Then just zap NXT to that account and it appears as fiat credit on the card and can be used in online purchasing, ATM cash withdraws, etc.

This will require some startup capital though, so will need to do a fund raising to make it happen. The margin will be thin as costs are already high and want to make sure it is reasonable to use.

Hope to have more details before July

James

P.S. Notice if we send a batch of 100 NXTcards to a trade show, then unless somebody tracks who gets what card, there is no way to know who is receiving funds to that address. Also there is no reason the cards cant simply physically be sent from person to person. As private as cash.

Yeah Ideally they would be sold blank, in an envelope, for $5 cash to cover the cost. Your number is yours. But this requires a lot of infrastructure doesn't it?
What about fees? how could we manage this issuance?

As i see it, a "company" needs to set up, purchase, and maintain them. The users will be responsible for refilling them, and the rest is done.
There must be processing fees, and related. (or is that all the banks scamming us...) omg...

I am hoping we can get the fees to 5%
The infrastructure would require generating a NXT address for each card, printing a sticker to paste onto a card and then mailing them. The NXT addresses are then scanned and when a deposit comes in, it is converted and sent to the corresponding card

NXTcard would subcontract all this to an existing company at a fixed transaction cost.
Hang tight, hope to be able to post details soon
Do you think you can help drum up interest in this?

James

jefdiesel · « **Reply #14 on:** June 27, 2014, 04:17:42 am »

I def think i can drum up interest.

Its a no brainer. and genius. I will gladly work for shares on this one.

prometheus · « **Reply #15 on:** June 27, 2014, 05:59:28 am »

Interesting, when first reading it my only thought was "a government is not going to like this!". Putting a limit on the cards negates the issue a bit

Quote

I will gladly work for shares on this one.

wish i was a tech guy! i'd do the same...

jl777 · « **Reply #16 on:** June 27, 2014, 06:04:34 am »

I have issued some assets, maybe a bit confusing but I am trying to insulate the various other assets with the nested structure.

I personally issued NXTprivacy asset #17911762572811467637 from my personal acct NXT-DE2F-W76R-GL25-HMFPR

I then created an acct for NXTprivacy NXT-KKNV-8EPK-W2S4-96VTK and it will issue NXTcard, Privatebet and privateNXT. If I come up with any more privacy related projects, NXTprivacy will be the asset that it will be put into.

NXTprivacy will make a market in privateNXT at a 1% spread. jl777 hodl will get its 10% slices from NXTprivacy, NXTcard and Privatebet and NXTventure will get bigger chunks.

Simple isnt it

privateNXT 8149788036721522865
Privatebet 17083334802666450484
NXTcard TBD

Any dividends NXTprivacy gets from the assets it owns, will be redistributed to its asset holders.
So with its current >50% ownership of Privatebet, that means NXTprivacy will get the majority of the dividends from Privatebet. Clearly an investment in NXTprivacy will have a significant component from Privatebet, but NXTprivacy also will get NXTcard dividends and will be creating the privacyServer software to help people who host servers. I want to make it so that we dont have to keep subsidizing the servers and privacyServer will hopefully create a way for people to fully pay for a NXT node, maybe even make a little bit of money if they have a lot of subscribers

Of course, all these services will be integrated with MGW and InstantDEX as much as possible so the other services benefit from the privacy and the NXTprivacy benefits from the speed and security.

I expect Privatebet to be much more of a pureplay moneymaker as betting is quite popular and being able to bet privately should have a significant market. However, NXTprivacy is more of a community spirit asset as providing NXTcard and privacyServer is definitely a benefit to the overall community. I tried to make it so that NXTprivacy will get enough profits from its Privatebet ownership to make NXTprivacy an attractive investment.

James

KyLin · « **Reply #17 on:** July 02, 2014, 03:44:51 am »

When did you start trading NXTprivacy

jl777 · « **Reply #18 on:** July 02, 2014, 03:34:33 pm »

Quote from: KyLin on July 02, 2014, 03:44:51 am

When did you start trading NXTprivacy

Currently it is only private sales

P2PGuy · « **Reply #19 on:** July 03, 2014, 01:29:20 pm »

I made this quick NXTcard design / visualisation as a Payment Terminal for presentations.

The Payment Terminal is on the market from http://Coinkite.com accepting BTC/LTC and other wallets & QR's. They are up in Canada, eh. Perhaps someone can be in contact with them about accepting NXT or the NXTcard? Anyone in that timezone?

The other cool system is the pocket sized payment terminal from http://squareup.com, but it's only limited to some countries at the moment and only works with major credit cards. Perhaps there could deb a NXT free device that reads the chip on the NXTcard. Any further thoughts?

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Author Topic: NXTprivacy - asset that includes privacy related projects (Read 28117 times)