Solving the issue of third party trust for decentralised currencies - MetaLair
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Blockchain currencies like Bitcoin present both opportunities and risks for users. While over 200,000 retailers now accept Bitcoin, issues with loss of confidence in currency exchanges remain. A proposed solution is a decentralized currency exchange that allows for direct, trustless transactions between parties using blockchain technology to securely confirm exchanges without the possibility of fraud. This new exchange called MetaLair aims to be the first to enable direct and trustless exchange of different cryptocurrencies based on years of research by experts in security and financial systems.
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Solving the issue of third party trust for decentralised currencies - MetaLair
- 1. How would you feel if your life’s savings disappeared?
- 2. Blockchain currencies are here to stay • Bitcoin is a highly disruptive blockchain currency • 200,000 retailers already accept Bitcoin
- 3. The Problem with blockchain currencies • Blockchain currency exchange is flawed • Loss of confidence
- 4. The Solution Decentralised currency exchange • ‘Trustless’ • No fraud possible • Secure How? • Exchange is direct • This exchange is, itself, a blockchain • Transaction confirmation is water tight
- 5. Why MetaLair? No decentralised exchanges to date have allowed direct and trustless exchange of currencies Implementation based on 2 years of research Johnathan Turrall, recognised security expert (MoD, BAE Systems, finance industry) Kerry Fraser-Robinson, expert in financial systems and economics Reviewed by academics and industry experts Currently in development
- 6. Want to know more? Contact Johnathan Turrall info@metalair.com Tel: 07979 363 040
Editor's Notes
- How would you feel if .... if you could never afford a house, (ii) if you bought a car but never got to drive it (iii) if you spent holiday of a lifetime sitting at home, (iv) if your savings disappeared? This does not happen today generally, but it could happen to you in the future. Let me explain.
- Blockchain currencies are here to stay. Bitcoin is already a highly disruptive decentralised currency. Currently 200,000 retailers accept Bitcoin (globally). But blockchain currencies are not without controversy.
- Exchange from one currency to another is a flawed process. Regularly suffer DDOS attacks, locking users out of the exchange for days at a time Owners of cryptocurrency have lost money where trust in a third party was involved. Potential gains from these types of attack are so attractive that they are quite common, with millions of Dollars' worth of funds stolen in the first two months of this year alone. Exchanges are the weakest link in the ecosystem as they undermine the very benefits that blockchain currencies bring: -Decentralisation -Removal of trust in third parties -Absolute ownership of money Exchanges have gone bust taking users money: O MTGOX: $700 million O BitStamp $5.1 million O Vircurex: $3.6 million The loss of confidence is now stopping the use of bockchain currencies taking off.
- Solution is a decentralised exchange. This is badly needed Many regard a decentralised exchange as the next major milestone in the global adoption of blockchain currencies. Benefits Trustless: trust in third parties not required Users can exchange their currencies directly with one another Decentralised: no one is in charge Secure: money is not stored in a centralised location This means that Direct exchange Exchange is a blockchain Because it is a blockchain, it is watertight
- Many have tried, no one else has completely solved this problem 2 years research into solving the security issues by computer security expert, Johnathan Turrall, JT has worked with a number of prestigious institutions such as Lockheed Martin, BAE Systems, General Dynamics and the British MoD. JT advised on network and security issues to defence and the emergency services. Solution has been studied by a number of academics and industry experts, who have stated that they believe that it will work as intended and will solve the severe problem of trust that hinders access to and use of cryptocurrencies. Currently under development Input and funding sought.
- Johnathan is at the back of room if you would like to talk to him afterwards.