[TMP] Huge update - too many changes & features to list!

Hi all,

The Marketplace has recently released a slew of updates targeted at decreasing the learning curve for new users. We feel that Multi Sig is an important tool and it is up to providers like The Marketplace, not customers, to make this transition bearable and to keep innovating.

Our recent break has given us a new passion for TMP and we have listened to our users concerns. We know that many users have wished to try The Marketplace but have been scared that their funds may be lost due to the complexity of multi sig and we feel that our continued innovations have made this now impossible.

For customers:

A large complaint from users is recording transaction ids.

Automatic transaction recording

We have now implemented an internal transaction recorder which automatically detects new transactions and records the transaction details. To pay for your order, you are now simply required to send funds to your multisig escrow address and your order page will instantly update to let you know the transaction was recorded when your payment is received, no need to click buttons or reload the page. It's almost easier than a traditional centralized marketplace with all the benefits of provable multi sig security to boot!

Updated UI & improved vendor search

Our new UI is also cleaner and easier to navigate, with fully responsive design that works even for small screen sizes. We have implemented changes to our search to recognize common variations of a vendors name so users searching for a specific vendor will be sent to their shop immediately.

For vendors:

A key concern for vendors is loss of their private keys or transactions going unredeemed when The Marketplace is seized.

Wallet Management

To alleviate one of these concerns, we have implemented BIP32 and Electrum Deterministic address generation using Master Public Keys. Vendors must now only record a single master public key and The Marketplace will automatically generate a new deterministic address for every transaction, this removes the complexity of vendors wallet management which many vendors have complained about.

Time locked transactions

Another key concern is the ability to redeem transactions should The Marketplace be seized. Many vendors worry about their ability to redeem transactions because they cannot reach customers or private keys are lost. We have now released the first ever (clearnet & darknet) Time locked transaction implementation (see https://en.bitcoin.it/wiki/NLockTime). Time locked transactions are specially crafted transactions which are not valid till a specific date or block.

This feature of the Bitcoin Protocol allows The Marketplace to provide verified vendors with a special transaction when they ship orders which is not valid for 2 months (sequence 0). This allows the vendor to know that upon shipping a product, they will be able to claim their payments if The Marketplace is seized in that time, albeit some months later. By utilizing the Bitcoin protocol, we are removing the need to trust third parties to help claim payments in the future and makes us the first marketplace to provide provable dead man switches in preparation for any seizure attempts.

Many users will say that The Marketplace is one of the hardest to use marketplaces and will thus stay away, we have listened to all their concerns and feedback and we think it's now one of the easiest!

Schultz

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Source: http://43y5mwjvhxd6zf7v.onion/forum/index.php?topic=971.msg5623#new


Comments


[7 Points] whothehoe:

Why is there a warning next to TMP on the sidebar? Weren't the admins MIA for a good while?


[3 Points] sharpshooter789:

Awesome work. Hopefully some new vendors will decide to join.


[3 Points] 13tom13:

awesome hopefully the warning next your name will go away as soon as the mods see you are taking care of your market again.


[2 Points] wholyfuckoloy:

Glad you moved to tor, i2p was one of the main reasons i left tmp, also lack of customer service. The timelock feature is really neat, this lays to waste the whole market crash fear.

The biggest hurdle tmp and multisig in general have with customer adoption is first lack of vendors, which hopefully these updates will help alleviate, however you will have to start bringing in vendors before customers will come, that means waiving bonds for established vendors, actively offering them invites, maybe incentives (no % for first $$$$ in sales), just try to fill it up so customers dont see a ghost town when they log in.

The whole escrow agents should in theory makes multisig invisible to customers, however i think the agents thing is just another hurdle for people to learn and most people will only make themselves learn to the point they can get what they wants which is why centralized markets get all the business. I think you need to go a step farther and upon account creation offer them three options, like a safety<->ease slider that helps them see the difference between options, let them select one and have an option for helpboxes to appear along the ordering process.

This way the ordering process will be configured to the users needs instead of leaving it up to them to seek out how to do it a certain way. Really the biggest thing is vendors, you need to get them and retain them long enough to get customers to buy from them.


[2 Points] kkkkbbbbbo:

Why did the mods delete that reply that had all the suggestions for helping people use TMP???? It was just here

edit: Found it in my history, mods are not getting kickbacks from TMP not sure why they are beating down on users though

Glad you moved to tor, i2p was one of the main reasons i left tmp, also lack of customer service. The timelock feature is really neat, this lays to waste the whole market crash fear.

The biggest hurdle tmp and multisig in general have with customer adoption is first lack of vendors, which hopefully these updates will help alleviate, however you will have to start bringing in vendors before customers will come, that means waiving bonds for established vendors, actively offering them invites, maybe incentives (no % for first $$$$ in sales), just try to fill it up so customers dont see a ghost town when they log in.

The whole escrow agents should in theory makes multisig invisible to customers, however i think the agents thing is just another hurdle for people to learn and most people will only make themselves learn to the point they can get what they wants which is why centralized markets get all the business. I think you need to go a step farther and upon account creation offer them three options, like a safety<->ease slider that helps them see the difference between options, let them select one and have an option for helpboxes to appear along the ordering process.

Easy - 2of2 escrow, works just like traditional escrow, when you place an order send your coins to the address shown. Does not come with 3rd party mediator in case of dispute.

Safe - 2of3 escrow, send your coins directly from your electrum wallet, TMP can mediate in case of dispute. Requires downloading and storing an electrum wallet.

Easy/Safe - Use a multisig escrow agent, this knowledgeable escrow agent will handle the transaction on your behalf for a small commission. Full benefits of multisig escrow without having to install or manage a wallet.

This way the ordering process will be configured to the users needs instead of leaving it up to them to seek out how to do it a certain way. Really the biggest thing is vendors, you need to get them and retain them long enough to get customers to buy from them.


[2 Points] gwern:

This feature of the Bitcoin Protocol allows The Marketplace to provide verified vendors with a special transaction when they ship orders which is not valid for 2 months (sequence 0). This allows the vendor to know that upon shipping a product, they will be able to claim their payments if The Marketplace is seized in that time, albeit some months later. By utilizing the Bitcoin protocol, we are removing the need to trust third parties to help claim payments in the future and makes us the first marketplace to provide provable dead man switches in preparation for any seizure attempts.

Very interesting. But if I'm understanding it right, why doesn't TMP simply issue all its time-locked transactions into the Bitcoin network automatically?


[0 Points] Trappy_Pandora:

BudCentral is going to love this.