[bisq-network/proposals] Improve BSQ accessibility through OTC market and bonded reputation (#308)

chimp1984 notifications at github.com
Thu Feb 11 05:41:48 CET 2021


FYI There are 2 DAO features which might be useful for any off-chain / OTC experiments.
1. Bonds
2. Proof of burn 

Beside the defined Bisq DAO bonded roles there is bonded reputation which can be used arbitrarily. 
You can define a salt which is a preimage for the hash which will get added in the opReturn. This can be used as a one-time secret (nobody can derive the preimage from the hash). Once you have shared it with anyone it has lost its secuirty as you cannot guarantee that the other one is not sharing it further. The salt has to be a hex string, I dont remember why that was made a requirement but you could convert any string into that hex.
There is no signature tool implemented in the UI but it could be added as well if there is a strong use case for it, that would be more useful. The lock time and the amount can be defined by  the user.

<img width="1235" alt="Screen Shot 2021-02-10 at 23 30 20" src="https://user-images.githubusercontent.com/54558767/107602684-61b14100-6bf8-11eb-9450-2930d294d46d.png">

There are quite some bonded reputation and some with quite long unlock time, so it seems some people have found some use case for it.

<img width="1219" alt="Screen Shot 2021-02-10 at 23 30 32" src="https://user-images.githubusercontent.com/54558767/107602686-62e26e00-6bf8-11eb-8d80-8d93b8015634.png">

The other feature is the Proof of burn.
Here the BSQ is burned and could be used to create reputation. If you have invested 1000 USD in burning BSQ and bind your online ID to that you will take care not to damage that reputation as then your investment has no value anymore. 
It is not that attractive to most people as the funds are gone (to the DAO) but I think it has even stronger security properties as there is no "long con" possible.
It comes with the preimage-> hash feature but the preimage can be any string. Additionally you can sign any messages and the peer can verify it in Bisq:
<img width="1493" alt="Screen Shot 2021-02-10 at 23 38 19" src="https://user-images.githubusercontent.com/54558767/107602918-25321500-6bf9-11eb-9c1c-e264b9989cf5.png">
<img width="740" alt="Screen Shot 2021-02-10 at 23 38 34" src="https://user-images.githubusercontent.com/54558767/107602920-26634200-6bf9-11eb-8cc4-e59017b8e8fc.png">
<img width="767" alt="Screen Shot 2021-02-10 at 23 38 46" src="https://user-images.githubusercontent.com/54558767/107602923-27946f00-6bf9-11eb-9422-49be681b7b96.png">


The reason why I share that all is because I have the feeling that those OTC experiments might help us to get to the off-chain trade protocol (which was based on BSQ bonds). If we can solve in a simple low-tech version the conceptual challenges we might get a step closer to be able to implement it.

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