Proposal for Local Dark Market Build on Bitcoin Blockchain Circulates on . . .

Proposal for Local Dark Market Build on Bitcoin Blockchain Circulates on . . .

Bitcoin Aware | Aritcles | Proposal for Local Dark Market Build on Bitcoin Blockchain Circulates on . . . For the past couple of days, a proposal for a new kind of fully decentralized and potentially anonymous digital dark market has been circulating the Cryptography mailing list the mailing list used by Satoshi Nakamoto to first publish the Bitcoin white paper. Although this decentralized market place, which goes by the name of Drop Zone, is not the first of its kind, what mainly distinguishes Drop Zone from potential competitors is that it is built directly on top of Bitcoin’s blockchain.
Drop Zone
The Drop Zone white paper proposes a protocol and reference client, which enables a potential seller of goods to encode the rough location and a brief description of these goods onto Bitcoin’s Blockchain, using predesigned communication techniques such as OP_RETURN, OP_CHECKSIG, and OP_CHECKMULTISIG. Once a potential buyer using the same reference client finds an item in his area he is interested to buy, a deal can be made by having the buyer send a payment to theВ  seller’s BTC address. The seller then sends GPS coordinates of the item to the buyer, including a small note explaining where to find it (for example: Check in the crevice of the treeв). Additionally, Drop Zone has a build in reputation system, which at least in theory helps the buyer to establish a reputation as a trusted vendor. Although Drop Zone could effectively be used to conduct any sort of trade, the white paper suggests it would be particularly useful for illegal goods – whatever these may be in the specific jurisdiction. The white paper uses bibles as examples, which are banned in dozens of countries, and were frequently traded on Silk Road. The author of the white paper, who goes by the alias Miracle Max, explains:

вIt is an obvious outcome of the Drop Zone protocol that the enforcement of contraband restrictions will become increasingly difficult. [. ] The solution is akin to that of Craigslist. org or Uber, but is distributed and as such provi . . . cointelegraph. com/news/113837/local-dark-market-build-proposal-on-bitcoin-blockchain-circulates-on-satoshis-mailing-list