Hi all
We noticed that there are still a lot of vendors that do not want to use multi-sig due to the increased difficulty, and the requirement for the vendors to be a little more tech-savvy. In order to combat this, Outlaw has created a completely optional and free feature which will make it extremely easy to use multi-sig as a vendor.
As said in my previous post, vendors will need to activate a BTC address using the public key associated with it. The associated private key of that address will then be used as the vendor's private key for the multi-sig transaction. Once the order has been finalized, the vendor will be presented with the private key and other data created for the customer. All necessary data to get access to the funds will thus be available for the vendor at this point. The vendor can get his funds manually, or can use our completely optional tool.
To use this tool, vendors can go to their account-page and enter their private key for that order into a provided field. Outlaw will then release the funds itself, and credit the Outlaw BTC account of the vendor with the correct amount once the transaction has 6 confirmations. The credited funds can then be withdrawn as usual.
This tool is a completely safe and easy to use way for non tech-savvy as long as Outlaw is up and running. Using this tool does not defeat the multi-sig purpose: the funds for the vendor will stay in the 'multi-sig escrow' and in complete control of both parties (vendor-customer) in case the market should go down. They will only be transferred back to Outlaw's escrow upon the vendors request, to make the multi-sig transaction a little easier.
Again, it is not required to use this tool, just something we offer to make it easier for the vendors who trust (the escrow of) Outlaw. Vendors manually accessing and withdrawing the funds of the multi-sig address should however still use a mixer. The multi-sig address is known to the customer, and any non-wanted blockchain analysis could be done. Using our tool, our mixer will take care of that for you.
Note that one should only paste his private key into a website/software (s)he trusts, and keep in mind that exit nodes can be monitored. If you do not fully trust Outlaw, you can simply opt not to use this tool.
Established vendors wishing to set up shop at Outlaw; contact 'admin' to get the vendors bond/fee waived.
Any suggestions and/or remarks are welcome.
Kind regards
Outlaw
This is an interesting new feature. From alphabay, we wish you luck in your endeavor!