So TMP has a new competitor in the multisig arena, Drugslist, who as just implemented their own take on it. Ive read over it a few times and cant figure out how its multisig, what ive gathered is that drugslist gives the buyer a QR code which they can then put into their bitcoin client to finalize payment in case the site goes down, and apparently this form of multisig doesnt require any action on the vendors part. What i cant figure out is if drugslist is generating a code for the buyer and handles it for the vendor, then how is this multisig? Like yeah theres still three signatures but if one party knows all the secrets then its just a normal escrow. Am i missing something here, whats the point of this.
Hi shitstormy,
We intentionally developed our multi-sig system to give buyers the ability to finalize a transaction if (god forbid), our market went offline. This also keeps buyers safe from vendors who are scamming and vice versa. It's also safe guard, and one of the many we have to reduce our members risk (others include: auto-withdrawal, client side PGP,shipping methods with concrete time frames and selected membership).
For our members who understand the underlying architecture of bitcoin (like yourself), we have an API which allows advanced buyers/vendors to bypass our intervention in the BTC creation process. We're rolling out our API before the end of the week, which should give our advanced members additional flexibility in how they want to use drugslist.
Our goal is to give people what they want, and we're trying to do that without confusing the shit out of everyone :).