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Bitcoin 1K Party Press Release

Bitcoin Magazine -

This is a press release from the folks planning the 1k Bitcoin party. This has also been covered in the Wall Street Journal and contact information can be found at the bottom. 

We proudly announce that the ticket ipo for the international “When Bitcoin reaches $1000“ Party event has launched.

Now everyone can be a part of the party in 2014 by sending 1 Bitcoin through our website to let the first crowdfunded Bitcoin event of the year happen.

This may be the event of our lives here! People may talk about it in boring history classes years later… We should plan big….This may be a part of history… especially if we make it!

The international “When Bitcoin reaches 1.000$ Party” is:

- the first Bitcoin based crowdfunded ipo party.

- the first time of official use of colored coins and multi signature technology in real life.

- the first time the Bitcoin community is going public.

How the ticket payment process works

As you may heard that Bits of Proof will provide the ticket technology for this event. BOP will deploy colored coin, multi signature, bopshop technology mix to enable BTC1K Party ticket sales. https://t.co/PPziOpoW7L,

Tickets

This is the code used to get Tickets for the http://btc1k.com party. It is a demonstration of the power of the Bits of Proof’s (BOP) Bitcoin technology. We deploy the white label Bitcoin merchant solution BopShop and advanced use of BOP Community Server and its client library.

The payment requests are generated and handled by BopShop. The callback points to the BopShopResource in this code. Once a payment is received, it will be split into two parts:

• 1 mB goes to a paper Bitcoin the guest prints and will act as a ticket to the event.

• 999 mB (less mining fee) goes to the Vault, that is a P2SH Address (starting with 3 instead of 1)

The P2SH Address can be controlled by 2 out of 3 keys. The GUI application btc1k-fx (also included in this project) allows signature of multi-party transactions while the server process only facilitates the exchange of half-signed transactions, it does not have the control of the funds. Since the GUI reparses the transaction template, the server cannot trick the GUI into paying for another address.

The above procedure ensures that:

• Party guest may audit the safe storage and use of the funds on their own

• Funds can only be spent by a majority agreement between the organizers

• Reduce the risk of accidental loss by splitting the secret between several parties while one may be lost without consequence

• Reduce the risk of theft by not storing all information needed to access the funds on any single computer

• Tickets to the event demonstrate that Bitcoin is viable to hold and transfer rights, not just payments

Note that BOP only supports the technology, it has no access to the funds after they were collected and moved into the vault; it is also not responsible for the event.

BOP will extend this suite of applications with a mobile application to check ticket validity at entry.

Join us, and celebrate this outstanding event!

Hope to see you soon!

For more information visit the following links:

- Main Site

- Email: info@btc1k.com

- Twitter: https://twitter.com/btc1k

- Facebook: https://www.facebook.com/pages/btc1k-party/1415330078698271

The post Bitcoin 1K Party Press Release appeared first on Bitcoin Magazine.

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