Wishlist: Ether address / balance verifiability, linked to bitcoin blockchain.

nejucomonejucomo Member Posts: 40
I just noticed this criticism of the legal terms:

I understand why the Ethereum team would have such a stipulation. However, as a potential purchaser, I would feel more comfortable if I knew that *even if* the Ethereum *organization* fails, the record of the presale will be fully verifiable. This would allow, for example, forks to launch with the same key distribution in the event that the org fails.

Can anyone comment on whether or not the Ether address balances are verifiable and explain how to verify them? If they are not publicly verifiable, does the purchaser receive something which they can reveal publicly to prove the amount of their purchase?

Comments

  • nejucomonejucomo Member Posts: 40
    Note: The second kind of verifiability may be preferable for privacy reasons.
  • JosephLubinJosephLubin Member Posts: 5
    All ether purchases are public on the Bitcoin blockchain. In the event that it becomes necessary or useful to prove that you made a purchase you can do so by signing something with your BTC private key corresponding to the BTC address that you sent from to the unique BTC address that we generated for you.

    Also, we are working on a utility that will enable you to check your ETH balance.
  • nejucomonejucomo Member Posts: 40
    Ok, let me see if I understand this correctly: Anyone who purchased ether at the presale may choose, at their discretion to publish a message signed by the BTC private key which they used for purchase. That message could include their Ether address (or anything else, for that matter), and the relative balances of all presale participants is available on the Bitcoin blockchain.

    So I think that satisfies my needs. In a scenario where the org collapses (or someone wants to launch an alt with the same presale distribution), they can take the codebase and announce that presale participants can provide a proof-of-ownership of ether if they want to transfer that to the new system.

    In my opinion, this is an important factor in deciding on a purchase. I'm quite pleased with how transparent Ethereum has been on this process.
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