Open-Transactions

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Revision as of 20:44, 23 June 2012 by Nad (talk | contribs) (→‎Plans for incorporating Bitcoin)

The Expulsion From The Temple.jpg

  • Open-Transactions allows users to issue and manipulate digital assets. Users may create pseudonyms (public keys), issue currencies, and create asset accounts. Users can transfer digital assets securely between accounts (even a server cannot change balances or forge transactions.) Users can also operate "cash-only" (without accounts) for maximum anonymity.
  • Open-Transactions supports a range of financial instruments, such as cheques, vouchers, and untraceable digital cash. These are all analogous to the same financial instruments that we all use at normal banks today.
  • 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. OT also supports basket currencies.
  • 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, just to prove their story in the event of a dispute. (Any system where parties cannot "prove their story" will eventually break down and fail.) Thankfully, this is not a problem in Open-Transactions, which proves everything using only the last signed receipt.
  • NEW: Smart Contracts (scriptable clauses.)
  • NEW: Client-side scripting, with full access to the OT Client API.

The real beauty of Open-Transactions is the as-yet-unwritten future of new ideas that you can build with it, and the future liberty and security of your children that you can help to protect by doing so, in a very real and tangible way.

Features: Untraceable digital cash, destruction of account history, Ricardian Contracts, a large variety of financial instruments, Smart Contracts (scriptable clauses), Markets, Basket currencies, unforgeable account balances, and more.

News & Radio

Ripple

Ripple is a concept that can replace the federated server model. more soon...

Resources

Plans for incorporating Bitcoin

Bitcoin is special because there is no central issuer. As a result, it will operate as a glue between OT servers, with users converting to BTC (on OT markets), taking the BTC to another server, and converting back again. Bitcoins are thus the "Universal Medium" and good wallet software for OT will probably have Bitcoin client software built it, along with the ability to convert in and out easily from real Bitcoins into OT accounts backed in BTC.

Decentralisation

Smart contracts

Open-Transactions has recently had smart contracts implemented, using the ChaiScript scripting language which embeds into C++.

See also

Info.svg This category contains articles for each of the free software we use as part of the Organic Design system. For a more complete list of free software, see our local list, the Free Software Directory, List of free software packages or List of free software project directories.


See also the Free software brochure :-)

See also

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