COMIT will ultimately require users to run full nodes for every token they plan to swap?
Have you spun up a full ETH node recently ?
Yes, we have ran full node on mainnet and testnet (using parity) and looking forward to save the resources by removing this hurdle when we can. That, knowing that some are committed to security and hence will want to run full nodes and we will leave it as a option.
sorry for the misunderstanding: from a Blockchain perspective, this is a feature
As you might know, the core principle of blockchain technologies is to verify, don’t trust. And with COMIT we want to emphasise this.
We want you to be able to run a full node when using COMIT: you should only have to trusts your own setup when doing a swap between two different assets. For me personally, this is a crucial requirement, as the main reason why I want to use COMIT and atomic swaps is exactly because I don’t want to trust anyone.
Nevertheless, we understand that different people have different preferences and requirements.
That’s why we are happy to let you know that it is not a fundamental requirement to run your own full node. If you are fine with relaxing your security (and privacy) assumptions you can either fall back to a hosted full node service (i.e. hosted by someone else) such as infura.io or to blockchain explorers such as blockchain.info, etc.
Out of the very same reason, COMIT also does not provide a wallet or asks for your private key or to deposit money prior being able to do an atomic swap. We want you to be in charge, at the end it is your money and you, only you should be the one who holds the private key.
In regards of your second question:
We do this indeed and it’s not impossible. Have a look here: https://wiki.parity.io/Docker.
While we would not recommend running a parity node in a docker container (due to the heavy I/O access, it’s fairly straight forward. (Please, feel free to ping me if you need help with this).
What wallet developers are you targeting to eventually get COMIT integration so it will eventually be useable?
Depends on what you mean with that.
COMIT will give you all the information you need to perform an atomic swap.
It’s your personal freedom to chose the wallet you trust your private keys with.
This means, you can use any wallet you want to interact with COMIT, may it be Metamask, Ledger, Trezor, or any mobile wallet you can think of. COMIT (or comit-rs in particular) will give you the address and amounts which you then need to fill in your personal wallet application.
If you are asking about a direct integration into a Wallet such as TenX Wallet, Ledger Live, etc: this does not have the highest priority right now but it is definitely a goal on our roadmap. The reason for this is, that the integration heavily depends on the underlaying use case, e.g. an integration into a wallet which is focusing on (frequent) traders should look differently to a wallet for liquidity providers and again it should look differently for hodlers.
I’m curious: are you a developer?
Just a hobbyist who bought too much PAY.
When rewards were supposed to go to PAY hodlers based on transactions I was excited, now I’m trying to scrap for any use to TenX as a company. Cards are temporary and only useful until large scale POS systems integrate Bitcoin (Square, Intuit, what ever Walmart uses) Walmart already scans QR code’s for some sort of non blockchain Walmart pay and is testing produce tracking on blockchain. It’s just a matter of time.
So if cards are useless and TenX has no plans of not being a fully custodial wallet anytime soon, or incorporate lightning, will TenX eventually succeed based on its little offshoot COMIT?
COMIT could replace an exchange and allow a multi token ecosystem to survive. If I could hold Bitcoin but seamlessly trade it for whatever token the store in front of me accepts that’s useful. But only if it is integrated into all of the top wallets.
Truthfully TenX should pivot to work with and integrate a wallet and accounting solution into major POS systems and take some small fee in the middle.
I’ve said it before but so many small business use Square and Square Cash already has Bitcoin… and a card (Not a bitcoin debit but that looks easy enough to change for them if they want) once the full Square product has BTC and lightning integration with basic accounting it’s basically game over. No need for other tokens or currencies.
Maybe I’ll be less skeptical if TenX had cards in the US and the PAY and TenX tokens had value or usefulness outside of just taking millions at ICO
Nice you did eth/btc swap on COMIT but noone will use it since, nobody cares, and you don’t care if anyone uses it… weird. Why are you making something (comit) but you don’t use, nor anyone else uses it, and you don’t care if it is usefull or not.
There are also great solutions like lighting network - that you didn’t implement, but you are working on inferior solution and still you don’t care if what you create is usefull or not.
answering in one post as I think your points are related:
@Pwent: I like the idea of COMIT replacing (trusted centralized) exchanges and helping a multi-token ecosystem to exist. That’s exactly how we see COMIT to evolve. E.g. as you describe it, one use case could be you only hold BTC but through COMIT you are able to pay pretty much anyone.
Which brings us to the second point: I agree that more and more merchants will accept Bitcoin (or other cryptocurrencies), but as much as I’d love it to happen, I’m afraid that it won’t replace traditional fiat currencies any time soon. Meaning, you will always need a way of off-ramping (crypto to fiat). TenX (and others) can be one way of doing this. For any crypto-2-crypto payment COMIT can help. However, I don’t think it will need to be implemented into “all the top wallets”, 1 wallet is enough
@moratari I’m not sure if I can follow your rant about ETH/BTC. We are convinced that there is a need of having a trustless way of transferring assets from the Ethereum blockchain to the Bitcoin blockchain (and vice versa). ETH and BTC are only 2 assets on those chains and there are many many more.
We probably agree that some assets (coins or tokens) have value and some don’t, but the important thing is: we are not on the same page with how much value each asset has. And that’s how you create a market. If I have something you think has value and you have something which I think has value, we can do a trade.
There are currently over 1000 different coins (speaking native assets with their own blockchain) out there, each is different, has different features and serves different needs. And that is good so, because every user has different needs and preferences, e.g. some users may prefer a blockchain with high-privacy features (e.g. ZCash/Monero/Grin), others want a blockchain for arbitrary computation (e.g. Ethereum) and others want a conservative approach with out having the fear of sudden changes but with heaps of hashing power securing the network (Bitcoin) and again others are willing to ease the security assumptions a bit by moving transactions to Layer-2 (Lightning/Raiden). Some many preferences and even more possibilities…
We behind COMIT are of the strong opinion that every user should be able to use and hold the asset they want and with COMIT we enable that #connectalltheblockchains.
@moratari: I’m sorry if we did not meet your requirements with our PoC swap of ETH/BTC, would you mind sharing of which different assets you’d be interested in?
And one last note: we had the Lightning Network integrated (see here: our blog post). However, there were some technical problems back then which have been resolved just recently.
p.s. sorry for not going into PAY or other products about payments, this is not my expertise
COMIT needs to be baked into TenX wallet. It should be possible to do atomic swaps between BTC, ETH/PAY/TenX and LTC with the TenX wallet.
TenX wallet should also have PAY and have the ability to generate keys and have both custodial and non-custodial parts.
Lightning should be integrated.
Why are these things not being done? The PAY and TenX tokens are officially crap, so at least give us the tools being developed so we can use what our ICO investments paid to develop.