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Thinking about PolySign...


ADingoAteMyXRP
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We’ve heard recently that PolySign — Ripple’s spin-off custody solution — may come out of hiding later this year. With that in mind, I thought it might be worthwhile to think about what kind of creative custody solutions the team may have arrived at. No doubt David Schwartz and Arthur Britto have been cooking up something fun.

Personally, I think there are a few interesting elements built into www.PolySign.io, namely that the keypad on the left involves the use of both a written password and a physical key. A complete custody solution might benefit from some kind of hardware component to go along with it, since keys are so notoriously lost or stolen. PolySign might refer to multiparty signing functionality, where multiple parties have to approve of a transaction in order to send it, but it could also be a reference to multiple signing methods needing to be completed by a single party / set of parties.

As a starting point, it’s probably worth teasing apart the problems placed front and center on the homepage. Any large-scale solution would need to solve for these:

1) Money is gone in seconds with no recourse.

2) Your funds could be anywhere, and you won’t know who has them.

3) With unlimited transaction sizes, hundreds of millions could be gone in an instant.

To solve for 2, there could be a kind of AML/KYC consensus mechanism between networked users of the tool (or other tools built to interoperate with the protocol). For the above problems, having some kind of encrypted knowledgebase for party identification would help immensely in the event that ownership disputes arise.

I imagine they would also want to build in an increasing set of stepwise safety measures (and time delays) for larger and larger payments. These would have to be customizable in order to service large banks where there’s an advantage to processing common, large payments quickly without as much need for delay security, if the receiving party is known.

Anyway, just wanted to see what folks think. There’s a lot they could be doing, but I think multiparty transaction signing, some type of hardware, AML/KYC network, and customizable security settings might play into it at some level.

 

Edited by ADingoAteMyXRP
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They are positioning themselves for institutional grade custody, they can custody pretty much every digital asset on one system except for IOTA.

When I met Jack, he made it sound like it's coming this year.  I don't think they will have much hardware, but they might have physical keys like ledger has.

AML/KYC is definitely a concern, and they probably have something in the works for that, but i think they are focused on large clients not so much the average joe.

Edited by RobertStrong
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On 2/4/2020 at 8:02 PM, RobertStrong said:

They are positioning themselves for institutional grade custody, they can custody pretty much every digital asset on one system except for IOTA.

When I met Jack, he made it sound like it's coming this year.  I don't think they will have much hardware, but they might have physical keys like ledger has.

AML/KYC is definitely a concern, and they probably have something in the works for that, but i think they are focused on large clients not so much the average joe.

Why not IOTA because of it's tangle structure?

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I imagine that regulatory clarity has to be in place in order for the full offering to be available.  If any DA is labeled a security, the entire process flow will have to work differently for that particular asset.  Also, does this blur into FI activitiy?  Etc. etc...

But I'm super excited about custody solutions making progress - besides the obvious benefits of enabling institutional-level participants, I'm tired of relying on my dumb human self to protect my zerps.

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Here's David answer on what they are doing at polysign: "it's so freakin' cool!" + "stealth mode" + "busting with wanting to you all what it is" ...

Or here ,from 37:15

 

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