MultiSig escrow explained for TOM, comic style presentation.
on TOR: http://tom3j5jkjl7327oc.onion/docs/multisig-presentation.html
on the clearnet: http://theonionmarket.org/multisig-presentation.html
[3 Points] blackhand25:
For those of you who wisely don't want to enable scripts to view this:
Alice is searching for a joints on TOM
Then she finds a nice offer and decides to order it.
On her offline system Alice has a copy of the brainwallet.org site, she uses it to generate a BTC keypair.
Then she stores the keypair on a USB stick in a textfile, and opens it on her laptop.
Then Alice starts the order process, she finds the purchase panel on the page of the item she wants // She selects MultiSig as Escrow Type.
She copy-pastes the public key from the USB Stick to the field 'multisig-public-key'...
Alice is done...//Bob, the seller is notified by TOM that there is a new order.
He verifies the order and decides to approve it
On a USB stick Bob has a list with BTC-keypairs he generated earlier. // On the accept-form he copy-pastes a public key and fills in his BTC-address for profits
TOM now generates a MultiSig-address and notifies Alice with a instruction how to continue.
The instruction tells her to deposit the price of the item to the MultiSig address.
She logs in on her private BTC wallet and transfers the BTC amount.
The server notifies Bob that the money is deposit.
Bob sents out the package. // And marks the item sent in TOM, TOM notifies Alice that the Item is sent.
Alice has mail! She received a package. // She received the joints!
To finalize the deal, she needs to provide TOM with the private key she generated earlier. // TOM needs this key to transfer the BTC amount on the MultiSig address to Bob's profits address.
Bob receives the BTC's on his profits address. // TOM takes 3% as a fee.
Why use MultiSig Escrow?
...because...
if anything bad happens to TOM...
...it gets seized, hacked, or the server explodes...
Buyers and sellers still can redeem the Escrow BTCs.
Be safe, use TOM's MultiSig escrow.
the end, support.
[1 Points] tom_team:
I've put it on the clearnet as well now:
http://theonionmarket.org/multisig-presentation.html
For those of you who wisely don't want to enable scripts to view this:
Alice is searching for a joints on TOM
Then she finds a nice offer and decides to order it.
On her offline system Alice has a copy of the brainwallet.org site, she uses it to generate a BTC keypair.
Then she stores the keypair on a USB stick in a textfile, and opens it on her laptop.
Then Alice starts the order process, she finds the purchase panel on the page of the item she wants // She selects MultiSig as Escrow Type.
She copy-pastes the public key from the USB Stick to the field 'multisig-public-key'...
Alice is done...//Bob, the seller is notified by TOM that there is a new order.
He verifies the order and decides to approve it
On a USB stick Bob has a list with BTC-keypairs he generated earlier. // On the accept-form he copy-pastes a public key and fills in his BTC-address for profits
TOM now generates a MultiSig-address and notifies Alice with a instruction how to continue.
The instruction tells her to deposit the price of the item to the MultiSig address.
She logs in on her private BTC wallet and transfers the BTC amount.
The server notifies Bob that the money is deposit.
Bob sents out the package. // And marks the item sent in TOM, TOM notifies Alice that the Item is sent.
Alice has mail! She received a package. // She received the joints!
To finalize the deal, she needs to provide TOM with the private key she generated earlier. // TOM needs this key to transfer the BTC amount on the MultiSig address to Bob's profits address.
Bob receives the BTC's on his profits address. // TOM takes 3% as a fee.
Why use MultiSig Escrow?
...because...
if anything bad happens to TOM...
...it gets seized, hacked, or the server explodes...
Buyers and sellers still can redeem the Escrow BTCs.
Be safe, use TOM's MultiSig escrow.
the end, support.