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Alternative ways to buy/sell Bitcoin
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Valentine Offline
Kingfisher
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Post: #11
RE: Alternative ways to buy/sell Bitcoin
LocalEthereum is now open for registration (by the way that's a referral link that gives both of us free credit, simply remove the rest of the URL if you don't want that).

It's basically a decentralised LocalBitcoins (smart contract-based) which also uses uses end-to-end encryption to keep all transactions private between you and the seller.

Quote:Crypto in your browser

When users make an account, although they only enter a username and password, the password is never actually uploaded — it’s only used as the passphrase to unlock the securely generated 256-bit account key. To prevent brute-force attacks, the password is first “stretched” thoroughly using PBKDF2 to derive something much safer, and encrypted private keys are protected by two-factor authentication.

The cryptography behind localethereum’s messages is adapted from Open Whisper System’s Signal Protocol, which is a trusted open source standard endorsed by Edward Snowden and used by Whatsapp, Facebook and Google Allo.

Each trade is protected by end-to-end encryption using a shared secret key that never touches the Internet. The way this works is through an asynchronous key exchange protocol called Elliptic curve Diffie–Hellman (ECDH) which allows users to derive the same shared secret using one party’s private key and the other’s public key.

So that the secret keys are fully disposable (and so localethereum has perfect forward secrecy), the ECDH agreement uses one-time temporary keys called a pre-keys, that have been generated and signed in advance. For more on this, check out Open Whisper Systems’ “Forward Secrecy for Asynchronous Messages”.

In the case of a dispute, any party can volunteer the secret key to a trusted arbitrator, who’ll then be able to decrypt the past messages and work with both parties to make a fair decision. In ordinary trades, the secret key is erased — effectively erasing the message history forever.

All ether that is used on localethereum is stored in a wallet that is derived from the user’s offline private key. Trades are completely peer-to-peer and ether is sent directly from user to user. This means that no one (not even our staff) can touch your ether nor read your messages.

As the ethereum ecosystem matures, localethereum plans to move the remaining parts of the system into the decentralized web. Our entire website will be hosted on ethereum’s swarm to ensure zero downtime and perfect security. Arbitrators will be selected via a smart contract, which means anyone will be able to work for localethereum, making it an unstoppable decentralized autonomous organization.
(This post was last modified: 09-24-2017 02:13 PM by Valentine.)
09-24-2017 02:09 PM
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RE: Alternative ways to buy/sell Bitcoin - Valentine - 09-24-2017 02:09 PM

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